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Wells Fargo problems

March 21st, 2007 at 06:31 pm

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.

4 Responses to “Wells Fargo problems”

  1. elgin526 Says:

    Are they posting your motgage payments late too, or just the credit card payments? If they offer it, maybe try having the mortgage payment auto-withdrawn from your bank account, that way it gets paid on time each month and you don't have to worry about it. I do this with my mortgage with Countrywide and it works out great! We can even pick our payment date so it can be adjusted if needed.

  2. newlyfrugal Says:

    As a matter of fact, they also posted our mortgage late this month too. I sent the payment in on the 5th and it didn't get posted until the 16th. They wanted to charge me a $55 late fee but I told them to shove it. It was a paper check sent by my bank because it was the first payment generated by my bill pay service. From now on they will be electronic, although for some reason it takes them a minimum of 3 business days to post a payment when the rest of the financial world only needs 1-2. I tried their payment service last month, but since I don't have a checking account with them (used to but that was another nightmare) they charged me a fee of $10 for using the service. Not doing that again! I just know I am going to have to be proactive and play their games. I don't have to like it though!


  3. Patty Says:

    I have a home mortgage with Wells Fargo in my name only. I am going through a divorce and gave Wells Fargo permission to SPEAK WITH my husband regarding the account as he is living in the home. They now tell me that permission gives him permission to sign any loan documents, changes, etc. regarding my loan. Is that even legal? They even sent me a letter verifying that I had given permission to "SPEAK WITH" him regarding the account.

  4. hassan a kobaissi Says:

    need to know how to activate me credite card. it ask me my account number and ssn. what is ssn. i do not now me accout is

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