Washington Mutual reverting to previous bad behavior after bail out by fed!

by restrangled 36 Replies latest jw friends

  • restrangled

    I posted this on Burn the ships' thread but there was a lot more going on so I think it was missed.

    Washington Mutual was on the verge of of failing. The Fed overnight comes in and promises to buy out all bad mortgage debt so that banks could free up credit and make their bottom line look better for the stock market. The stock market buys in and ups it self by 400 points. (What a joke)

    I was informed today as a credit card holder with WAMU that they have given me a $1000.00 increase in credit.

    I find it insulting as a consumer but I don't know who to contact. Do the Feds know about this....one of the banks they are trying to save? One of the banks we will all be backing as tax payers, as they try once again to increase their bottom line with more credit?

    Do they consider me an idiot? What's the big credit holdup? I will not be tapping into that credit for any reason. I don't know if I am over reacting.....can some one opine on this, please!


  • daniel-p

    I have a Wamu credit card and I didn't recieve a credit raise. I'm pretty sure most routine company operations continue in the same manner--probably you were scheduled to recieve a credit raise before all this came down.

  • restrangled

    Daniel, why would I be scheduled for a credit increase as they were going down and credit tightened up? I find it strange that over night this happened. Because I am a good credit risk?....No thank you....I will not be increasing Wamu's bottom line. As a tax payer who will be bailing them out for their previous poor judgment makes me angry. Because I pay my bills on time and they can't, I will not be fodder for their profit margin.


  • restrangled

    Daniel, have you set up an online account with them? You might see your credit line increased there. WWW.Wamucards.com.


  • R6Laser

    Credit card companies raising your credit limit on a credit card is nothing out of the ordinary. Its how they make business, they want you to use that credit. My credit line increases all the time on my credit card, even though I don't use it. I have called my credit card company on several times and told them to stop increasing the limit. As such you can also call them and have your credit limit lowered.

  • restrangled

    Laser, yes I am aware of that....but, when a company about to go out of business raises my credit limit after a bailout.... it just hits me as horribly wrong. WRONG, WRONG, WRONG.

    The entire tax paying nation is going to have to pay for this company's, mistakes.....and here they go again within 24 hours.


  • dawg

    That's crazy man! Wow! As sad as it is to say, these companies will just have to fail, we'll fail with them, but they must pay.. we can't bail them out.

  • JeffT

    Read the agreement you signed when you got the card. It's very probable that some where it says that after xx on time payments your credit limit will be increased. If you made the requisite number of payments they are legally obligated to up the limit.

  • jaguarbass

    America is a capitalistic country run by corporations.

    Corporations make money by enticing consumers to consume.

    The government is not run by the consumers it is run by the corporations and their lobbiest.

    You might have gotten confused by believing what the government school system taught you in civics class.

    The way banks make money is by getting consumers to borrow money and pay it back with interest.

    Credit cards are the way they get consumers to take the bait.

  • restrangled

    I have been with this company for at least 3 years......I have never been late and never gone over my credit limit. Infact I always pay way more than the minimum balance. The card is based on a 9% interest rate which is way lower than the normal credit card.

    My point being: In all these years....never have I needed more credit or requested it. I am not upset about the increase, but the timing of the increase when they were about to go belly up 48 hours ago with no credit to give out.

    This is bogus! The Feds bail them out and they extend credit to card holders.....Bull Shit!


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