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Sarah is a personal finance staff writer. She has previously contributed articles about money, health and parenting to The New York Times, The Seattle Times and The Washington Post. He once bought a car on eBay.
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Last month, CNBC first reported that Wells Fargo had closed all personal lines of credit and would no longer offer services to customers. After weeks of public scrutiny from customers and advisors, the bank announced it was withdrawing the decision.
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"Based on our customers' feedback (thank you if you responded!) we are adjusting our approach," John Rasmussen, executive vice president in charge of Wells Fargo's mortgage business, wrote to active customers in an email obtained by Bloomberg see. Reported Wednesday. "Your account terms remain unchanged."
Wells Fargo did not immediately respond to a request for comment. A Wells Fargo spokeswoman previously said the bank's decision to close its personal lines of credit was to streamline its product offering "to better meet the lending needs of our customers across credit cards and personal loan products." ."
The bank has been under investigation for several years. At the end of 2017, the Federal Reserve placed a limit on the bank's assets - essentially preventing it from growing its balance sheet. The move came after Wells Fargo employees opened checking and savings accounts without customers' knowledge. The accountants were also forced to pay millions in loans and advances. In February 2020, the bank agreed to pay $3 billion to the U.S. Securities and Exchange Commission and the U.S. Department of Justice, and the amount of assets remains in effect until the issues related to the fake account scandal are resolved. .
In 2020, amid the coronavirus outbreak and restrictions imposed by the Federal Reserve, the bank suspended new home loan lines and announced it would no longer offer auto loans to most private car dealers. hear CNBC report.
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In February of this year, the Federal Reserve Bank approved a proposal to reform the internal security management system of Wells Fargo, which brought the bank one step closer to removing the sanctions imposed by the Federal Reserve. When asked if the amount was a factor in not providing credit lines, a Wells Fargo spokeswoman said the two issues were unrelated.
In an earlier statement about closing the account, Wells Fargo acknowledged the disappointment, "especially when customer value is impacted." Consumer advocates have taken issue with the move and its potential impact on consumer financial stability.
"No customer of @WellsFargo should have to see their savings account suffer because their bank is being restructured after years of fraud and incompetence," Senator Elizabeth Warren tweeted on July 8. "It's not a good idea to send a warning message - Wells Fargo needs to get it right."
Closing a credit account can hurt your credit score by affecting the length of your credit history, especially if the account has been open for several years. It can also affect your credit utilization ratio, the amount of debt compared to your total credit limit. The lower your debt-to-credit ratio, the better your credit score. For example, let's say you have three credit accounts:
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The total debt above ($10,000) divided by the total net worth ($30,000) equals a leverage ratio of 33%. Now let's say the bank closes account C. When this happens, the total cash flow is automatically reduced to $20,000, and your credit utilization rate increases to 50%.
While there isn't much you can do about your bank's decision to close your account, you can
Keep some items on your credit report. According to TransUnion, one of America's leading credit reporting agencies, the best way to reduce credit damage is to open old accounts and work to ensure your financial history is accurately represented. Also, don't exceed 35% of your total limit on any one account.
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