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02 October 2016 @ 05:32 am
We actually trust these people with our money  
Canceling a fraudulently opened Wells Fargo credit card will hurt your credit score.

Thanx to Making Light.
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(Anonymous) on October 2nd, 2016 06:27 pm (UTC)
If George Kaufman and Moss Hart were still alive, The Credit Card That Came To Dinner would be opening on Broadway.

-- Bruce Arthurs
Sharon Kahndreamshark on October 3rd, 2016 01:18 am (UTC)
This article is silly and irresponsible. For almost everybody, cancelling a credit card has only a small and temporary effect on your credit score unless it is your only credit card. And if it is, the obvious advice should be to open another card with a different bank before closing the WF one. The ONLY advice this stupid article gives is to "swallow your pride" and keep the WF card. Which would make more sense of WF credit cards weren't such mediocre cards. I say, make use of your accidentally enhanced credit rating to open a couple of really good rewards cards with Chase or Amex or Citi, and THEN close the worthless WF one.

The real damage is to customers that ended up with "unpaid" fees on accounts that they didn't know about. Failing to make payments is a terrible black mark on credit, much more important than than the size and utilization of your credit line. The coverage of this debacle has been so puffy and ill-informed that it is hard to tell if there actually are any people in that boat - with credit ruined by bogus unpaid fees. If there are, WF owes them some serious help repairing their credit record.
Sue Burkemount_oregano on October 3rd, 2016 03:05 am (UTC)
I'm reminded of a comedy sketch I once saw: some '30s-style gangsters are talking. "Are we going to rob a bank again?" "No, we're going to open a bank. People will pay us to take their money!"