Wells Fargo closes card - what now?

[Anonymous]

Wells Fargo sent me a letter that they were closin my credit card account after a review of my credit report and they see a deliquency. The only one I have is from Portfolio Recovery Associates that just popped up on Experian for a Capital One card that has aged off my report after 7 years.

I'm working on disputing the line from Portfolio Recovery Associates since it is too old to be on my report. That said, other than my credit utilization changing (which I'm not worried about as my other cards recently gave me big increases and I have paid down my cards in preparation of a mortgage), what other effects will Wells Fargo's card closing have on my credit? I made every payment on time to Wells Fargo, so will there be a negative mark or comment on this Wells Fargo account? It just seems that would be unfair since I have not done anything wrong with that account.

[pipeguy]

You'll probably get a bunch of WF haters telling you are better off, but frankly if you want the card I'd call and talk to underwriting and just explain your case - worst they can say is no, and you are already there. As far as hurting your profile, other than utilization and reporting a 100% usage on a closed card (saying you have a balance) it won't affect much if anything. If you are carrying a balance, I'd pay it off ASAP since any balance on a closed card = 100% utility. 

[Anonymous]

The account(s) will say closed by creditor but I don't think it will cause a problem other than increasing your utilization. I think your focus should be on the old collection account especially since you'll be applying for a mortgage soon. Also, you don't want any other creditors taking AA against you. I hope it all works out for you.

[Anonymous]

Thanks, I appreciate the knowledge. I don't need the card and my utilization is quite low. I just didn't want Wells Fargo is have a negative mark and make me start over with my progress. I had just got everything fallen off when this Portfolio Recovery came up on my report as a zombie debt.

[Anonymous]

Thanks, I'm gettin my documentation together for another dispute. The first dispute Experian kept saying it was me on the debt - but that wasn't my dispute. My dispute was the age. It is older than 7 years. So here I go again, and now I've filed with the Consumer Financial Protection Bureau so hopefully Experian will actually read my dispute and my submitted statements this time.

[resilient]

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@pipeguy wrote:

You'll probably get a bunch of WF haters telling you are better off, but frankly if you want the card I'd call and talk to underwriting and just explain your case - worst they can say is no, and you are already there. As far as hurting your profile, other than utilization and reporting a 100% usage on a closed card (saying you have a balance) it won't affect much if anything. If you are carrying a balance, I'd pay it off ASAP since any balance on a closed card = 100% utility. 

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I guess I'm one of those haters. I had a card for about two years, because I have my mortgage with them and they offered it to me. Used it twice, they closed it after 6 months of inactivity. I let it be!

[pipeguy]

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@resilient wrote:

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@pipeguy wrote:

You'll probably get a bunch of WF haters telling you are better off, but frankly if you want the card I'd call and talk to underwriting and just explain your case - worst they can say is no, and you are already there. As far as hurting your profile, other than utilization and reporting a 100% usage on a closed card (saying you have a balance) it won't affect much if anything. If you are carrying a balance, I'd pay it off ASAP since any balance on a closed card = 100% utility. 

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I guess I'm one of those haters. I had a card for about two years, because I have my mortgage with them and they offered it to me. Used it twice, they closed it after 6 months of inactivity. I let it be!

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I was actually talking more about the WF haters due to current events and the big fine WF paid concerning opening consumer accounts without their knowledge - this event has a few people on these formuns "hating on" WF's. Personal experience with any lender that one feels is unjustifed I would not lump into that catagory. You can call me a Comenity bank "hater" (with cause), I have no problem with that.   

[ScoreOrBeScored]

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@pipeguy wrote:

You'll probably get a bunch of WF haters telling you are better off, but frankly if you want the card I'd call and talk to underwriting and just explain your case - worst they can say is no, and you are already there. As far as hurting your profile, other than utilization and reporting a 100% usage on a closed card (saying you have a balance) it won't affect much if anything. If you are carrying a balance, I'd pay it off ASAP since any balance on a closed card = 100% utility. 

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Haters ? Ha !!! (As IF) 

i say dont don't worry about and let it be. Your not missing out on anything. Any lender that want to fraud their own customers , deserve to be put out 

of business. WF don't have much to offer anyways. 

[Anonymous]

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@ScoreOrBeScored wrote:

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@pipeguy wrote:

You'll probably get a bunch of WF haters telling you are better off, but frankly if you want the card I'd call and talk to underwriting and just explain your case - worst they can say is no, and you are already there. As far as hurting your profile, other than utilization and reporting a 100% usage on a closed card (saying you have a balance) it won't affect much if anything. If you are carrying a balance, I'd pay it off ASAP since any balance on a closed card = 100% utility. 

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Haters ? Ha !!! (As IF) 

i say dont don't worry about and let it be. Your not missing out on anything. Any lender that want to fraud their own customers , deserve to be put out 

of business. WF don't have much to offer anyways. 

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There is bad apples in every organization.