Wells Fargo refuses to lower credit card interest rate

Discuss anything related to interest rates & fees, like balance transfer offers, low rate cards, annual fees, etc.
9 posts
ps2cho
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Wells Fargo refuses to lower credit card interest rate

Postby ps2cho » Tue May 01, 2012 1:29 am

Background:

College Card when I turned 18 in 2007...$300 limit 21.55% interest rate (fair enough) and they slowly increased the limit every 6mo...

Last year they "upgraded" it to an Unsecured Card and bumped the limit by $1.5k....Today I have a $5k limit, but its STILL at 21.55%!! Crazy

A month prior to the unsecured card upgrade, I knew I needed an unsecured card so I applied for a 2nd Wells Fargo credit card and got approved for a $2k unsecured at 9.15% interest rate.

I carried a high balance for a while, but paid it down and its small now and I have tried on three different occasions calling up and asking for an interest rate reduction and they have refused.

  • I've tried the first tier operators...failed.
  • Supervisor 2nd call a month later...failed
  • Supervisor 3rd call following month then told him I wanted to escalate it to his boss and he said there was nobody above him (yeh right) and I threatened to close the card thinking that might budge, but he was prepared to close my card!
I can't close it because I'll lose my oldest tradeline...

What's the best course of action here? Clear the balance to $0 and leave it alone? Anything else I can try? 21.55% is insanity when I have ANOTHER CARD with 9.15%!!! I just don't get it?? :confused: :confused:


FinanceGourmet
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Postby FinanceGourmet » Tue May 01, 2012 1:54 pm

Unless there is a reason you need the 21.55% card, pay it off as quickly as you can and then only use the 9.15% card.

There are a few reasons why they may not be playing ball:

1) You have another WF card, so even if you close this one, they don't lose your business.
2) Your card with the 9.15% rate was approved when your only open card was the higher rate one. With two cards, now your total available credit is higher, which might have pushed your score down, or just triggered a don't lower rate rule.
3) If you have a balance on that card, they may not be willing to lower your score until it is gone or very low. The idea is that the "risk" of that balance was incurred under 21.55% and they want to earn 21.55% on that amount until it is gone.

Either way, do whatever it takes to get that card to $0 and leave it there. 21+% in this environment is crazy.

ps2cho
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Postby ps2cho » Tue May 01, 2012 4:01 pm

I need it because its my highest revolving limit at $4700, and its my oldest trade-line. Closing it will kill my length of history.

Is there any backdoor phone numbers for Wells Fargo that I could get in contact with an underwriter instead of the moron CSR's?

FinanceGourmet
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Postby FinanceGourmet » Wed May 02, 2012 3:10 pm

Don't close it, just pay it off and leave the balance at zero. There is a difference between having no balance and closed. There is even a difference between canceling the card and closing the account, which surprises a lot of people.

If you're balance won't fit on the $2K card, then that might be the issue. They are willing to extend $2K of credit to you as a "good" risk and lower rate. The amount above is considered a higher risk, and thus the higher rate. If you have an actual bank account (not just the card), you could walk into the lobby and see if they could help you. They won't be able to help if you just have a card though.

ps2cho
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Postby ps2cho » Sun May 06, 2012 9:52 am

I have had my bank account with them for 10 years now...

Gonna get her paid off by the end of the month and leave it there.

jeffysdad
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Postby jeffysdad » Sun May 06, 2012 10:19 am

You might call and ask them if they will reassign some of the available credit from one card to another. Chase has done this for me in the past (from Freedom to Sapphire, for instance) with no complaint. I don't have any experience with WF.
American Express: Blue Cash Preferred (groceries, 6%; gas, department store, 3%); Gold Delta SkyMiles (Delta Air Lines, 2 miles/dollar, free checked bag).
US Bank: Cash+ (utilities, phone, internet, restaurant, 5%; drugstores, 2%).
FIA Card Services: Fidelity Amex (everything, 2%); Fidelity Visa (everything, 1.5%).
Chase: Freedom (rotating, 5%); Amazon (Amazon.com, 3%); PriorityClub (IHG hotels, 5 points/dollar); Sapphire (not in use).

*All cards are registered with PriorityClub IDine program for 8 points/dollar at participating restaurants.

Celestine
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Postby Celestine » Sun May 06, 2012 10:28 am

ps2cho wrote:Background:

College Card when I turned 18 in 2007...$300 limit 21.55% interest rate (fair enough) and they slowly increased the limit every 6mo...

Last year they "upgraded" it to an Unsecured Card and bumped the limit by $1.5k....Today I have a $5k limit, but its STILL at 21.55%!! Crazy

A month prior to the unsecured card upgrade, I knew I needed an unsecured card so I applied for a 2nd Wells Fargo credit card and got approved for a $2k unsecured at 9.15% interest rate.

I carried a high balance for a while, but paid it down and its small now and I have tried on three different occasions calling up and asking for an interest rate reduction and they have refused.

  • I've tried the first tier operators...failed.
  • Supervisor 2nd call a month later...failed
  • Supervisor 3rd call following month then told him I wanted to escalate it to his boss and he said there was nobody above him (yeh right) and I threatened to close the card thinking that might budge, but he was prepared to close my card!
I can't close it because I'll lose my oldest tradeline...

What's the best course of action here? Clear the balance to $0 and leave it alone? Anything else I can try? 21.55% is insanity when I have ANOTHER CARD with 9.15%!!! I just don't get it?? :confused: :confused:


Don't close that account. Instead, payoff the account balance and avoid using it. There is nothing wrong with not closing your high apr credit card; as long as it does not have an annual fee.
"Nearly all men can handle adversity, but if you really want to test a man's character - give him power." - Abraham Lincoln

ps2cho
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Postby ps2cho » Wed May 09, 2012 1:23 am

jeffysdad wrote:You might call and ask them if they will reassign some of the available credit from one card to another. Chase has done this for me in the past (from Freedom to Sapphire, for instance) with no complaint. I don't have any experience with WF.


That is a good idea. I still think that if anybody here knows of the Wells Fargo underwriters phone # I will have more success with either of my options.

JCarter
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Postby JCarter » Wed May 09, 2012 3:54 am

ps2cho wrote:Background:

College Card when I turned 18 in 2007...$300 limit 21.55% interest rate (fair enough) and they slowly increased the limit every 6mo...

Last year they "upgraded" it to an Unsecured Card and bumped the limit by $1.5k....Today I have a $5k limit, but its STILL at 21.55%!! Crazy

A month prior to the unsecured card upgrade, I knew I needed an unsecured card so I applied for a 2nd Wells Fargo credit card and got approved for a $2k unsecured at 9.15% interest rate.

I carried a high balance for a while, but paid it down and its small now and I have tried on three different occasions calling up and asking for an interest rate reduction and they have refused.

  • I've tried the first tier operators...failed.
  • Supervisor 2nd call a month later...failed
  • Supervisor 3rd call following month then told him I wanted to escalate it to his boss and he said there was nobody above him (yeh right) and I threatened to close the card thinking that might budge, but he was prepared to close my card!
I can't close it because I'll lose my oldest tradeline...

What's the best course of action here? Clear the balance to $0 and leave it alone? Anything else I can try? 21.55% is insanity when I have ANOTHER CARD with 9.15%!!! I just don't get it?? :confused: :confused:


Ask nicely to transfer your credit limit to the 9.15% card, and leave the other card alone after paying it off.



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