The Card with the Credit Score
Washington Mutual is popping up a lot lately, what with their stock dropping and them raising their savings rates in response to their struggling balance sheets. However, I’ve heard questions about their credit card that offers you your FICO score for free. I found that interesting and thought I would investigate.
The WaMu card does offer free updates to your credit score every month; however, the score is from TransUnion – the least used and usually the most inaccurate score of the three credit bureaus. But, it’s a nice feature to sort of keep track of where you are, so the fact that it’s a TransUnion score may not mean much to many people.
Your ‘free score’ may end up costing you a high price…
Here’s something else to consider though. In doing research on this, I’ve not run across many people who are very fond of this company. I can’t speak with any personal experience because I’ve never worked with WaMu, but from what I have heard in the industry and the customers I’ve spoken to, they’re not the best bank to work with and their credit card division is atrocious. Well, what credit card company is peaches and cream to work with anyway?
Still, there has been much grumbling amongst customers about the credit card division – particularly from those customers who were initially Providian customers and got bought out. There have been tales of unexplained rate increases, limit drops, unnecessary fees, and all the other bad practices we’ve referenced here before. But, worse than any of that is the fact that WaMu’s customer service leaves much to be desired.
I ran across one customer’s experience in my research. You can read it in full here. I personally can’t stand automated systems. I don’t call an establishment often – I’m much more prone to do the research myself. However, when I do call, I want a live person that I can effectively communicate with and have my question(s) answered. One of the biggest complaints with WaMu’s customer service is that they outsource a good deal of their departments and communication is often stinted for it.
It’s one thing to outsource, but it’s another to make it difficult for your customers to communicate. Many customers have complained that their accounts have been closed with out permission, or features had been added to the account when their express desire was that these were not to be added. In short, many people feel the benefit of having a monthly update on their FICO score is not beneficial enough to deal with the other stuff.
I can’t personally offer any insight on WaMu’s decisions, but I can say that there are a large number of people unhappy with the company overall. So, if you’re looking for a credit update rolled into convenience, you may want to check elsewhere. Honestly, you may just be better off sticking with myFico.com.
What do you guys think? Has anyone here had experience with WaMu, or this credit card in particular?
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I had a providian credit card and it’s now WaMu. I love being able to see my credit score any time. It also gives a very limited look at your credit, such as how many accounts you have open, closed, and how many delinquencies. I like it because if someone stole my identity, I could see that I have more accounts open than I should. It’s also interesting to see how different things affect my score. Although I haven’t used the card in about 4 years because the interest rate is through the roof.
I just got a credit card offer from WaMu thats zero percent til Nov of 09 with no balance transfer fee. I’m looking to move a balance so I think I’m going to sign up for it. I’ll let you know if I have any problems. :) Now you’ve scared me!
Ashley, thanks for sharing that you have a card with WaMu! I’m always glad to know what readers think. Sorry I scared you, this is just stuff that I’ve dug up from other people, but I can’t personally speak to. They may just be isolated incidents. But, since you know what to look out for, you may have no trouble at all! Let us know if that works out for you.
I have a WAMU card that was providian. I personally have not had many issues with it, but you should note that the score they give IS NOT FICO, nor is it even your total score. It is a credit biased score for credit cards, not home loans or anything else. When I actually checked my true FICO scores they were all about 50 points lower than what WaMu had listed. However, it is nice to be able to watch the score to see if something happened or what I do changes it. I just assume that it only represents changes not real numbers for getting loans.
BTW, I no longer use the card due to rates on it and no rewards, I have killed off all CC debt and only use 1 card for rewards.
Hmm…that’s interesting Philip. They actually market it as your FICO score, albeit from Transunion, but still. Nice to know.
I’ve been a customer of Wamu since the early 90s. We spend the Winter in Arizona where there are no Wamu Banks and I used to do all my necessary banking on their automated system without ever encountering a problem. Now I do it all on their internet site and have had no reason to use their customer service other than in two minor incidents, again without problems. I applied (and received) a Wamu Credit Card a year or so ago when they offered 10% cash back on fuel and 5% on groceries for 6 months. I’ve had CDs with them and no problem cashing them at the end of the term (like I’ve heard some people had with other banks). I’ve dealt with other banks and have always found Wamu easier. All in all, my Wamu accounts have been a positive experience for close to 20 years.
P.S. Other than being a customer of Wamu, I have no other association with them.
TransUnion…least used?
I think (could be wrong) that depends on where you live. Here in the Midwest, and in my case, it seems everyone uses TransUnion and rarely checks the other 2.
I am applying for a Wa Mu credit card….am I on the right site?
Patrick, I think you’ll be fine if you apply for the card. I’m merely offering some caution when dealing with WaMu. A lot of people have had trouble, but some haven’t. I think it’s all a matter of expectation and education. If you go into the arrangement aware of certain issues that could come up, you’re more likely to avoid them. But, come back and let us know how things turn out!
I had a WaMu visa and a WaMu mastercard. Both were over 2 years old and I had not used either one. Well out of the blue i get a letter stating that due to lack of use, they HAD CLOSED my Mastercard. Then a few months later, they told me they HAD CLOSED my Visa, also due to lack of use. Of course I had no advance notice and no negative history of payment with them. If anything, my credit score had increased over the time I had my cards with them. No wonder they went bankrupt! I am now taking the $20,000 I have in savings acoount in their bank and moving it elsewhere. I will never give them my business again!