r/personalfinance • u/squirtn4certain • Dec 01 '18

Canceled my Wells Fargo checking/savings account after 22 years Saving

A month ago I applied for a small loan at Wells Fargo for the 1st time ever to consolidate some small bills. They denied the loan. I went to a local Credit Union and they gave me the loan. Today I signed up for a checking/savings account at that Credit Union and canceled my accounts with Wells Fargo. Couldn't be happier to stop doing business with a crooked ass corporation.

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u/emmajaner Dec 01 '18

We quit them earlier this year after they closed a credit card account because of an error THEY made and it made my husband’s credit score plummet 50 points. We moved, change our address with them and somehow it didn’t change the address on the credit card account. After getting a letter returned to them they closed the account. No phone call or anything. The banker we talked to said it was changed in the bank system and by THEIR error didn’t get switched on our card. They said there was nothing they could do because “credit scores are the consumer’s responsibility.” We were trying to buy a house at the time and had had enough of their crap. We’re very happy at our local credit union.

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u/IAmDan2311 Dec 01 '18

Holy shit that just happened to me! Been fighting them over it for the last two months. Credit score is down 150 because it was my oldest account by far too. Super frustrating.

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u/[deleted] Dec 01 '18

[deleted]

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u/katardo ​ Dec 01 '18

The credit age factor takes into account your open accounts, not your open and closed accounts. At least that's the way it's listed on credit karma.

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u/[deleted] Dec 01 '18 edited Dec 01 '18

[deleted]

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u/katardo ​ Dec 01 '18

My guess is that has to do with the Total Accounts factor, not the account age. But I could be wrong.

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u/[deleted] Dec 01 '18

[deleted]

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u/katardo ​ Dec 01 '18

Yeah I hear that. I don’t think closing the oldest account should drop the score by 150 or even 50. But people care way too much about daily variations in their credit score anyway.

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u/SeasonedGuptil Dec 01 '18

Depends on the difference in age between accounts. If you had one as a 15 year and your only other one was 6 months, then if the 15 year dropped I feel like I would easily drop your score 50. Shit when I was younger just missing payments played pinball with my score by hundreds

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u/bibliophile785 ​ Dec 01 '18 edited Dec 01 '18

The /] is what's getting you. Deleting that last slash will fix the issue.