It is time to do something about credit card lenders such as WAMU who practice deception in their credit lending practices!
I have been a customer with WAMU since 6 with a perfect payment history. To my surprise, when I opened my latest statement my interest rate jumped from 5.99% to 16.34% to now 25.29% all within 6 months.
What kills me is that I have not been late on any other credit account that could warrant such a drastic measure on WAMU's part. This Ladies & Gentleman is called "LEGALIZED LOAN SHARKING!" And trust me when I tell you that I am going to do something about it.
I called WAMU this afternoon and successfully spoke to 1 Customer Service Rep, 2 Supervisors & 1 Customer Relations person. I had to kindly ask them to stop apologizing and giving me the typical sterile and robotic answers that they dish out to customers and start taking responsibility and accountability for what they are doing to their customers.
At first they tried to state that they periodically review customers accounts and change interest rates based on their review. When I asked them what my FICO was, they stated that they were not allowed to discuss that with me. I advised them that that is not a correct statement because legally they are not allowed to run a full credit report on me and that the truth is that my excellent credit score had nothing to do with it. Then they stated that my credit limit on my account was high. When I asked them who set my credit limit, they advised me it was them. When I asked them to specify what area of a signed agreement noted that if I used my credit line, it would increase my credit rate, and they advised me they did not know.
So in recapping my conversations with all of them I stated:
" So let me understand this... I have been a perfect paying customer for 8 years, you don't have any idea legally what my FICO score is and you don't know who really authorized this unjust credit rate increase and there is nothing you can do about this? - Well here was my answer to them... Isn't the real problem is that your CEO in April was asked to resign by the stockholders for mismanaging the home loans turning WAMU into a foreclosure nightmare? Isn't this the real reason that you are picking on your good paying customers is because your company made horrible financial mistakes and now you want to tap the good paying customers for more money? If they consider me a risk, how does jacking up my rate 10% and increasing my payment by $100.00 a month solve mine or their problems? Or are they just like the large oil corporations who increased the gasoline prices 125% in the last 12 months, or the food industry who increased all of the food prices by 38%, or the water company who increased water usage by 50% starting July?
I really get it now... So all large corporations are all squeezing us to death. Well I am not going to take it any more! It is time to go after them & my first mission is WAMU and it is for Loan Sharking.
I will get in touch with Rep. Carolyn Maloney (D-NY), who chairs the key House subcommittee with jurisdiction over unfair credit practices, along with Reps. Mark Udall (D-CO), Keith Ellison (D-MN) and Lincoln Davis (D-TN). They are among the now 61 sponsors of the Credit Cardholders Bill of Rights Act, HR 5244, introduced by Rep. Maloney.
If this does not work, I suggest that we all quit our jobs (if we even have one right now), collect unemployment & declare bankruptcy. That would allow us to completely dissolve our credit card bills (that we have all been using to pay for bare essentials because we can not possibly keep up with the cost of living) and allow us to make reorganized mortgage payments and get food stamps (to help pay for the inflated food costs.)
The Banks and Lending Institutions have financially ruined this country. I don't feel sorry for them at all. I hope the stock market crashes and we fire and imprison all of our elected officials for doing a crappy job! I am sick of all of these messes and look out because I am going after all of them... Starting right now!
Angry consumer
Scotch Plains, New Jersey
U.S.A.
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