I got a letter today from Wells Fargo Financial in which they "Regret to inform you that you have fallen out of our acceptable limits for credit". Reasons listed are:
Proportion of balances are too high - I am at under 4% utilization on over $60k in available balances, I was at 80% utilization with 250+ point LOWER score when this card was issued!
Too many accounts with balances - I have balances on four accounts, zero balance on fifteen or so
Length of time accounts have been established - Oldest account is over ten years old, average account age is around four years. Average account age when I got this card was one year and oldest was two years.
Too many inquiries in the last twelve months - Over 20, most of which are from when I bought my RV and shopped rates. This is a ridiculous reason with a 758 fico and such low utilization on MUCH larger limits
This card was a carry over from when I was credit gardening, had a $49 annual fee which I paid to keep it as an open line building time on my report. With a measely $1500 limit, no need for cash withdraws, and an enormous interest rate, it has not been touched in at least four years and maybe used once in the life of it. That is probably the real reason it was closed, I just find it hilarious that they cited the above reasons instead of just being forthright about it. I was just approved for an $15k Citi Simplicity last week with a 12.9% rate, no annual fee, 18 mos 0%, but I no longer meet the subprime lenders requirements, okay. Good riddence, it will save me $49 a year for something I do not use. I have half the mind to call and cancel the other two cards with them that have auto payments set up to keep a small balance and avoid them being closed.
