Friday, July 31

Well, Chase gets knocked off the list..


I just finished ranting about BOA and then boom, a friend tells me that Chase has forced her to close her credit card.

And not just her..seems that Chase is dumping thousands of former WaMu credit card holders.

No warning or explanation.
They just got a letter saying that their credit card was done.

They have to finish paying off any balances but they can’t make any more charges.

This would only be mildly irritating, except for the fact that having a credit card closed can impact your credit card rating.

For people like C (the friend referenced above), it also means the loss of the credit card with the highest limit. So if she needs to make a large purchase anytime soon, she’s just SOL.

I may be a little bit afraid of over using my credit card, but I haven’t yet hit Duggar territory yet (you know, 18 kids and counting..they don’t use credit of any kind..!).

I like having a credit card for large purchases, or at the very least for emergencies.

It’s SO FRUSTRATING that we have given so much power to these large corporations.
We need more oversight ASAP.

No one should be able to go in and mess around with your money (talking to you BOA), or impact your credit rating and financial stability by arbitrarily shutting down credit cards (Chase).
It makes me really distrustful of all of our financial institutions.

I think I’m still leaning towards opening a new account @ Citi, but I’m starting to wish I could just go off the grid and ignore the entire mess!