So i closed my recently approved WF

[dodgerslv]

Really dissapointed in them. I logged on to view my account today and apparently i thought my limit with my new WF was going to be 3000 but its actually 2000. I guess the CSR told me the wrong amount when i called a few days ago. Havent recieved the card yet and i just called them up and told them to close it. I explained how i was unhappy with the whole process (being declined first and then having to close my secured card if i got approved). Now to find out then only gave me half of the limit that my secured was for over a year (4000 limit). I told them i have never had an issue with them and they are a great bank but just didnt like how my whole credit application process went and that just didnt think it was worth it for only a 2000 limit (recently approved for CLI from Cap1 and 2 BofA cards with double the limit that they gave me. I told them i guess it didnt matter that i had business checking/savings, personal checking/savings and an investment account. I was approved on the 7th of this month so hopefully it will not even report to the bureaus. Really dissapointed in them but will not close my checking accounts just yet.

[boomhower]

Should have just kept it and shredded the card.   The CL would have helped UT and the card is going to report so you'll take the AAoA hit regardless.  I'd vote with my wallet and move your banking to another institution that values your business.  That's what I did with my credit union, took everything somewhere else. 

[Anonymous]

Why go through all the trouble of closing it?

The way I see it you had 2 viable options:

1. Use it at the current CL and garden it, waiting 6 months and then requesting a CLI.

2. Sock drawer it so you can keep your Util down.

In the end, I think it's best to not react emotionally to a bank's decisions and realize it's simply business.

It seems like you took a slightly bad situation and went out of your way to make it worse since you're not even sure whether or not the account will report. Also, you stated they made you close your secured card, so I'm assuming this account is a new account and that means you're going to hurt your AAoA if it does report, and if they HPed you to approve the card, you took a hit on your score.

Edit: Boomhower beat me to it!

Edit #2: Perhaps contact them and ask them for a recon since you were clearly distraught the last time you talked to them. You may even be able to get them to raise the CL by a few hundred bucks without suffering another HP. It's worth a shot.

[dodgerslv]

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@boomhower wrote:

Should have just kept it and shredded the card.   The CL would have helped UT and the card is going to report so you'll take the AAoA hit regardless.  I'd vote with my wallet and move your banking to another institution that values your business.  That's what I did with my credit union, took everything somewhere else. 

---

I know, my utilization is good right now. Im hoping it doesnt cuz i was approved 5 days ago. I am going to take my business somewhere else eventually. I still have 3 more cards that havent reported yet (2 AMEX and Citi) but AMEX will be backdated to 2011. One question though, if it does report, will it be considered a bad thing when other banks see that?

[Anonymous]

I think something you have to keep in mind when dealing with any of the BIG banks is that you really are just a number and process to them. Chase talks up its "relationship" banking, but in the end you're dealing mostly with a bank's black box systems. Their denial or poor CSR should not be compared to a friend not helping you move into your new place.

Bank use customers to make money, to think you have any kind of "personal" relationship with a bank, esspecially a big bank" is wrong. Use the big banks when you want their products, complain when you need to, but if they have something you need, go after it until you get it.

This is generally why I have no problem with churning strategies. Banks are churning customers. So long as you can get away with it, churn them back to your benefit.

CU's are the same way, only they have few accounts and employees and less beauracracy, so they handle things more manually and are nicer about it.

[Anonymous]

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@dodgerslv wrote:

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@boomhower wrote:

Should have just kept it and shredded the card.   The CL would have helped UT and the card is going to report so you'll take the AAoA hit regardless.  I'd vote with my wallet and move your banking to another institution that values your business.  That's what I did with my credit union, took everything somewhere else. 

---

I know, my utilization is good right now. Im hoping it doesnt cuz i was approved 5 days ago. I am going to take my business somewhere else eventually. I still have 3 more cards that havent reported yet (2 AMEX and Citi) but AMEX will be backdated to 2011. One question though, if it does report, will it be considered a bad thing when other banks see that?

---

It won't be considered bad if it reports, but it will affect your AAoA.

Closing accounts only hurts you if Util is an issue AFAIK, and they will continue to report for 10 years.

[dodgerslv]

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@Anonymous wrote:

Why go through all the trouble of closing it?

The way I see it you had 2 viable options:

1. Use it at the current CL and garden it, waiting 6 months and then requesting a CLI.

2. Sock drawer it so you can keep your Util down.

In the end, I think it's best to not react emotionally to a bank's decisions and realize it's simply business.

It seems like you took a slightly bad situation and went out of your way to make it worse since you're not even sure whether or not the account will report. Also, you stated they made you close your secured card, so I'm assuming this account is a new account and that means you're going to hurt your AAoA if it does report, and if they HPed you to approve the card, you took a hit on your score.

Edit: Boomhower beat me to it!

Edit #2: Perhaps contact them and ask them for a recon since you were clearly distraught the last time you talked to them. You may even be able to get them to raise the CL by a few hundred bucks without suffering another HP. It's worth a shot.

---

I probably did, but i dont plan on keeping my business with WF for long. I am good with the credit cards i have and actually dont want anymore so i made a bad decision on applying for the card in the first place. Oh well, im going to garden for the next 6-8 months and dont plan of applying for anything else soon with my new CLIs from BofA so will just leave my report alone for a while.

[Anonymous]

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@dodgerslv wrote:

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@Anonymous wrote:

Why go through all the trouble of closing it?

The way I see it you had 2 viable options:

1. Use it at the current CL and garden it, waiting 6 months and then requesting a CLI.

2. Sock drawer it so you can keep your Util down.

In the end, I think it's best to not react emotionally to a bank's decisions and realize it's simply business.

It seems like you took a slightly bad situation and went out of your way to make it worse since you're not even sure whether or not the account will report. Also, you stated they made you close your secured card, so I'm assuming this account is a new account and that means you're going to hurt your AAoA if it does report, and if they HPed you to approve the card, you took a hit on your score.

Edit: Boomhower beat me to it!

Edit #2: Perhaps contact them and ask them for a recon since you were clearly distraught the last time you talked to them. You may even be able to get them to raise the CL by a few hundred bucks without suffering another HP. It's worth a shot.

---

I probably did, but i dont plan on keeping my business with WF for long. I am good with the credit cards i have and actually dont want anymore so i made a bad decision on applying for the card in the first place. Oh well, im going to garden for the next 6-8 months and dont plan of applying for anything else soon with my new CLIs from BofA so will just leave my report alone for a while.

---

Ok, hope I didn't make you feel bad. You were obviously hoping that your previous relationship with WF would factor much higher into their process than it actually did. You've already got some prime cards with good benefits, in the end it's going to be their loss.

[dodgerslv]

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@Anonymous wrote:

I think something you have to keep in mind when dealing with any of the BIG banks is that you really are just a number and process to them. Chase talks up its "relationship" banking, but in the end you're dealing mostly with a bank's black box systems. Their denial or poor CSR should not be compared to a friend not helping you move into your new place.

Bank use customers to make money, to think you have any kind of "personal" relationship with a bank, esspecially a big bank" is wrong. Use the big banks when you want their products, complain when you need to, but if they have something you need, go after it until you get it.

This is generally why I have no problem with churning strategies. Banks are churning customers. So long as you can get away with it, churn them back to your benefit.

CU's are the same way, only they have few accounts and employees and less beauracracy, so they handle things more manually and are nicer about it.

---

+1...very will said my friend. I really didnt know why i even applied for the unsecured card in the first place. I guess i thought since i didnt pass graduation they would at least give me something close to that limit if i would apply for the unsecured one. Especially having the secured one for almost 15 months. Well what is done is done. I just hope this doesnt affect when it comes to my 3x CLI on my BCP (going to wait 3 months though).

[09Lexie]

Well, I'm sorry it didn't work out as you planned. I know it's too late now but keeping it open - ESP after taking the Hp would have been my suggestion and just use it for something small. Like the others have mentioned, we are all tiny fish in a huge ocean. Can't take the cl personal.