Wells Fargo Will End All Personal Lines of Credit
Wells Fargo will no longer offer personal lines of credit to new customers and will also shut them down for existing customers in the coming weeks.
The bank has sent out a six-page letter to customers, which was also obtained by CNBC. “Wells Fargo recently reviewed its product offerings and decided to discontinue offering new Personal and Portfolio line of credit accounts and close all existing accounts,” the bank says in the letter. Customers have received these letters a few weeks ago.
To makes matters worse, these letter says that the information supplied to the credit bureaus by Wells Fargo would show as “closed by bank”. That’s not something you might want on your credit report. It might be best to just reach out to Wells Fargo and close the line of credit yourself.
Wells Fargo says that it will instead focus on credit cards and personal loans. Wells Fargo is making a big investment on a revamped credit card portfolio.
The revolving credit lines from Wells Fargo have been around for many years, and are quite popular. The bank normally would allow customers to borrow anywhere between $3,000 and $100,000.
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Ain’t that just like a damn bank – first they open all those accounts in your name that you never asked for then they close all the accounts that you actually did ask for.