I just had a strange interaction with WF. At least seemed odd to me.
I paid a WF Platinum card off about 6 weeks ago. It had a “meh” limit of 5k, but I was carrying a very high ratio on it at about 4.8. The interest rate is terrible, so I just paid it down to $0.
It’s sat at $0 since then (late May). I just happened to notice last night the limit had been lowered to $1200. (**bleep**?!?). I called this morning to ask about a SP to either return it to 5k, or higher. We requested 7.5, thinking they may counter.
“China” the rep did the usual questions and then said sorry, but to go further will require a HP, no go on a SP.
I have 0 INQ’s currently and I’m not burning one for a low tier WF card. F8 Scores are 760’s and 770’s and income is 313k (which they know, they were the primary bank for years).
Anyhow, declined the HP and asked that she close the account instead. She asked why, I said that I felt the limit lowering seemed punitive and I don’t have a reason given and also that a $1200 card is essentially unusable.
Her answer to that was, ‘we can close the account for sure, but if you do, you will never be eligible to open another one again.”
**bleep**??? I still closed the account, because it’s pointless to have such a low limit card when I have so many others that dwarf it.
Anyone ever get told that if close a card, you will NEVER be allowed to have one again? lol.
@Jwagner wrote:Her answer to that was, ‘we can close the account for sure, but if you do, you will never be eligible to open another one again.”
**bleep**??? I still closed the account, because it’s pointless to have such a low limit card when I have so many others that dwarf it.
Anyone ever get told that if close a card, you will NEVER be allowed to have one again? lol.
that sounds like CSR retention talk, probably doesn't have any basis in policy.
if anything WF's decision to balance chase might have a more adverse impact on them willing to offer you another card in the future than closing the account in good standing would.
A DP I should add, that made it feel a little weird to me also.
I had a Propel card also at $5k. With the recent PC that WF did and switched everyone from the AmEx to the Visa, the CL went UP to $7500
So chasing the Platinum limit down to only 1.2 makes almost zero sense at all to me. My overall utilization is completely unaffected (and I just had SP CLI’s on all 3 Chase cards and a SP CLI on the Lowe’s card from 12 to 35k). That made this one card, completely inconsequential
@Jwagner wrote:I just had a strange interaction with WF. At least seemed odd to me.
I paid a WF Platinum card off about 6 weeks ago. It had a “meh” limit of 5k, but I was carrying a very high ratio on it at about 4.8. The interest rate is terrible, so I just paid it down to $0.
It’s sat at $0 since then (late May). I just happened to notice last night the limit had been lowered to $1200. (**bleep**?!?). I called this morning to ask about a SP to either return it to 5k, or higher. We requested 7.5, thinking they may counter.
“China” the rep did the usual questions and then said sorry, but to go further will require a HP, no go on a SP.
I have 0 INQ’s currently and I’m not burning one for a low tier WF card. F8 Scores are 760’s and 770’s and income is 313k (which they know, they were the primary bank for years).
Anyhow, declined the HP and asked that she close the account instead. She asked why, I said that I felt the limit lowering seemed punitive and I don’t have a reason given and also that a $1200 card is essentially unusable.
Her answer to that was, ‘we can close the account for sure, but if you do, you will never be eligible to open another one again.”
**bleep**??? I still closed the account, because it’s pointless to have such a low limit card when I have so many others that dwarf it.
Anyone ever get told that if close a card, you will NEVER be allowed to have one again? lol.
No.
And I don't think it was true, either. Perhaps "China" was referring to there being no SUB if you apply again.
@Jwagner wrote:I just had a strange interaction with WF. At least seemed odd to me.
I paid a WF Platinum card off about 6 weeks ago. It had a “meh” limit of 5k, but I was carrying a very high ratio on it at about 4.8. The interest rate is terrible, so I just paid it down to $0.
It’s sat at $0 since then (late May). I just happened to notice last night the limit had been lowered to $1200. (**bleep**?!?). I called this morning to ask about a SP to either return it to 5k, or higher. We requested 7.5, thinking they may counter.
“China” the rep did the usual questions and then said sorry, but to go further will require a HP, no go on a SP.
I have 0 INQ’s currently and I’m not burning one for a low tier WF card. F8 Scores are 760’s and 770’s and income is 313k (which they know, they were the primary bank for years).
Anyhow, declined the HP and asked that she close the account instead. She asked why, I said that I felt the limit lowering seemed punitive and I don’t have a reason given and also that a $1200 card is essentially unusable.
Her answer to that was, ‘we can close the account for sure, but if you do, you will never be eligible to open another one again.”
**bleep**??? I still closed the account, because it’s pointless to have such a low limit card when I have so many others that dwarf it.
Anyone ever get told that if close a card, you will NEVER be allowed to have one again? lol.
How long was the util % high. Classic case of running a high balance too long and it spooks them. WF isnt the only one. Ever hear of Sync?
You know, that sounds quite plausible. That’s a pretty likely explanation for the weirdness I couldn’t figure out.
The UTIL sat there in the high 90s for a probably a YEAR? I had bought some business materials, had the card on auto-pay, etc. This last May, I was looking at the account and thinking “what in the heck, why is this balance just not dropping?!?” Thinking maybe someone was consistently just charging the card right back to its max. Nope.
the interest rate being **bleep** near 30%, the minimum auto pay was only covering interest. So I just paid the card to $0 on the spot, because - holy hell.
So yeah, your idea seems pretty plausible, with the card pretty much maxed for at least a year.
Still odd though that they did an auto-CLI of 50% when the PC’d the Propel (had a 0 balance) to Visa. I guess one card was cool, the other super Sus
— and of course, the very odd comment by the CSR, “china”, that if I close the account, I’ll never be eligible to reopen a new Platinum
@Jwagner wrote:You know, that sounds quite plausible. That’s a pretty likely explanation for the weirdness I couldn’t figure out.
The UTIL sat there in the high 90s for a probably a YEAR? I had bought some business materials, had the card on auto-pay, etc. This last May, I was looking at the account and thinking “what in the heck, why is this balance just not dropping?!?” Thinking maybe someone was consistently just charging the card right back to its max. Nope.
the interest rate being **bleep** near 30%, the minimum auto pay was only covering interest. So I just paid the card to $0 on the spot, because - holy hell.
So yeah, your idea seems pretty plausible, with the card pretty much maxed for at least a year.
Still odd though that they did an auto-CLI of 50% when the PC’d the Propel (had a 0 balance) to Visa. I guess one card was cool, the other super Sus
— and of course, the very odd comment by the CSR, “china”, that if I close the account, I’ll never be eligible to reopen a new Platinum
Im not saying I was right. Just a combination of years and seeing such things happen. They made a bunch of money from interest. You'd think they would love that. But not really. Least that balance is off your back now. Less stress. Better life.
“Blacklisted” is the wrong word for sure. I was at a loss in the moment trying to figure out how to explain it. “Soft blacklisted” was the closest I could come to it at the instant.
“Punitive”, or seemingly so, would be a little more apt I suppose.
I paid the card off, nothing happens. Then a month later I empty all the cash out of the bank and wired it all to NFCU (it was definitely more than they had on hand physically). THEN, they took the AA and gutted the card (but as noted, raised another though??)
I now think it’s just a series a very random events that perfectly defined the meaning of coincidence.
As they say, correlation is not causation.