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    Wells Fargo Rate Increase

    (I hope I'm posting this in the right area)

    In October Wells Fargo sent a letter out to all of it's customers stating they would be increasing % rates on credit cards. My credit card was already at an outrageous 21% and it jumped to a even more ridiculous 24%! When I first received this credit card as a student credit card the credit line was 1200 dollars and interest of 20%. I figured that if I was a good paying customer over time the interest rate would drop and the line of credit would increase. Well 4 years later my credit limit is 10k with 24%, go figure. At the end of this month my credit card will be payed off. This is my ONLY major credit card and I need to keep the account open so my fico score doesn't drop. I called wells Fargo today to see about lowering my interest rate and was pretty much flat out told no. They did offer to refer me to the loan department to help me pay off the 300 remaining dollars !%&^ Uhhhh lets see here thanks but no thanks!!! This was as far as I got with them.

    My only recourse here is once the CC is payed off charge a small amount on it and pay it off in full each month. Build a nice Emergency Fund and pray I never have use the credit card in an emergency situation.

    Has anyone actually had any success lately with getting their interest rates lowered through wells fargo, or am I beating a dead horse if I keep calling?
    Last edited by JenniferG; 01-10-2010, 07:03 AM.

    #2
    I have a Wells Fargo account that was originally at 18.9% with about $1440 on it beginning of 2008. I went through a non-profit credit counseling firm and they got it down to 10%...This puppy will be paid off in exactly 30 days from today! I tried negotiating with my CC holders, but all of them wouldn't budge from their insane rates (16% to 30%), that is why I went the counseling route...

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      #3
      Must be nice for Wells Fargo. That increase from 21% to 24% is a 14.3% increase ... And they're gonna get it just by demanding it?!!!

      Wish my paycheck worked that way!!

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        #4
        Well I did it!!!! As of Friday I paid my Wells Fargo CC off.. Take that Wells Fargo!!! 24% on a credit card with a fico over 700 is ludacris. Anyhow thought I would share my small victory over the credit card company. All of that bailout money and thats how they treat us good paying customers, I think not. They aint gettin another dime from this ole gal!!
        Last edited by JenniferG; 01-24-2010, 01:33 PM.

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          #5
          Congrats Jennifer! It sure feels good when a card gets paid off!

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            #6
            Yep, WF raised my rate on my CC so I told them where they could stick it. I used it a lot (like $5000 a month) but paid it off each month in full so I guess I was not really a good customer for them. I know cancelling a $18,000 limit card was not the best thing for my credit score but I refuse to be held hostage just for a number.

            Besides, just call up another of your cards and ask them to raise your limit.

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              #7
              Originally posted by JenniferG View Post
              My only recourse here is once the CC is payed off charge a small amount on it and pay it off in full each month. Build a nice Emergency Fund and pray I never have use the credit card in an emergency situation.
              ...24% on a credit card with a fico over 700...
              Jennifer,
              Congrats on paying off your CC! Maybe now would be a good time to shop around for another CC with better terms so you won't have to rely on WF (in case of emergency). Quite often credit unions offer more favorable credit card terms

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