Wells Fargo CLD

[ecxpa]

Just got ltr saying they were decreasing CL from 3K to 750............I have mortgage, HELOC, small checking,  and another 12K VISA Windows World card with these people.  Reasons as follows:  1/"One or more credit inquiries in the last 2 years on credit report" 2. " Insufficient length of time account(s) on credit report has been established" 3. One or more high utilized non-installmant or non-real estate account(s) on credit report".   Inquiries I actually have more than 40.....new Amex Card and Barclays Ring Cards in past 6 mos; Utilization overall is 8%, have 5K of 13K on Lowes card, remaining balances are < 1% and PIF each month.  CSR said he would "try "to reinstate but it would take a week....if not reinstated it will be chopped.   They pulled Experian, EX FICO is 750.  Hadn't been using the card since January and have better reward cards....may have to move everything from these folks.  

[Anonymous]

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@ecxpa wrote:

Just got ltr saying they were decreasing CL from 3K to 750............I have mortgage, HELOC, small checking,  and another 12K VISA Windows World card with these people.  Reasons as follows:  1/"One or more credit inquiries in the last 2 years on credit report" 2. " Insufficient length of time account(s) on credit report has been established" 3. One or more high utilized non-installmant or non-real estate account(s) on credit report".   Inquiries I actually have more than 40.....new Amex Card and Barclays Ring Cards in past 6 mos; Utilization overall is 8%, have 5K of 13K on Lowes card, remaining balances are < 1% and PIF each month.  CSR said he would "try "to reinstate but it would take a week....if not reinstated it will be chopped.   They pulled Experian, EX FICO is 750.  Hadn't been using the card since January and have better reward cards....may have to move everything from these folks.  

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Chop em.

[ecxpa]

does CLD by lenders afftect scores other than effect on utilization

[baller4life]

Wow that sucks. These kinds of post keeps me firmly in my garden pulling weeds and planting flowers.

[Creditaddict]

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@ecxpa wrote:

does CLD by lenders afftect scores other than effect on utilization

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No.

Couple years ago they CLD my partners card for really not much use but he had checking, savings, and line of credit.

a Month or so after the CLD he got a 2nd letter and they CLOSED the card... he had the card since College and it was linked as overdraft so he had never had to use it before really to keep it active let alone from being cld.

the only thing we still have will wells is the line of credit and the small business credit card which has not been used in over 2 years! we closed all bank accounts with them.

[pizza1]

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@ecxpa wrote:

Just got ltr saying they were decreasing CL from 3K to 750............I have mortgage, HELOC, small checking,  and another 12K VISA Windows World card with these people.  Reasons as follows:  1/"One or more credit inquiries in the last 2 years on credit report" 2. " Insufficient length of time account(s) on credit report has been established" 3. One or more high utilized non-installmant or non-real estate account(s) on credit report".   Inquiries I actually have more than 40.....new Amex Card and Barclays Ring Cards in past 6 mos; Utilization overall is 8%, have 5K of 13K on Lowes card, remaining balances are < 1% and PIF each month.  CSR said he would "try "to reinstate but it would take a week....if not reinstated it will be chopped.   They pulled Experian, EX FICO is 750.  Hadn't been using the card since January and have better reward cards....may have to move everything from these folks.  

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UGH!!!!  oh no, soory Ecxpa!!  Thats terrible..I dont even see why you got the AA. man...I cansee having like 90% overall reporting util or something crazy , but what???  Im kinda one of type of people that I get mad and react first. Id march myself into a WF bank, and close it all down, and let the branch manage hop all the place trying to keep me, and then tell him to call his credit depatment, and if acct wasnt reinstated that instant, you walk and so do your accts. LOL..but thats me...Do as I say, not as I do,

[ecxpa]

I know of no reason only significant debt is short term home improvement on Lowes and their Windows World card.........maybe should have put Lowes on the HELOC.......if not reinstated I'm done with WF........get offers everyday almost for refi.

[CreditMagic7]

So sorry ecxpa that you have to share this news. This stinks and looks like Wells Fargo is everything nasty i have read about them all along and not particularly on this forum alone.

Hang in there and make whatever changes you need to take if you have to.

[ecxpa]

It's the principle of things I guess that tees me off..........always paid this card in full and make mortgage payments to these a&$holes every month.......actually account is paid in  ahead.  This is one of my lowest CL so it will not affect my utilization, just had a Ring Card report to the CRA's with 12.5K  CL and Amex is due to report anytime with 20K CL.......maybe that is the problem.

[B335is]

I'd move all my banking needs to Chase regardless. Show them two can play their game

Seriously though, that's crappy. WF credit cards appear to be an afterthought to them.