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wrote:What was your credit limit before the decrease?
$2K
I know that lenders sometimes CLD accounts due to non-use, but with a $2K limit, you would have thought they could have let this one ride for longer than 6 months before issuing a CLD. It's not like they had that much at risk. Wow.
I've never been interested in any of Wells Fargo's credit products.
wrote:If you haven't used the card since August, you really don't have grounds to blame the bank. Lots of banks would have just closed it.
It's really not hard to prevent banks from doing this. A single charge every few months is usually enough.
Wells Fargo isn't exactly in a position to piss off more customers.
And CLD on a card with an already low limit just goes to show how much they value their customers. Good on OP for closing the card, nobody deserves (or needs) this kind of treatment. I too would've told WF to go pound sand.
WF should be the last of all banks to CLD or piss off it's declining customer base. The last time I used my Barclay rewards card was Nov 2015 but the account wasnt closed for non-usage until Dec 17 although they eventually reopened it. 6 months is just too short
wrote:I got a letter in the mail today from Wells Fargo, telling me that I'm being CLD'd to $750 due to non-usage of my account. My last purchase on the card was in early August, and it's been in the sock drawer ever since.
I logged into their website and told them thanks for the generious $750 limit, but our relationship isn't "Going Further" (Cause, "Together we'll go far" ) and they can close the account.
Goodbye, medicore (in every way) Wells Fargo card!
What does one expect if you don’t use a card? Sometimes it’s goid to try and see things from a lenders perspective. There are much better cards, but eventually every single issuer will do this if you don’t use the card once every six months. It’s very common. I know the power trip feels nice.
Ive thought about applying for their cash back card. Mostly for the 200 bonus, idea being paying my insurance off in full for a 6 months when the time come. but have decided against, 1.5% back is so common, and I have a 2% card. Also all their scandals, ill bank else where.
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Sorry Deebee, im with you on this. I realize non use can be an issue, understood, but even 6 months is a little early to cld or close. I think its been a couple months since i used my HD or Wally but nothing so far. I think if they are that skittish, i say good riddance, maybe they can go on a date with Sir Barclays
It may not be just simply non-use, as banks get more sophisticated I assume that they start evaluating potential profitibility, so the packet of gum every few months might not be enough. Some of us got very large CLDs from Capital One, even though we were using the card minimally, just not nearly enough to justify the CL. Maybe WF feels the same even about $2K CL, no great loss on either side.
Don't even stress your off the horse get a new one better looking even ahaha.
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@GFY (Good for You) @ OP. If you are not on a rebuilding path, the rewards value of the card is ‘meh’, and to top it off the bank in question is ‘questionable’...no pun intended...ditch the card. IMHO.
Wells Fargo is probably ‘thinning the herd’ due to capital constraints and they need revenue generating business. They may be reallocating the CC portfolio to more profitable customers. BUT please understand that profitability = usage/fees in a banks eyes, as well as getting their money back, not necessarily a credit score/profile. I for one, like many others on here, are always on a quest for larger credit lines and better rewards structures. Larger credit lines so UTI ratios are optimized and rewards...well....who doesn’t want a reward for swiping/inserting a piece of plastic/metal in a gizmo at the cash register :-).
I take time every month to rotate cards around to ensure usage and hopefully CL growth, if I don’t get any love in return from the bank...SD...and move on. Ether the bank will get the hint or CLD/close.
Business is business from both sides of the table.
If $1500 in unsecured credit isTHAT important to WF then they're in very dire straits and I think they should close up shop. If it was a $20K limit then fine, there's some justification. But $2000?
Then again I'm strongly biased against WF.