View single post by Christine
 Posted: Tue Dec 11th, 2007 06:44 am
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Joined: Thu Nov 30th, 2006
Location: The High Desert, Arizona USA
Posts: 45

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Open Letter to WaMu: My refusal to pay my $8,000 WaMu (Providian) VISA card due to the 26% interest rate

In May 2007, Washington Mutual more than doubled my interest rate to 26% despite my flawless credit.  On 11/15/07, WaMu DECLINED my request for a lower interest rate and disclosed that it utilized FICO and internal credit scores to determine that I am a high credit risk. Greedy vile bankers don’t deserve to get paid and I stopped paying this account. Chase recently announced that it will no longer utilize credit scores to rate existing accounts.  What will it take to get WaMu to stop this vile practice?

Christine Baker
[address redacted]


Kerry K. Killinger, Chairman and Chief Executive Officer
Stephen J. Rotella, President and Chief Operating Officer
Todd H. Baker, Executive Vice President of Corporate Strategy & Development
Thomas W. Casey, Executive Vice President and Chief Financial Officer
Ronald J. Cathcart, Executive Vice President and Chief Enterprise Risk Officer
Fay L. Chapman, Senior Executive Vice President and Chief Legal Officer
James B. Corcoran, President, Retail Banking
Anthony F. Vuoto, President, WaMu Card Services
Washington Mutual, Incorporated
1301 Second Avenue
Seattle, WA 98101

Via Priority Mail and fax to 206-554-2778 and 800-809-4236

December 11, 2007

Re: My refusal to pay my $8,000 WaMu (Providian) VISA card 4185 8638 XXXX XXXX

Dear WaMu corporate executives:

I am hereby informing you that I stopped paying my $8,000 WaMu VISA card.  It SHOULD be illegal to charge a 26% interest rate for any credit card debt and I’m hoping that this Open Letter will draw the legislators’ attention to your vile business practices.

Why aren’t the WaMu credit specialists smart enough to figure out that they are forcing your customers to default by utilizing flawed credit scoring software? FICO scores are NOT predicting defaults, but CAUSING defaults.  Your competitors are finally catching on:

11/20/07: CHASE announced its new policy to no longer utilize credit report data to rate open accounts

At you can read the transcript of my 11/15/07 call to WaMu, resulting in the DECLINE of my request for a lower interest rate.

I have FLAWLESS credit!

You made your business decision to increase my interest rate and I made my business decision to stop paying you.

Soon you will destroy my credit, but it is obviously not worth the paper it’s printed on. I will also stop paying every creditor who takes adverse action after you report my WaMu (Providian) Visa as delinquent to the credit bureaus.

Please contact me if you wish to change your credit card rating practices or with any comments for my publications and my upcoming book.

Christine Baker

c:  posted at [this URL] and and other websites.

[Please repost this Open Letter at other consumer and credit sites in its entirety with a link back to as I will update here.]

UPDATE 12/11/07: Both fax numbers for WaMu were disconnect.  Did WaMu not pay its phone bills?  The toll-free number was provided by a WaMu rep on 12/10.

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