We have taken a step forward in our quest to be free of Wells Fargo. I have always hated working with them as they can never seem to post anything in a timely manner (and end up charging us late fees we don't deserve) and the customer service has always left a lot to be desired. We have had a Wells Fargo credit card since we were forced into taking it as part of our first mortgage when we built our house almost 6 years ago. Never really used it for much, but ended up with a fraud claim when some one charged more than $2000 worth of stuff to the card both in Canada and Japan. That was a nightmare process that involved the closing of our number and the issuance of a new card. When the new card arrived, I didn't activate it for almost 2 years. Then, Scott decided to use that card to go to Germany for business recently, so he activated it. It has been nothing but a nightmare for the past month because of it. BUT, I didn't want to close the card because I was afraid that it would negatively affect our balance-to-limit ratio for the credit report. (i.e. having $10,000 in CC debt looks better if you have $20,000 in limit than if you have $12,0000) So, we decided to try applying for a different card so that we could cancel the WF card altogether. I applied online yesterday for an MTU alumni Mastercard and was approved with a much higher limit than I expected, $15000! That means I can close the WF account and still be ahead! Plus, this card offers a 0% interest rate on balance transfers for the first 12 months so we are transferring all of the balance from the UWCU card (9.9% interest) to the new card and will end up saving $500 in interest over the next year. Since we are planning on having the balance paid off in the next 12 months, that is a great deal! Then, that frees up the UWCU card, which I have never had any problems working with, for Scott to use as his travel card.
However, here are the other accounts that we have with Wells Fargo:
* Slumberland furniture
* American furniture
* first mortgage on house
We are working quickly to get rid of the first 2, but we will probably never be able to get rid of the mortgage. Up until recently we were with Washington Mutual, and never had any problems with them. Then we got a letter last month saying that our mortgage had been sold to WF. I cried. If we could get the same rate, I would even consider refinancing just to get rid of them, but that isn't possible and is rather silly. I will just have to make sure that I play their games. And it is even more incentive to make sure we can pay cash rather than financing all future purchases.
Wells Fargo problems
March 21st, 2007 at 06:31 pm
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Sara
March 27th, 2007 at 06:00 pm 1175018401
June 21st, 2008 at 04:37 am 1214023062