Reply
Regular Contributor
lakerfan2011
Posts: 162
Registered: ‎02-19-2011
0

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

Moderator
pizzadude
Posts: 9,674
Registered: ‎01-28-2010
0

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
Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

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.

Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011
0

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.

 

Regular Contributor
lakerfan2011
Posts: 162
Registered: ‎02-19-2011
0

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.  

Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

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 :smileyhappy:

Senior Contributor
Open123
Posts: 4,194
Registered: ‎02-23-2011
0

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.

Valued Contributor
RyVision
Posts: 1,346
Registered: ‎04-15-2011
0

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.

Frequent Contributor
jeffery581
Posts: 373
Registered: ‎03-26-2010
0

Re: Wells Fargo credit line decrease

[ Edited ]

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. :smileywink:

Capital One QuicksilverOne MC| MTV Visa | Sony Visa | NFL Visa | ebay MC | Best Buy MC | Credit One Visa | JCP | Kohl's| Conoco | Bloomingdale's | Lowe's | CareCredit | Firestone | Walmart | Academy Sports Visa | Macy's | Target | Amazon | Gap |
Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

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




Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}