Wells Fargo Strikes Again!

[Mantis350]

WEll I've finally had it with WF.  I originally got two cards with them (rewards visa @ $1,000 CL and a Visa Platinum for my BT @ $10,000 CL).  As I paid off my BT card my CL went down to $6,800.  Now that I've paid it completely off they have lowered my limit on that card to $1,050.  It was originally $10K not even a year ago.  I've paid my BT to ) within the 0% intro period and now I have two WF cards that combined, barely equal the CL on my smallest limit card.  I know tat they are ultra conservative and who am I to complain about their algorithms? But when other lenders are continually growing my CL (perhaps they see all the other credit being extended to me and get scared?) and they just want to drop there's as close to 0 as possible then that's it!  I will be closing both cards in 2 days once my other payment gets posted.  One card was useful for BT but other than that I see no reason to keep any of these cards when my other lenders are far more giving and have great customer service.  It was a nice experiment with them but they truly are useless to me at this point.  / rant over

[baller4life]

Yes Wells Fargo is ultra conservative. Good for you for making the decision that you don't want or need them in your portfolio. We all make those kinds of decisions with different lenders. My personal blacklist is WF and Barclays!

[tcbofade]

Sorry that this happened to you, but THANK YOU for posting it so that the rest of us know how WF behaves.

I've never had a credit relationship with them, and don't think that I want one. 

[LexieCat]

I totally LOVE my WF Platinum Visa.  My CL was increased a couple of years ago (wasn't bad before that), but best of all is the 6.49 percent interest rate.  I use it for any balances I need to pay off over time.  They've also had some great BT offers recently--which I've used a couple of times in the last year or so.  

I've got a very long history with them and their predecessors (Wachovia and its predecessor), have a mortgage and HEL with them, savings, checking, and direct deposit.  I think it's the heavy banking history that makes the difference.  I've also found them EXTREMELY helpful any time I've ever had a problem with any of my accounts.  

So I'm sorry you had a bad experience, but it's far from universal.

[Mantis350]

So I called WF today and told them I wanted to close my accounts.  The CSR was very friendly and when I asked why they reduced my limits, she said it was the computers ( which I already knew).  She then told me that she could try for an increase via SP and brought the limit back up to 5800 on the PLatinum.  I then asked if I could just close the Platinum Visa and move the limit over to my Rewards Visa which she did.  So now My rewards Visa has a limit of $6,800 which was originally $1,000.  I will keep this account open and use it for auto pay on my cell phone and remove the $6/month I pay Verizon for my phone protection.  I know that I haven't shown WF much love but I'm gonna stick with them for now.  At least I closed one account while keeping my overall CL the same so that's one less card to worry about having activity on.  Well that's my Friday morning so far.

[Anonymous]

Wells is nice for the phone protection if nothing else. I'd definitely hang on to put your phone bill on.

They take a much more practical approach to limits, and you are unlikely to get much out of them. I have tried and don't have much to show for it. As many have noted, they are a relationship bank so they prefer people who have other accounts with them already.

I live in one of their major footprint areas so I use them for checking and have been pleased. Customer service is generally good. I haven't found them to be competitive for investment, savings, HELOC or mortgage, or credit cards.

[Mantis350]

Yes....looking at the deductible and coverage details, it works out to be a MUCH better deal than paying that fee each month to Verizon.  The deductible is higher and I have to pay $6 each month.  I have it on autopay now with WF and have setup autopay on my WF account so I can SD it and never worry about it.  Plus I'll get 1% on top of my phone bill each month lol.

[Discover2016]

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@baller4life wrote:
Yes Wells Fargo is ultra conservative. Good for you for making the decision that you don't want or need them in your portfolio. We all make those kinds of decisions with different lenders. My personal blacklist is WF and Barclays!

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Same here! WF and Barclays are banned from my credit profile. OP, congrats on getting some limit restored!