"The Strangest Thing...A Credit Line Decrease"
Wells Fargo® Cash Back(SM) Platinum Card Review
Written by: sniker on 2012-04-12
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sniker's review: 
I've had this card for about a year with a $13,000 CL. Today, I learned that my CL has decreased to $4,700. Suddenly my 30% utilization on this card is now 90%...go figure. When I called to inquire about the rationale for the decrease, the CSR stated they could do a hard pull of my CR to see if they can reinstate my original CL. I declined to do this. In fact, based on this scenario, I will work agressively to pay this balance in full and then close the account--I don't need this kind of elasticity.
I've had this card for about a year with a $13,000 CL. Today, I learned that my CL has decreased to $4,700. Suddenly my 30% utilization on this card is now 90%...go figure. When I called to inquire about the rationale for the decrease, the CSR stated they could do a hard pull of my CR to see if they can reinstate my original CL. I declined to do this. In fact, based on this scenario, I will work agressively to pay this balance in full and then close the account--I don't need this kind of elasticity.
4 Comments
Comment 1 by nuovocapitolo
Re: The Strangest Thing...A Credit Line Decrease 
on 2012-04-12
I have read about decreases on here. Seems kinda drastic though from $13k. Did you use the card regularly?
on 2012-04-12 I have read about decreases on here. Seems kinda drastic though from $13k. Did you use the card regularly?
Comment 2 by sniker
Re: The Strangest Thing...A Credit Line Decrease on 2012-04-12
No. After transferring balances from a higher rate card, I worked agressively to pay off using the 0% interest. I rarely charged on the card because I had set a three month goal to pay down from 10k to 4.5k. My "average" monthly payment was $1500--more than $1300 over the minimum payment. I hit my target balance within the same billing cycle as the CL decrease.
on 2012-04-12 No. After transferring balances from a higher rate card, I worked agressively to pay off using the 0% interest. I rarely charged on the card because I had set a three month goal to pay down from 10k to 4.5k. My "average" monthly payment was $1500--more than $1300 over the minimum payment. I hit my target balance within the same billing cycle as the CL decrease.
Comment 3 by wanderer
Re: The Strangest Thing...A Credit Line Decrease on 2012-04-13
Most unfortunate! Heard of this with Wells Fargo before. You will find few people on the FG site pursue them. They are so strange that I moved my checking, savings, CDs, Insurance and Investments to other banks. Also, cancelled my two Wells Fargo Credit Cards. They were pulling hard and soft inquires regularily without my permission. Nuts! I pursued other banking options and left the big boy banks!!!
on 2012-04-13 Most unfortunate! Heard of this with Wells Fargo before. You will find few people on the FG site pursue them. They are so strange that I moved my checking, savings, CDs, Insurance and Investments to other banks. Also, cancelled my two Wells Fargo Credit Cards. They were pulling hard and soft inquires regularily without my permission. Nuts! I pursued other banking options and left the big boy banks!!!
Comment 4 by joeyman
Re: The Strangest Thing...A Credit Line Decrease on 2012-04-19
I totally agree. Well's does some weird stuff, I hope you can pay this off and get out quick! You deserve better. :(
on 2012-04-19 I totally agree. Well's does some weird stuff, I hope you can pay this off and get out quick! You deserve better. :(
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Disclaimer: This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Wells Fargo. Review content is powered by Finance Globe.
