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Wells Fargo credit line decrease

Regular Contributor

Wells Fargo credit line decrease

they keep decreasing my credit line form 9000 to right around 2 to 3 thousand. i keep having to call them to get it reinstated its back now but every month they keep doing a review and dropping it i have talked with the main managers serveral times but it keeps happenning is this happening to anyone else these keeps are a pain on my last nerve. bout ready to drop em compeltey

Message 1 of 10
9 REPLIES
Super Contributor

Re: Wells Fargo credit line decrease


lakerfan2011 wrote:

they keep decreasing my credit line form 9000 to right around 2 to 3 thousand. i keep having to call them to get it reinstated its back now but every month they keep doing a review and dropping it i have talked with the main managers serveral times but it keeps happenning is this happening to anyone else these keeps are a pain on my last nerve. bout ready to drop em compeltey


Do you have any signifcant balance on this card, or other cards  ?  Also what are their reasons as to why they are taking this adverse action on your account ?

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 2 of 10
Valued Contributor

Re: Wells Fargo credit line decrease

lakerfan_2011;

 

Wells is not going to be your friend in this. They've made up their mind most likely.  You're better off closing them before they close you or CLD you anymore IF you can do that with no problem (balance vs util etc).  I don't mention closing cards lightly either (hardly ever).  If you have a good rate, talk to them about closing it and keeping the rate if you have to (ONLY if you would really like to dump them, I'm writing to support your choice, not push you to dump them, just want to be clear).

 

Had them for years, they care nothing about loyalty or ethics. We pulled most of our business out of the Well a while back.

Message 3 of 10
Established Contributor

Re: Wells Fargo credit line decrease


RyVision wrote:

lakerfan_2011;i

 

Wells is not going to be your friend in this. They've made up their mind most likely.  You're better off closing them before they close you or CLD you anymore IF you can do that with no problem (balance vs util etc).  I don't mention closing cards lightly either (hardly ever).  If you have a good rate, talk to them about closing it and keeping the rate if you have to (ONLY if you would really like to dump them, I'm writing to support your choice, not push you to dump them, just want to be clear).

 

Had them for years, they care nothing about loyalty or ethics. We pulled most of our business out of the Well a while back.

 +1 I agree     The hand writing is on the wall.  Nothing to be gained by keeping this card.

 

Message 4 of 10
Regular Contributor

Re: Wells Fargo credit line decrease

they said i had a couple of inquries i idid becuase i opened 2 new accounts and some of my balances were high but they were paid and i am not anywhere close to my limits on anything .  i have had this card since 2007 never missed a payment and always paid rather large payments with them i have a mortgage with them and plenty of money in savings.  

Message 5 of 10
Valued Contributor

Re: Wells Fargo credit line decrease


lakerfan2011 wrote:

they said i had a couple of inquries i idid becuase i opened 2 new accounts and some of my balances were high but they were paid and i am not anywhere close to my limits on anything .  i have had this card since 2007 never missed a payment and always paid rather large payments with them i have a mortgage with them and plenty of money in savings.  


They CLD my Mother's last open card with them by a grand recently (reason being, in a nutshell, that she pulled most of her business\investments and money out of their bank). She had already closed her other cards with them.  She's keeping that one only because it's got a great rate and it's older (I haven't seen a better rate for some time, about 5% non-intro, I also think that's part of the reason for the CLD).

 

Never any missed payments (of course) and well over 10 years with them (they also know she's somewhat well off frankly).

 

They're really just acting like a big bank, it's becoming the norm. Like the worst pages of BoA's playbook are being shared amongst them.

 

We're all much happier with good CU's and not going through a CFP for brokerage Smiley Happy

Message 6 of 10
Super Contributor

Re: Wells Fargo credit line decrease

Wells doesn't seem to like it when you have more than a few credit cards.  They much prefer you only have one or two.

 

They don't seem to understand their rewards program is so underwhelming that they're lucky anyone has their cards to being with.

Message 7 of 10
Valued Contributor

Re: Wells Fargo credit line decrease


Open123 wrote:

Wells doesn't seem to like it when you have more than a few credit cards.  They much prefer you only have one or two.

 

They don't seem to understand their rewards program is so underwhelming that they're lucky anyone has their cards to being with.



I can assure you in my mothers case, that wasn't an issue LOL. She'd had well over a dozen cards while having 3 of theirs for many years. They even stated in the letter for the CLD it was reduced usage of their services.  Funny how they waited for the statute of limitations to run out on sueing them over the brokerage issue (and yes, they (my parents) would have won eventually but they didn't want the long term hassle).

 

In the case of most of their CC customers, your statement is very correct though!  They're selfish really lol.

Message 8 of 10
Established Contributor

Re: Wells Fargo credit line decrease

Sorry they did this. If ANY of my cards ever does a CLD I will close the account and never do business with them again, I don't need to deal with a company that has a mental disorder. Smiley Wink

Capital One Quicksilver Visa | Capital One Quicksilver Matercard | Sony Visa | ebay Mastercard | Best Buy Visa| Shell Mastercard | CareCredit | Amazon Rewards Visa | Discover it | Lowes | Home Depot | Chase Freedom | Ebates Visa | TJMAX Platinum MasterCard | Stash Signature Visa | Hilton Amex | Bank of America Cash Rewards Visa | Bank of America Better Balance Rewards Visa | US Bank Cash Rewards | Blue Cash AMEX | IHG Rewards Club World Mastercard | Barclay Cash Foward World Mastercard | Bank of America Travel Rewards Visa | US Bank Cash 365 AMEX | Amex Everyday | Target | CITI Double Cash | WELLS FARGO PROPEL AMEX | Royal Carribean Visa | AARP REWARDS VISA | BEst Western Mastercard
Message 9 of 10
Highlighted
Mega Contributor

Re: Wells Fargo credit line decrease


RyVision wrote:

lakerfan_2011;

 

Wells is not going to be your friend in this. They've made up their mind most likely.  You're better off closing them before they close you or CLD you anymore IF you can do that with no problem (balance vs util etc).  I don't mention closing cards lightly either (hardly ever).  If you have a good rate, talk to them about closing it and keeping the rate if you have to (ONLY if you would really like to dump them, I'm writing to support your choice, not push you to dump them, just want to be clear).

 

Had them for years, they care nothing about loyalty or ethics. We pulled most of our business out of the Well a while back.


+1




EQ FICO 548 3/3/16
Message 10 of 10