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Update: Course reversed-Wells Fargo Tells Customers It’s Shuttering All Personal Lines Of Credit

Slowlyrebuilding
Contributor

Re: WF Changed Their Minds About Closing LOC

I never spoke up. I'm not a fan of Wells Fargo and figured it would be one more reason to cut all ties with them. But now they changed course on this and they switched my plain old platinum card to the new card. Now all they have to do is give me a cli on something and they'll prob keep my business for another 15 years...

Message 51 of 75
cashorcharge
Senior Contributor

Re: WF Changed Their Minds About Closing LOC


@Trudy wrote:

 I think I was 1st informed in June or early July of WF closing LOC.  Latest mailer dated 7/23 to remind me as of 8/23 my LOC will be close.  But just received this email.

 

 

2021-08-17_14-41-37.png


Thanks for sharing this @Trudy 

I have not received this email yet.  I wonder if ALL customers accounts will be preserved as my original "end date" was September 14th and you mentioned August.  

Message 52 of 75
Trudy
Valued Contributor

Re: WF Changed Their Minds About Closing LOC


@cashorcharge wrote:

@Trudy wrote:

 I think I was 1st informed in June or early July of WF closing LOC.  Latest mailer dated 7/23 to remind me as of 8/23 my LOC will be close.  But just received this email.

 

 

2021-08-17_14-41-37.png


Thanks for sharing this @Trudy 

I have not received this email yet.  I wonder if ALL customers accounts will be preserved as my original "end date" was September 14th and you mentioned August.  


Very good question.  I'd be interested to see if some accounts will still be closed.  The way the letter reads to me seem to indicate it is a change of mind regarding the product and may be across the board.  I did notice today that the notice was available when I logged into my account so if you don't receive the email I suppose you will have a message on your account.

 

Sounds like you have a different date of closure so notification may come later.

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 53 of 75
RickNATL
Established Contributor

Re: WF Changed Their Minds About Closing LOC

I can't find any public (PR) communication on the change.  I don't have an email yet. I will check my account for a message.

Message 54 of 75
cashorcharge
Senior Contributor

Re: WF Changed Their Minds About Closing LOC

Thanks @Trudy Did your monthly statement happen to just close within a day or so?

True, our "account close dates" were different so I took it upon myself to call WF and say my friend Trudy sent me an email about her account blah blah blah.  The rep said the decision was just made and those emails were tied to the statment closing date and account activity.  I had activity this month and my statement hasn't generated yet so I'm going to keep an eye out as mine closes at the end of the month.  Again, appreciate the update.

 

FYI@RickNATL 

Message 55 of 75
RickNATL
Established Contributor

Re: WF Changed Their Minds About Closing LOC

Thank you @cashorcharge 

Message 56 of 75
Trudy
Valued Contributor

Re: WF Changed Their Minds About Closing LOC


@cashorcharge wrote:

Thanks @Trudy Did your monthly statement happen to just close within a day or so?

True, our "account close dates" were different so I took it upon myself to call WF and say my friend Trudy sent me an email about her account blah blah blah.  The rep said the decision was just made and those emails were tied to the statment closing date and account activity.  I had activity this month and my statement hasn't generated yet so I'm going to keep an eye out as mine closes at the end of the month.  Again, appreciate the update.

 

FYI@RickNATL 


Email and message in WF dated 8/17, my due date is the 20th and statement close date is the 25th.  I've had no activity for a while so if you can figure out the formula based on this, I guess it could still be different since you had activity?  Based on your inquiry at least everyone knows the notification date is not the same for all.  Thanks.

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 57 of 75
cashorcharge
Senior Contributor

Re: WF Changed Their Minds About Closing LOC


@Trudy wrote:


Email and message in WF dated 8/17, my due date is the 20th and statement close date is the 25th.  I've had no activity for a while so if you can figure out the formula based on this, I guess it could still be different since you had activity?  Based on your inquiry at least everyone knows the notification date is not the same for all.  Thanks.


Thanks again.  The rep mentioned that because I had activity, a notification would come closer to/on my statement date.  

Message 58 of 75
cashorcharge
Senior Contributor

Re: WF Changed Their Minds About Closing LOC

So not "automatic" especially if the account has gone inactive...

 

https://www.cnbc.com/2021/08/18/wells-fargo-is-no-longer-shuttering-existing-personal-lines-of-credi...

Message 59 of 75
Trudy
Valued Contributor

Re: WF Changed Their Minds About Closing LOC


@cashorcharge wrote:

So not "automatic" especially if the account has gone inactive...

 

https://www.cnbc.com/2021/08/18/wells-fargo-is-no-longer-shuttering-existing-personal-lines-of-credi...


Thanks for the link.  This is interesting as I've not used mine since Dec 2019.  However, when I paid the balance I calculated the interest wrong as I wanted the balance to report $0 after interest was applied.  Left me with a credit balance until they refunded via check 3 months later.  Another credit balance in Nov 20 was due to the annual fee I'd paid each November, so I paid before it hit to again have a $0 balance report.  It never hit.  I received another check early 2021.  When I called they seemed to have no clue what I was talking about although they could have referred to prior year Nov statements to see the annual charge.

 

Anyway, maybe this technically made my account active.  Guess I better add my LOC to my "CC's" rotation to ensure it doesn't close.  Think I'll use a bit this month to be safe Smiley Wink

FICO - 8: 09/09/21 AU 8 BC 8
FICO - 9: 09/09/21 AU 9 BC 9
F5,F4,F2 09/09/21 AU... BC...
Vantage 09/09/21
As of 09/01/21:
AoOA - 25Y6M | AoYA – 0Y10M | AAoA – 12Y4M
Open: 11 CC: (1 reporting 2.84% : 0.25% AGG UTL) | 1 PLOC | 1 MTG loan: 46.89% UTL
Closed: 1 MTG loan | 2 Auto loans | (EQ) 2 CC, (EX & TU) 1 CC
INQ: (EQ) 0/24 | (TU) 1/24 | (EX) 1/24
Message 60 of 75
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