Wells Fargo Account Closures

[hdporter]

On 7/8/2021 at 5:14 PM, PotO said:

I can see it now ...

The old hags at Stinkrony buying Wells Fartgo. Farto Stinkrony. I wouldn't be a big surprise.

 

I don't see Synchrony taking on that big of a bite.  They're a relatively small player in consumer lending, and on the commercial side they're pretty much limited to small business/retail.

 

That's not to say that if WF should start to look to divest select assets, Synchrony might not step up to acquire compatible assets from WF.  However, if we're talking about a wholesale acquisition, my speculative money (pure speculation) would be on Goldman.  All their modest dabbling into consumer finance ventures flags (to me) a general interest in retail banking.  WF would be a ready-made asset through which to make a wholesale entry.

[PotO]

 
IMHO, Wells Fargo had a lot of options. This includes:

1. The option to convert the PLOC ( in good standing) to a credit card or an installment loan product.
2. Sell the PLOC portfolio.
3. Not to report to the CRA as "Closed by the Credit Grantor) not that the remark has any impact on score.
4. Give more time so that the customer has time to make other arrangements.
5. Look at other areas of their balance sheet to reduce their liability.
    

Regarding #3, I called yesterday to proactively close my WF LOC to avoid the "Closed by Credit Grantor" and they told me that they had already decided not to report it that way to the CRAs. Not that I believe them, mind you. The only bigger liar on this planet than WF is Stinkrony.

[hdporter]

19 hours ago, PotO said:

 

Regarding #3, I called yesterday to proactively close my WF LOC to avoid the "Closed by Credit Grantor" and they told me that they had already decided not to report it that way to the CRAs. Not that I believe them, mind you. The only bigger liar on this planet than WF is Stinkrony.

 

 

Do you really fear the "Closed by Credit Grantor" (CBCG) notation so much that you'd invest 5 minutes in a call with WF?

 

With a seasoned credit history, very strong credit score, low util and nothing adverse recently reporting (there is a 4+ year old 30-day AU), I wouldn't sweat a CLOSED BY "THE COMMAND OF GOD" notation ...

 

CBCG is a commonplace notation that, by itself, carries no significance.

[PotO]

 
Do you really fear the "Closed by Credit Grantor" (CBCG) notation so much that you'd invest 5 minutes in a call with WF?
 
With a seasoned credit history, very strong credit score, low util and nothing adverse recently reporting (there is a 4+ year old 30-day AU), I wouldn't sweat a CLOSED BY "THE COMMAND OF GOD" notation ...
 
CBCG is a commonplace notation that, by itself, carries no significance.

You are correct in that CBCG means nothing, but, if anything, [mention]hegemony [/mention]has taught me to be anal retentive.

I was hoping that by closing the LOC now they would reallocate the credit limit to my credit card, but the b'tards would not. I believe Wells Fartgo is turning tightwad since the Fed slapped them upside the head and they are using what money they have to recruit new morons who will carry a balance.

On a related note, regarding the notation CBCG, I used to have a Stinkrony card that ceased to exist and everybody ended up with CBCG. A subsequent application for a different Stinkrony product and the shipheads declined stating "Stinkrony previously closed one of your accounts" or words to that effect. Of course, that's Stinkrony and nobody should ever give a rat's arse about them or even have one of their crappy products.

[racer7949]

On 6/28/2021 at 12:39 PM, racer7949 said:

$100k revolving credit line closed…

Just to update, I got approved by a regional bank for a revolving credit line to replace the one that Wells Fargo is closing. The interest rate will be significantly lower. Rather than being disappointed, I should be thanking Wells Fargo.

[racer7949]

Well, after all that, now Wells Fargo has pulled a reversal.

 

I also posted it in the news section:

 

Wells Fargo reverses plan to end personal credit lines after customer backlash

[dvd]

On 8/18/2021 at 10:18 AM, racer7949 said:

Well, after all that, now Wells Fargo has pulled a reversal.

 

I also posted it in the news section:

 

Wells Fargo reverses plan to end personal credit lines after customer backlash

 

I wonder if they would be willing to re-open the LOC for the customers that proactively closed their accounts. 

[Burgerwars]

8 hours ago, dvd said:

 

I wonder if they would be willing to re-open the LOC for the customers that proactively closed their accounts. 

From the article it looks like they will, but you probably got to ask.

 

"The bank has decided to keep the products available for those who actively used them or want to reactivate old ones, according to a spokeswoman for the San Francisco-based company. It will not offer the credit lines to new customers, however."

[PotO]

From the article it looks like they will, but you probably got to ask.
 
"The bank has decided to keep the products available for those who actively used them or want to reactivate old ones, according to a spokeswoman for the San Francisco-based company. It will not offer the credit lines to new customers, however."

No, you need to read the actual press release carefully.

They will not re-open closed accounts. When they say reactivate, they are talking about customers who have not used their accounts in over a year whose accounts are subject to closure due to non-use. These accounts will, upon request, be "reactivated" s they are not closed for lack of use.

I believe that those who proactively closed their account to avoid "closed by creditor" remarks should get together and complain and force Wells Fargo to do the right thing.