topic Re: Decrease CL or not to decrease CL.... in Credit Cards

Decrease CL or not to decrease CL....

Yoshi2015 — Wed, 21 Oct 2015 07:25:59 GMT

I have a secured wells Fargo card that has a 2500 balance. It doesn't appear that I'm going to be graduating any time soon. Per customer service they do not offer manual reviews. Should I decrease credit limit on that card since they are not graduating the card? If so, since it is a secured card, will the decrease negatively affect my credit score?

Re: Decrease CL or not to decrease CL....

Anonymous — Wed, 21 Oct 2015 07:35:27 GMT

My Wells Fargo Secured Visa would not graduate with $5000 CL. Got tired of it and my only way out was to close the card. No regrets but it was a shame I tied up so much cash. It took them almost 60 days to return my $5K.

Re: Decrease CL or not to decrease CL....

Anonymous — Wed, 21 Oct 2015 07:41:11 GMT

@Yoshi2015 wrote:
I have a secured wells Fargo card that has a 2500 balance. It doesn't appear that I'm going to be graduating any time soon. Per customer service they do not offer manual reviews. Should I decrease credit limit on that card since they are not graduating the card? If so, since it is a secured card, will the decrease negatively affect my credit score?

Depends on current utilization.

Re: Decrease CL or not to decrease CL....

Yoshi2015 — Wed, 21 Oct 2015 07:46:43 GMT

Wow. My util has always been 20% or less. The past 2 mths I have been at 0%. When I called today the rep said made too many payments in a month. I have never heard that this is a detractor.I thought they only cared about bal when statement closes. I'm at a lost with wells Fargo now....

Re: Decrease CL or not to decrease CL....

joshkm — Wed, 21 Oct 2015 07:55:13 GMT

Do you have any other cards in your lineup?

I was in the same boat with WF. Mine was only a $300 secured card. I couldn't see forking out more. Once I had a Capital One and Chase Freedom under my belt, I ditched the WF secured when they wouldn't graduate it. I was told by two of their reps that they only review accounts once a year for graduation.

Re: Decrease CL or not to decrease CL....

Anonymous — Wed, 21 Oct 2015 07:59:54 GMT

If you're unhappy with the outcome and it won't affect your CR much, I would close it. No sense in keeping a product that you are no longer satisfied with.

Re: Decrease CL or not to decrease CL....

Anonymous — Wed, 21 Oct 2015 08:00:40 GMT

@Yoshi2015 wrote:
Wow. My util has always been 20% or less. The past 2 mths I have been at 0%. When I called today the rep said made too many payments in a month. I have never heard that this is a detractor.I thought they only cared about bal when statement closes. I'm at a lost with wells Fargo now....

Well yeah, you should be good then if you're not holding any balances and PIF before statement cuts. If you do that then it will always remain at a 0% util rate. But if you do choose to let a balance post, then it will affect your credit score somewhat as you will have a lower denominator base to divide into resulting in a higher util rate.

Re: Decrease CL or not to decrease CL....

joshkm — Wed, 21 Oct 2015 08:05:30 GMT

@Anonymous wrote:
If you're unhappy with the outcome and it won't affect yourCR much, I would close it. No sense in keeping a product that you are no longer satisfied with.

I agree. If you have better cards and it served it's purpose I would close it.

Re: Decrease CL or not to decrease CL....

Anonymous — Wed, 21 Oct 2015 11:22:09 GMT

@Yoshi2015 wrote:
I have a secured wells Fargo card that has a 2500 balance. It doesn't appear that I'm going to be graduating any time soon. Per customer service they do not offer manual reviews. Should I decrease credit limit on that card since they are not graduating the card? If so, since it is a secured card, will the decrease negatively affect my credit score?

How long have you had the card? Yes, it is true they don't offer manual reviews and twice a year accounts are reviewed for graduation. Try to be patient, I was getting prime cards while WF still had not graduated my card.

Re: Decrease CL or not to decrease CL....

takeshi74 — Wed, 21 Oct 2015 13:56:32 GMT

@Yoshi2015 wrote:
I have a secured wells Fargo card that has a 2500 balance. It doesn't appear that I'm going to be graduating any time soon. Per customer service they do not offer manual reviews. Should I decrease credit limit on that card since they are not graduating the card?

If you have a $2,500 balance you probably don't want to decrease the limit but you'd need to do the math to help you decide.

On the other hand, if you meant to say limit instead of balance it's really your call and there's not enough info in your OP to help us make meaningful recommendations. You need to clarify your specific needs/wants/goals as well as your credit profile and whatever other information might help us to narrow down the options. There isn't just single clear cut course of action based solely on whether or not a card will graduate.