Oh and Citibank bought Wachovia today or announced that it will.
http://wachovia.com/inside/page/0,,134_307%5E1803,00.html

Banks buying banks?
Government bailouts?

Whats next?

Very interesting! I just co-signed for a car loan for my sister. Citibank denied the two of us, but Wachovia financed us. I wonder what Citibank plans on doing with us as a sub-prime customer?

I was denied for a JJill credit card. They are financed by Citi. Even though my credit score is a 660, Citi has blacklisted me from a past default.

But I do indeed like that Tier 1 banks are helping out the sub-prime banks. It will make us sub-primers strive harder to please the powers-that-be!

xoxo

Kellbell

Only time will tell.

Whats the status with the WAMU cardholders that will go under Chase Bank? Will they lose their cards if they don't measure up to Chase's standards credit wise. Is there anyone who has experienced the change
mrrob

is it me or did porgy1000 knew what was going on in a big way cause last year he said all these things was going to come to pass.
if anyone has read any oh his post he gave many hints about what was really up.
can we find this guy?

Yes I agree he was right on target with many of his postings. Although I wasn't a member during the time here I did read his posts. I believe that he was in the banking/financial industry. So rumblings started up a long time ago and I know that he has heard all of them and then some. I also believe it was someone from his company that got him banned from this site by spamming and also I believe someone else said that all of a sudden he started deleting all of his posts which make absolutely no sense to me. So that makes me think it was someone from his company

ooops sorry, S & L means a SAVINGS AND LOAN, not a commercial bank. Wamu is in such a mess from the subprime mortgage fallout that they will raise any cardholder to a 30% rate for no reason without any question. Some of my co workers have the WAMU cards and they just cry about them all the time.

is it me or did porgy1000 knew what was going on in a big way cause last year he said all these things was going to come to pass.
if anyone has read any oh his post he gave many hints about what was really up.
can we find this guy?

Ive heard of credit card companies combining APRs and giving an estimate. For example, yu had an intro apr of 6%, then it ended and you had a balance, now the apr is 16%, you ended up doing a cash advance and the apr is 29%, so the bank will tell you that you have a 51% apr for that billing period. But 130% is a bit high. I think you should call and check how that apr was calculated.

Most banks do that and show the average APR % Rate that you paid for that billing cycle. 130% sure sounds illegal!

So the other day a customer at my job was freaking out because he just lost a big chunk of his money in the stock market. Well I told him that my bank went down and got bought out by Chase. He then said what a stupid move for Chase. They just inherited bad debt from WaMu and that Chase will be he next bank to fold. Well, all I know is that Im waiting for the last of my bills to get paid from my WaMu account this month and then closing my account and going to a nearby credit union.

According to WaMu's, or shall I say Chase's new website, it stated that all deposit accounts and credit card accounts will be converted to Chase in the next 6 months. What Im wondering is that what will happen to the creditcard holders who dont have a score ideal for Chase, aka GOOD -EXCELLENT CREDIT. Will they continue to make us have a credit card, raise our APRs, or just close the accounts????

This is an excellent question because what will happen to those card holders whose credit is less than excellent?

I have a feeling that I will be sockdrawering my WaMu (soon to be Chase) credit card for age and util.

I believe that is the best move my brother because I don't know about Chase either

I spoke with an employee of WaMu (now Chase) and she said that they may indeed close all sub-prime sector accounts.

I hate Chase. I have a Kohl's charge that I am now an MVC member. I have paid my bill in full every months for 6 months straight and they still denied me a CLI the other day.

I am so unhappy with that bank.

My husband paid his Chase account and closed it. They had raised his APR to 130%...YES, you read that right, 130%!

What a joke of a bank.

And I am happy to read that the House of Representatives voted NO to the $700 billion bailout. Mainly because banks do not deserve help for their irresponsible lending and total greed regarding overdraft fees and sub-prime interest rates.

Chase was on board to buy WaMu for quite some time and all of a sudden FINALLY went through with it thinking they were going to get a hand out from the government along with the purchase of a bank they were already planning on purchasing.

What a joke!!

Hmm I am not too sure about the 130% check this out please. But I do agree with you on why in the world should we be dragged into this bailout because you know it is going to hit our pockets big time

Oh and Citibank bought Wachovia today or announced that it will.
http://wachovia.com/inside/page/0,,134_307%5E1803,00.html

Banks buying banks?
Government bailouts?

Whats next?

I don't care for citibank and now they are buying wachovia what the h#@*

Corresponding APR[/B] and not Effective bc I dont think any bank can do that.[/quote]

Ive heard of credit card companies combining APRs and giving an estimate. For example, yu had an intro apr of 6%, then it ended and you had a balance, now the apr is 16%, you ended up doing a cash advance and the apr is 29%, so the bank will tell you that you have a 51% apr for that billing period. But 130% is a bit high. I think you should call and check how that apr was calculated.

Corresponding APR[/B] and not Effective bc I dont think any bank can do that.[/quote]
I think there is a federal law of 30 something percent interest at maximum... so that does seem illegal are you sure that's right?

Oh and Citibank bought Wachovia today or announced that it will.
http://wachovia.com/inside/page/0,,134_307%5E1803,00.html

Banks buying banks?
Government bailouts?

Whats next?

130% is insane. Are you sure you looked at Corresponding APR and not Effective bc I dont think any bank can do that.