topic Re: If I Close Wells Fargo Bank Accts, Will They Close my CC? in Credit Cards

If I Close Wells Fargo Bank Accts, Will They Close my CC?

spritezero1017 — Tue, 30 Sep 2014 18:14:32 GMT

Hello,

Two brief questions, if I may:

1. If I close my Wells Fargo bank accounts will they look to close my credit card as I would be ending my regualr banking relationship with them?

2. Will it harm my credit score to close these accounts as they are 15 year old accounts?

Details:

I have multiple Wells Fargo bank accounts - my own Checking & Savings that I've had for about 15 years, and my teenage son's Checking & Savings which are only about 6 months old. These accounts are rarely used bc when I bought a new car 6 months ago DCU gave me a very good loan rate and so I moved about 95% of my daily banking to them.

I've missed local banking (No DCU branches here in Florida obviously) so I just took advantage of an offer from Chase to open a Checking account for a cash bonus. I have 4 premier Chase Credit Cards and I like them a lot. So my banking is going to shift to Chase except for that which I have to do with DCU for my car loan relationship.

So.... I have a Wells Fargo credit card that is 6 months old and has a $9,000 limit with no annual fee. I never use it but it counts well toward my total credit ceiling and so helps my utilization and I'd prefer. I could feasibly use it a bit to show some usage so they wouldn't consider it totally dormant (which I would have done before its anniversary anyway).

Thanks for an insight. Much appreciated.

Re: If I Close Wells Fargo Bank Accts, Will They Close my CC?

jsucool76 — Tue, 30 Sep 2014 18:17:31 GMT

@spritezero1017 wrote:
Hello,

Two brief questions, if I may:

1. If I close my Wells Fargo bank accounts will they look to close my credit card as I would be ending my regualr banking relationship with them?

2. Will it harm my credit score to close these accounts as they are 15 year old accounts?

Details:

I have multiple Wells Fargo bank accounts - my own Checking & Savings that I've had for about 15 years, and my teenage son's Checking & Savings which are only about 6 months old. These accounts are rarely used bc when I bought a new car 6 months ago DCU gave me a very good loan rate and so I moved about 95% of my daily banking to them.

I've missed local banking (No DCU branches here in Florida obviously) so I just took advantage of an offer from Chase to open a Checking account for a cash bonus. I have 4 premier Chase Credit Cards and I like them a lot. So my banking is going to shift to Chase except for that which I have to do with DCU for my car loan relationship.

So.... I have a Wells Fargo credit card that is 6 months old and has a $9,000 limit with no annual fee. I never use it but it counts well toward my total credit ceiling and so helps my utilization and I'd prefer. I could feasibly use it a bit to show some usage so they wouldn't consider it totally dormant (which I would have done before its anniversary anyway).

Thanks for an insight. Much appreciated.

I had a wells fargo checking and savings, and a CC

Closed my two bank accounts with them, they didn't close my CC

I then re-opened a checking account with them when they sent me a mailer offering $100 after 10 debit card purchases. Again, no problems.

I also live in FL if it makes you feel better

You'll be fine.

And no, closing checking/savings accounts work harm your credit or credit score.

Re: If I Close Wells Fargo Bank Accts, Will They Close my CC?

Anonymous — Tue, 30 Sep 2014 18:50:10 GMT

The post above is correct, WF will not close your card if you close your deposit accounts. The only time it really matters if you have a deposit account with a bank is when you apply for a CC. They can take that relationship into account (and their internal score) when making the credit decision. For example a large bank I use to work at would approve a CC if they had a checking for three years in good standing with an average balance of at least $1500, the limit may only be $500 but still.