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

RickNATL
Established Contributor

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

I got my clearance.....yes!!!

 

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Message 61 of 75
redheadtempe36
Contributor

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

I just got the e-mail too.

 

I notice they are still not offering the product for new applications.

 

My PLOC isn't very large ($7500), but I liked having it because you can't use credit cards for everything.  Having access to cash is good sometimes.

 

After their initial letter, I went and opened one at a credit union (for a lower rate, no annual fee, and twice the CL), so I'm tempted to just close it anyway.

Message 62 of 75
RickNATL
Established Contributor

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

@redheadtempe36 I agree, always good to have!  For the other credit union...how was the process...worth looking into?  If so, can u share?

Message 63 of 75
redheadtempe36
Contributor

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

It was a local CU in Colorado, ENT (though the largest in the state).

 

11.4%.  $15,000K CL.  No annual fee.

 

My WF is $7500, 12.75%, $25 annual fee.

 

Neither has any kind of transaction or withdrawal fees.

 

For ENT, I applied on-line, they called to go over the terms with me (I was genuinely surprised they approved me for the $15K.  I figured shoot for the moon and accept like $7500-$10K).  They did not ask for paychecks or anything.

 

I had access to the line of credit within 3 days of applying.

 

Around FICO 730 at the time.  They pulled Experian.  I have very low utilization, but I also had like 8 inquires on Experian (why does everyone pull Experian?  I have 0 on both TU and EQ  Smiley Happy ).

 

The only "complaint" I have for WF really is they don't allow it to be used for overdraft protection automatically.  If I overdraft (which hasn't happened in a decade), I'm notified via text/e-mail, and I can advance funds, and WF won't charge me the overdraft fee if done same business day, but it won't happen automatically (like it would for a savings account).

 

I don't get that but whatever. 

 

Message 64 of 75
RickNATL
Established Contributor

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

Thank you @redheadtempe36 

Message 65 of 75
pizzadude
Moderator Emeritus

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

Came across this today, https://www.fox5atlanta.com/news/wells-fargo-reverses-controversial-banking-decision

 

It's obviously not official, so take it for what it's worth:

 

After receiving immense pushback, Wells Fargo says that it will not be closing personal lines of credit for people who have active accounts......If you currently have and use this credit line, then keep using it. If your account has been inactive for 12 months, you can either use it to activate it or call Wells Fargo and let them know. If you don’t reactivate it by Dec. 2, the account will be closed.   The bank will not open new lines of personal credit.

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Message 66 of 75
Itgem679
New Contributor

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

I have always liked WF but this is concerning news. I recently opened a new account with a credit union and now I am wondering if I should move my direct deposit away from WF. 

Current scores: Ex: 700 Eq: 685 Tu: 705
CLs: (As of 09/2021)
First Tech World Mastercard: $10k
AAdvantage: $3500
Wells Fargo Platinum: $3K
Discover It (blue): $2700
Discover It (red): $2500
Shell Mastercard: $750
~6 other cards with CLs under $750
Auth'd user on 1 Capital One card.
Message 67 of 75
RickNATL
Established Contributor

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

I got the confirmation letter in the mail...my $30K line will remain in tact...gonna frame that one!!

Message 68 of 75
cashorcharge
Senior Contributor

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


@RickNATL wrote:

I got the confirmation letter in the mail...my $30K line will remain in tact...gonna frame that one!!


Not sure if you carried a balance or paid it off but did you note the comment about active accounts will be kept open. I was contemplating creating a transaction each month (like and in and out) or carry a $100 to generate a statement. Happy we're keeping it but didn't want them to close due to inactivity in the future. Makes me think theyll be keeping an eye on them. Thoughts?

Message 69 of 75
RickNATL
Established Contributor

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

I was always moving money to checking from the WF PLOC...then pay off the next month with the same money to keep it active. I'm sure that helps @cashorcharge. I've nit had a rainy day where I really needed the funds but incrementally over a period of time I move various acts in/out to keep statements going.  

Message 70 of 75
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