R&F Wells Fargo Card Closing!

[NickiB983]

I just got a letter stating that "After a long relationship, the agreement between Raymour & Flanigan and Wells Fargo Financial National Bank for the Raymour & Flanigan private label credit card program is expiring at the end of the year.  Please be advised that the Raymour & FLanigan private label credit card, issued by Wells Fargo Financial National Bank, will be closed but may be used to make additional purchases until Sunday February 1, 2015.  The terms of your credit card accoutn agreement with Wells Fargo Financial National Bank will continue to apply to your account until any balanc eis paid in full.  Questions about financing of furniture purchases after February 1, 2015 should be directed to Raymour & Flanigan."  I have a HUGE line of credit with them, which helps my Utilization % remain low.  What happens when it closes?  Does it still report to the CA or does it no longer "count"?  I'm so irritated, as we are trying to get a loan, and my score just dropped for a different reason.

[Anonymous]

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@NickiB983 wrote:

I just got a letter stating that "After a long relationship, the agreement between Raymour & Flanigan and Wells Fargo Financial National Bank for the Raymour & Flanigan private label credit card program is expiring at the end of the year.  Please be advised that the Raymour & FLanigan private label credit card, issued by Wells Fargo Financial National Bank, will be closed but may be used to make additional purchases until Sunday February 1, 2015.  The terms of your credit card accoutn agreement with Wells Fargo Financial National Bank will continue to apply to your account until any balanc eis paid in full.  Questions about financing of furniture purchases after February 1, 2015 should be directed to Raymour & Flanigan."  I have a HUGE line of credit with them, which helps my Utilization % remain low.  What happens when it closes?  Does it still report to the CA or does it no longer "count"?  I'm so irritated, as we are trying to get a loan, and my score just dropped for a different reason.

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Lower your UTL in other ways. Have a spouse who's cards you're not an AU on? BT some balance to one of their cards.

The history will report for 10 years but it WILL show closed.

[CreditCuriosity]

Get another high limit card before this happens equal to or higher then the limit of that card to offset your utilization while your score is high... Or as Nixon stated.  Just ways of offsetting it.

Obviously if you are trying to get a house loan, ignore my advise and get your loan that you mentioned prior to that account closing if it isnt a house loan, etc.  There are plenty of options I am sure for you.

[SunriseEarth]

Sorry to hear this!  If the account closes after 2/1/15, then it would report as closed but would not be included in your UTIL.   You may want to look into any SP CLIs available on other accounts you have or pay down any balances to bring UTIL down.  

[NickiB983]

Thank you.  I think I'm going to dip into savings to pay a chunk of my other cards right away.  That might lessen the sting when the card closes.   Yes, it is a home loan we are working towards 

[Anonymous]

Sorry to hear about this ... your looking towards a longer term credit plan is a good plan. Best wishes on your credit future!

[CreditCuriosity]

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@NickiB983 wrote:

Thank you.  I think I'm going to dip into savings to pay a chunk of my other cards right away.  That might lessen the sting when the card closes.   Yes, it is a home loan we are working towards 

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Good deal.. Best wishes on your house purchase, So deffinetly don't apply for new credit if that is coming up.. As others have stated try to get CLI that are sp's on existing accounts and pay down your others to get utilization in check so you might not feel it at all...  Best of luck!

[CreditUnionFan]

Once the account is closed, it probably won't factor into your utilization. They'll mark the account as closed, and it won't be factored into any utilization calculations going forward.

It's interesting that they're closing the account rather than transition it to another lender. I wonder if you have no balance at this time, and so there is no balance for another lender to acquire?

Raymour & Flanigan / Wells Fargo Financial Network Bank were one of the first I noticed had closed an account for inactiviy because I bought furniture, took the discount, and paid it off within two months.

[NickiB983]

Thank you for your responses!  Do you think - Would it behoove me to put a small charge on there to keep it open (paying down a larger amount on a different card to offset it)?

[FocusedAndDetermined]

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@NickiB983 wrote:

Thank you.  I think I'm going to dip into savings to pay a chunk of my other cards right away.  That might lessen the sting when the card closes.   Yes, it is a home loan we are working towards 

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Yes, paying down existing balances will help.

Best of luck with your home purchase.