topic Re: Business Credit Card Limit Decrease based on Personal Credit Report? in Business Credit

Business Credit Card Limit Decrease based on Personal Credit Report?

thesecondtimearound — Mon, 04 May 2015 19:22:53 GMT

Hello,

I've recently had my Wells Fargo Biz card CL cut from 5k to 3600. Upon calling to inquire, I was informed that my risk level increased due to factors in my Experian credit report.

I don't understand why, because this biz card isn't even reported on that credit report. My biz card is attached to my Federal Tax ID # and my personal credit report is linked to my SSN #. In fact, when I check my Experian credit report (the one used to determine my risk my factor), that Wells Fargo Biz Card isn't even reported on it! How can Wells Fargo decrease a CL based on an unrelated credit report?

Do I have a dispute on my hands? Any information would be greatly appreciated. Thank you!

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

Anonymous — Mon, 04 May 2015 19:26:25 GMT

@thesecondtimearound wrote:
Hello,

I've recently had my Wells Fargo Biz card CL cut from 5k to 3600. Upon calling to inquire, I was informed that my risk level increased due to factors in my Experian credit report.

I don't understand why, because this biz card isn't even reported on that credit report. My biz card is attached to my Federal Tax ID # and my personal credit report is linked to my SSN #. In fact, when I check my Experian credit report (the one used to determine my risk my factor), that Wells Fargo Biz Card isn't even reported on it! How can Wells Fargo decrease a CL based on an unrelated credit report?

Do I have a dispute on my hands? Any information would be greatly appreciated. Thank you!

I wiould guess that you don't have a viable dispute, simply because an issuer can CLD at any time for any (non-prohibited) or no reason.

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

navigatethis12 — Mon, 04 May 2015 19:28:29 GMT

The account is personally guaranteed and that means they'll look at your personal history to manage the account. It makes no difference if the business card reports there or not, they can still look at the report and calculate risk. Every card issuer that you personally guarantee will do this so you should make sure your reports are OK.

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

LuckyBird — Mon, 04 May 2015 19:29:05 GMT

Doesn't seem right or fair to me either, exactly, especially if you haven't displayed any risky behavior with that particular account...however, I don't think you have a "dispute." You may try to recon the decision, but any creditor is free at any time to decide to decrease their risk exposure with regard to anyone's account.

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

myjourney — Mon, 04 May 2015 20:21:04 GMT

@navigatethis12 wrote:
The account is personally guaranteed and that means they'll look at your personal history to manage the account. It makes no difference if the business card reports there or not, they can still look at the report and calculate risk. Every card issuer that you personally guarantee will do this so you should make sure your reports are OK.

+1 here's the perfect answer

If you look at your SP's on CR's what you'll find is based on PG that's the account you authorized them to pull for approval thus that's the account they look to monitor you as your lender

Something spooked them weather it be high UTL, new accounts recently which caused them to say you look more risky now

Sorry OP fix whatever the problem and ask them to reinstate your limit

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

thesecondtimearound — Mon, 04 May 2015 22:23:20 GMT

You guys are great, thanks!

I have zombie debt approaching the 6.5 year mark that has been resold and coming back from the dead. Unfortauntely it was from one ER visit that had 3 separate bills. Since its in collections, I'm assuming it doesn't matter that it was orginally medical debt and is just reading like a fresh scumbag deliquency. This blows.

But I appreicate everyone's speedy, and more importantly, polite response. Thank you so much. :-)

Re: Business Credit Card Limit Decrease based on Personal Credit Report?

thesecondtimearound — Mon, 04 May 2015 22:32:04 GMT

Since the issue is with my personal credit history, and not my biz report, I want to try calling a backdoor number to get it reinstated.

Next month will be my one year anniverysary with this card and my util has never been over 30% and I have never been late or missed a payment. Has anyone experienced success with this method I intend to try?

Please excuse the self-pity party, but I'm so bummed. I needed that cushion to keep my util low and credit score high. Not to mention a big impending purchase for my business. *sigh* I really wish there was more of a human elemanto the risk scoring factor...