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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

@Itgem679 WF is not my go to for anything.  The PLOC drew me in, otherwise I'd nit miss any of their products, so I feel you.  Yes, I'd move my relationship to a credit union depending on who's offering the most value.  

Message 71 of 75
Trudy
Valued Contributor

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



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?


I had not used my PLOC since 12/31/2020 and paid it off 2/2021 and I survived.  So inactive may be > than 7 months, although this may change.  I did use it late August to be safe.

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 72 of 75
cashorcharge
Senior Contributor

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


@RickNATL wrote:

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.  


Thanks and agreed. I was doing the same and will likely continue to suffice. Thanks @RickNATL 

Message 73 of 75
cashorcharge
Senior Contributor

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


@Trudy wrote:


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?


I had not used my PLOC since 12/31/2020 and paid it off 2/2021 and I survived.  So inactive may be > than 7 months, although this may change.  I did use it late August to be safe.


Thanks @Trudy   Appreciate the DP. I think to stay off the radar (or the perceived radar in my head since this happened) that keeping something moving is a good idea. 

Message 74 of 75
Itgem679
New Contributor

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

Thank you for your insight. Smiley Happy

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 75 of 75
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