Is WaMu BK friendly? Anyone recommend others?

[atlan]

I bank at WAMU and they have suggested I apply to them for a secured card -- basically you deposit a certain amount in savings, and they issue you a CC in that amount. Higher cost to you up front, but if you have the spare cash, probably worth it versus paying exorbitant fees for what amounts to nothing but the privilege of seeing your name on a credit card. If I'd had the spare cash I would have done it, but alas, I didn't and instead fell for the HSBC trap. (I'm going to pay it down to 0 and keep it though, just to have something with a 0 balance!) I think just about any bank will offer this, but I know for sure WAMU does because they told me so. Hope this helps!

*atlan*

[magyar123]

Personally I would not apply with WAMU anymore. They are being on the verge of closing. Recent newsreports indicate that Citi or Wells Fargo are about to take them over.

[Cali]

If you filed against Wamu or any company they have taken over, they won't approve you for a card.

[cirnrab]

I'm thinking that everyone has a different annual fee. My fee when signing up was $46 with a $300 dollar limit. The only thing that sucks is they never increase your limit from what I hear, and I don't think I can get a decent card anywhere else. Ohhh welllll

[tunemanrss]

Question

I have received several pre-approved offers from WAMU in the mail, and every time I input the info into my computer I get denied for their 30-sec decision. I am 4 months out of chapter 7 bk and have an orchard for $300 and a cap 1 for $500. My fico scores are 640,648, and 652. Is there a reason why I keep on getting denied from them and should I just give up? I get their offers in the mail several times a week. Maybe my scores just aren't high enough yet. Any info is appreciated. Maybe I should just wait for a while and see what happens. Thanks for your advice....

ryan

[tresjolie]

I haven't been on for awhile but have great news!
I am now one year post discharge on my Ch. 7 and used a law firm to help clean up my 3 credit reports. They helped a bit - nothing drastic - found it interesting that Citi does not show up on my credit reports and they were a large part of my BK discharge.
These are my scores recently pulled as of early August 2008 - no credit applied for or used during that time -
Experian - 697
Equifax - 681
Transunion - 645
I tried to get a BestBuy credit card at one of their stores- essentially with HSBC (they were included in my discharge but credit reports not showing them as included) - and was denied due to my BK.
I received the pre-approved application from WashMutual and took a big breath and applied and success! $2k credit limit.
Thought about getting the secured Family Merchants Bank Visa with $500 deposit but just do not have the extra cash right now.
Also thought about trying for an Orchard or other card but think I might wait and just use the one for now and see what else pops up over the next year or so.

[PaKettle]

I applied for a WAMU for my wife - we were discharged this February - and they turned her down, even though she has a bank account there. I was surprised.
I looked at her credit report and it didn't look that bad, no charge offs showing or anything like that, just the bankruptcy.

Maybe I'll try applying for a WAMU myself. But isn't her application based on both or our incomes, so would they be any more likely to give me a card?

[BearChaser303]

Anyway... BestBuy also gave us a MasterCard for $500. I thought it was just an in-store card, but it's not, it's a regular Master Card.

Do you know who they pulled and what your score was?

[HopeFaith]

If you keep the card and just pay the minimum payment toward the annual fee, this will help your "credit utilization" tremendously. Especially right out of BK, $60 isn't a bad price for re-establishing great credit.

Remember, credit utilization is 33% of your FICO formula. If it's under 35% of what's available to use, your score increases dramatically. It's one of the easiest ways to control your score, especially after a BK.

[dp1969]

Orchard just gave me $750 though if you apply on line, be VERY careful.
At the end of the approval process there is a check box at the bottom asking you if you want "Expedited Shipping" or some such wording of your card. In my haste and excitement I accidentally checked this box and then found out they'd charge me something like $35 to ship the card to me quickly, in 2 days via FedEx.
I called IMMEDIATELY to tell them I did not want that and some Indian told me "I'll see what I can do but I can't say for sure." Two days later I got it, the quick shipping was not cancelled, and I was charged the $35. Made me mad. It was my own fault, BUT there was something sneaky about the way they put that checkbox there, I normally do not make such mistakes.

Anyway... BestBuy also gave us a MasterCard for $500. I thought it was just an in-store card, but it's not, it's a regular Master Card. GM must be bankruptcy friendly (I think it's also HSBC, the same umbrella co. as Orchard) because they let our GM card which I didn't owe anything on, to ride through the bankruptcy, only they lowered the limit from $2k down to $300! ;-)

I hear WAMU is bk friendly. I think I'll try to get my wife one now.

Pa,

I believe I caught that box at the bottom...haven't seen the charge.

I do think that I'm going to cancel that card. The $60 annual fee is steep. I wonder if I do, will it affect my score? I mean, I never used it. I'm assuming I have an inquiry hit on my credit report so that knock it a point or so, right?

[PaKettle]

Orchard just gave me $750 though if you apply on line, be VERY careful.
At the end of the approval process there is a check box at the bottom asking you if you want "Expedited Shipping" or some such wording of your card. In my haste and excitement I accidentally checked this box and then found out they'd charge me something like $35 to ship the card to me quickly, in 2 days via FedEx.
I called IMMEDIATELY to tell them I did not want that and some Indian told me "I'll see what I can do but I can't say for sure." Two days later I got it, the quick shipping was not cancelled, and I was charged the $35. Made me mad. It was my own fault, BUT there was something sneaky about the way they put that checkbox there, I normally do not make such mistakes.

Anyway... BestBuy also gave us a MasterCard for $500. I thought it was just an in-store card, but it's not, it's a regular Master Card. GM must be bankruptcy friendly (I think it's also HSBC, the same umbrella co. as Orchard) because they let our GM card which I didn't owe anything on, to ride through the bankruptcy, only they lowered the limit from $2k down to $300! ;-)

I hear WAMU is bk friendly. I think I'll try to get my wife one now.

[Logan]

It appears that Orchard and Capital One are no brainers out of BK. I was approved immediately for Orchard and after a few months I received a Capital One card. I canceled my Orchard Bank card because they charge an annual fee and I applied to WAMU yesterday. No decision online so I'm keeping my fingers crossed.

good luck to everyone

[BassBoy]

Yes, I do believe that you need an "invite" (mail offer) to apply or be an existing customer.

Do you have to get a pre-approval offer to apply for WaMu? The website says you can only apply if you are an existing customer.

[dp1969]

Do you have to get a pre-approval offer to apply for WaMu? The website says you can only apply if you are an existing customer.

We've gotten several pre-approved letters in the mail (from WaMu). I've always thrown them away until I applied. In fact, I just got the mail today and another offer.

I wonder if the "approval number" could be used by anyone? Seems very generic and after entering it, it then asks for all your information. Never comes up with "Hello, (enter your name)"...just a blank form letter to plug your information in.

Have you thought about going in to a WaMu branch?

[HopeFaith]

Do you have to get a pre-approval offer to apply for WaMu? The website says you can only apply if you are an existing customer.