I really wish I found this website a lot sooner... Does anyone have any Office of the Executive-type info or leads or suggestions for Wells Fargo (WF) Bank and/or Card Services? My time "runs out" on May 21, 2008. (Wednesday! I told you I wish I found this site a hell of a lot sooner.) That's when I have to close this 7+ year-old credit card account to prevent the interest rate from hitting 18%, triple what it was at the end of January 2008 (it's now at an intermediate 11.9%, where it will supposedly stay if I close the account). It may be futile but I need to try and sweet talk WF down or out of this action because: 1) I probably wouldn't be able to keep up with 18% on $23k over the long term, and 2) closing this account will likely do nothing to help my credit score. I think I may have some factors on my side: I have a perfect payment record with Wells and I've been a (card) customer with them for about 20 years. Basically, their stated reasons for the rate increase is I'm carrying $23k on a $24k card and I have a heretofore unknown to me $155 medical collection action sitting around from May 2007. (I'm looking into getting that collection removed, but that's help I need for another posting....) According to Equifax my total debt/credit available is 38% and declining, slowly. Wells has me over a barrel, but I need to talk/write to someone other than their completely unhelpful CSRs and because I have to feel like I tried something and because I feel like I am getting screwed, like so many other people, by rising APRs. My debt ratio has been around 38% since Oct 2007 and this unknown collection has been around since May 2007, but it didn't seem to matter to Wells until Feb 2008. Doesn't feel right to me, not to mention the whole "If he seems arbitrarily more risky we should make it harder for him to pay" alternate universe I'm heading into. I'm open to all suggestions and ideas. Who else besides (completely useless) CSRs could I approach and what might be some magic words to help unlock the kingdom? I've drafted a letter/script to try and capture the key points. Should I get my California Congress people in on this? Be sweet? Make threats? Is there any language I could employ to help get the contact info I need out of customer service reps/others? I'm almost outta time and at the end of my rope and (pauses for dramatic effect) I'm afraid I'll be dangling from it soon.
Is your credit good enough to get another card, possibly with an introductory rate of 0% for blance transfers. Then you could keep the WF card and just hold it with a $0 balance for the history.
Thank you CMJ. I shopped around for another card but I can only get a couple thousand-- not enough to warrant taking on another card, in my mind. I lucked into a 4.9% fixed balance transfer offer with a second card I have so I can move about $12k, but unless I'm missing something, that's about the extent of my ability to move money around. Thank you greg1045. I know I'm running uphill, backwards, blindfolded, and with my hands tied behind my back, but I couldn't live with myself if I didn't keep trying to get anyone at Wells who might at least say something more than the "that's unfortunate" or "I'm sorry you feel that way" crap I've been getting for the past few months from their customer reps. Worst case scenario: I only have three more business days of futility. Has anyone else been able to find a way past the whole "customer service" shield? I haven't tried this yet, but would going to a branch possibly get me closer to getting a name or department that might listen? Thanks.
I know you already stated this, but why again are they raising your rate? They raised it once already and now it's going to go up once again? All over the high debt ratio with them and one recent collection you are unaware of? No late payments to them which triggered it due to small print on the application? What about your bank rate or fico score? Are they increasing the rates due to that, or is it based solely on the collection and your debt ratio with them? Do you know if they will lower your rate if the collection comes off? Will it get lowered if your utilization comes down? You said you can move about $12k. Will that get it under 50%? Finally, I would not speak with the WF customer service people. I would call during 9-5, preferably on a Tues or Weds., but Mon in your case is ok. Call after 9:30 their time (let them get their coffee). Call the regular number and immediately ask for a Supervisor or preferably a Manager. You do not need to say why, just that you wish to talk to a Manager about your account. Give them the acct details to identify you and wait for the Manager. When they come on, explain the situation. I always start with, Maybe you can't help me, but..... and in the end if they can't, ask for another number, their headquarters # or ask for their Manager. If need be, accept a call back (but better to be persistent and wait on the line). Always get their full name, and make a point of it so they understand you are making note of the conversation and have their name, title and last name or badge ID#. This makes people tend to not want to upset you. I was told once by a CAP 1 Supervisor they couldn't waive my annual fee. I told them ok, and asked how long I had after the fee was imposed to pay off and cancel the card. They told me and I hung up. I got a letter in the mail 2 days later (fast!) saying per that conversation they waived the fee. I can't help but think someone listened and understood I wasn't going to call back with another chance. But that was them -- and this is WF. However, both are typically very unfriendly. Last, how about walking into one of the local branches by you? It sometimes helps to talk one to one with someone. Again, Managers are best. If you don't know where one is, go to the wellsfargo dot com website to find it. I am having difficulty posting a link due to my low posts, so please change the word dot to a real . and put and remove all spaces. wellsfargo dot com / locator / ?_requestid = 6504 I assume you have already tried their main number, 1-800-869-3557. And Credit Cards: 1-800-642-4720. They show Emergency Contact Number as 1-800-TO-WELLS (1-800-869-3557) I'm not sure how far you want to go up, you don't want to stray too far from your Credit Card dept. at Wells. Keep plugging away and if at first you don't succeed, try try again. My experience with Wells is they are trained to NOT pass you to a Manager, they get in trouble if they do not try to help you first. If that happens go ahead and tell them the story, and if they can't help you, politely ask for their superior. Repeat the process and ask for their Manager or superior. Remember to ask their title, name and badge #. Ask if they don't have the authority to do so, what number or person can you speak with who can possibly help you. I think you want to talk to someone in the actual credit loan dept. If they won't transfer you or they say they are busy and you should call back, get that person's name and call back when you should. Then ask directly for them and say it's already been in the process so this is something that cust. service person need not worry about, because it's already past their area of concern. Good luck and please update us to what happens. Best Regards, Fern
Thank you Fern. Your thoughtful response helped lower my blood pressure 50 points, probably the first time it's been below eruption since this all started a few months ago. I'll have to remember this feeling when I get on the phone with Wells on Monday. I have not been acting as rationally as I usually do. My urgency comes from having only until this Wed (May 21) to close my credit card to keep a fixed 11.9% APR on $23k, or keep it open and go up to 17.99% (and risk random increases down the road). I'd hate to close this account, but if the rate goes up I don't think I can manage the payments in the long term and that will just put me down many more levels of hell from where I'm at now. The reasons for the hike according to Wells: -My Wells credit card balance is too high (this is the only card I have with them). It's been the exact same "too high" since Oct 2007, but they decided it was an issue worthy of a rate hike some time in Feb/March 2008. -My overall debt/credit available ratio is too high (been in the low 30s for many years, reached a high of 38% late last year and has been going down since). -I have a derogatory collection from May 2007 that was unknown to me until this whole thing blew up. My general credit situation: -Solid 20-year credit history with only on-time payments in the past 2-3 years for all credit (and nothing but a couple 30days from before that that I'll have to see about getting removed). -I have a perfect payment record with my Wells card. -My FICO has been in the high 600s range since at least 1.5 years ago (and remains there to this day). -My overall debt/credit available is about 38% and falling. It pisses me off that although nothing has changed in my credit since last year, Wells suddenly decides I'm a risk that now warrants a high interest rate. Deep breath.... I don't know if they will lower my rate if I transfer the $12k but that is an excellent question that I will follow up on. The transfer would get my utilization to around 50% with Wells. I serendipitously received balance xfer checks in the mail this week (4.9% fixed for life of balance) so that option opened up. Here's a question: The $12k transfer will just about max out my Chase card, but I'm not worried about affecting my rate with Chase because 99% of my balance on that card comes from "3.9% to 4.9% fixed for life of balance" transfers. Am I being naive about that? I will follow your advice regarding calling Wells and also seeing what I can do to get someone who might actually be willing and able to do something to keep me as a customer. What I read you saying is stick to the credit card department and don't bother with the office of the president or anyone else? (Not that I've ANY success finding anyone else higher-up to speak with. I've even called their Credit division out in Iowa.) I have spoken to 3 service reps and 1 supervisor so far (haven't gotten to a manager level) but the best I've gotten is "I'm sorry you feel this way" and "you are welcome to close your account, don't let the door hit you on the ass on the way out" type speeches. The last thing I said to the supervisor I last spoke with a couple weeks ago is that Wells leaves me no choice but to close this account and end my 20 year relationship with them. She basically said I'm welcome to do that. Do I just keep calling and calling and elevating until I get someone who might listen or is there such a thing as "overcalling?" I don't know why I haven't walked into a branch yet, but it's probably because the last time I did that looking for some help, it was more useless than speaking to a phone customer service rep. If nothing else in this whole scenario, I'm trying to minimize the worst of possible outcomes. I'm just afraid I've run out of time. Isn't it a pathetic state of affairs when a really good, 20-year customer literally has to fight the business to remain a really good, 20+-year customer. If THAT doesn't illuminate the screwed up state of our financial industry then I don't know what does. I will update as events unfold. Take care.
I felt like I had a chance, I knew I had to try regardless of everything, but still, it's unfrickin' believable... it worked! I feel like a huge weight has been lifted off of me. I went from having to close my long-held credit account on Tuesday (today) or be subject to a 17.9+% APR on my entire $23k balance... to keeping my account open with a fixed 7.9% for 12 months. If I pushed a little more I might have been able to get a lower rate, but I feel satisfied and relieved because three months of off-and-on stress and fighting with Wells (not to mention the extra financial burden and likely damage to my credit score moving forward) evaporated at 5:45pm Monday-- just like that. I'm still not a fan of how rigged against consumers the whole credit industry is, but I got my small victory in the broader war. Now I have bought myself some time to do clean-up on this Wells card debacle and to go in and fix up the scraps of garbage in my credit reports! Here's a brain dump of some of what worked in my favor: -I spent 4-6 hours everyday (didn't sleep much), from last Friday to today getting my sh*t together for one last-ditch push. -I chilled out. I've been so worked up about this (i.e., emotional) that it messed me up in my thinking, my approach, and my interactions with Wells. My interactions were turning into pointless battles that were getting me farther from my goal. (Thanks again to Fern: Something about your email gave me just enough hope and focus to get over myself. I felt like you listened, you cared, and you gave me very constructive advice. I was getting the exact opposite dealing with Wells for the preceding months and was pretty much paralyzed in that negative energy. You helped pull me out of it.) -I collected (library, online, on the phone, from friends of friends) every possible phone number, fax number, and name for every possible division or group or whatever I could find that seemed like it had even the remotest relation to credit and I worked that list from top to bottom. More than anything, all this stuff helped build the context for the picture puzzle I was trying to put together. -I changed my thinking and treated this whole thing more like a fact-finding mission (maybe somewhat like a reporter) and that, in turn, changed/improved words and actions. What questions do I want to ask that will help get me up the food chain? or get me one more bit of key "Wells-speak"? or help sharpen my approach? It stopped being a battle and turned more into a game or expedition (well, sorta-kinda... maybe akin to Indiana Jones in that big pit full of snakes?). -I worked on my story over and over again so that I got it down to the main ideas stated in a way that made a complex situation relatively clear and simple, identified what I wanted and why the circumstances warranted it, all in a non-threatening, "let's work together" way. From four days of this I created a 15-second "elevator sales pitch." -I asked myself "what do I want" and "what do they want" and debated against myself until I was saying something that I thought anyone would "get" without giving up any details that could be used against me or that would only serve to cloud my goal/purpose. -I wrote all my key questions and main points down in an outline so I wouldn't stray in my conversations and so I would stay focused on collecting info that would possibly get me one step closer to someone who would actually listen to me and who could actually do something about it. -I used, or planned to use, every resource available: knowledge from multiple web forums, posting in multiple forums, sending emails, phone calls, planetfeedback letter, visiting multiple Wells branches in person (didn't have to but targeted 5 branches in my area), libraries... -I documented every call: who, id, location, time, questions asked, answers given, follow-up actions, other names, other departments, procedures, etc. -I was nice to everyone. -I tried to figure out a few possible things Wells would want from me that I might be able to offer them (e.g., desire to remain with them, better credit report, lower balance on my card, etc.) -I tried to figure a few good reasons why Wells would want to keep me (e.g., payment record, long-term customer, credit report factors, ability to go to competitor for balance xfer, etc.) -I made sure everything I said was true and I tried to say no more and no less than necessary. -I got lucky. Bottom line, I just happened to connect with someone who was willing to connect me with the right group. It seems all/most/many companies have an executive office of some sort, and I was handed over to the card services executive office. They took my story, and in a couple hours, called me back with an offer. We discussed the offer, I accepted after just a little back and forth, I was profusely thankful, and they are supposed to follow up in 7-10 business days with a letter confirming everything. Fingers crossed as I wait impatiently for the letter. (I stopped counting my chickens before they hatched, prepared, and digested about 15 years ago.) The most amazing thing: I prepped and researched all weekend (this site, in particular was most helpful in expanding my general knowledge of how this particular credit game is played) and achieved in a few days of work what I couldn't get done in the preceding few months. Bottom line for me: My options opened up because I learned the rules of this new "game" I found myself tossed into, I practiced a lot, I put in time and effort, and I absolutely got some luck on my side. There are no shortcuts when it comes to doing this; Wells, it seems to me, goes a little further than others in keeping their contact info under wraps (I never encountered so many dead phone numbers for a company before). But there is never success without luck-- call it serendipity if you like. But luck is less likely if you're unprepared. Ok, enough with the inspirational talk.... Like I said in my first email on this site-- I wish I found this place a long time ago; it would have spared my blood pressure and heart health-- but now that I have it, along with a few others, I am prepared to go out and battle! Take care.
Congratulations!! I'm sorry I haven't been around--I would have looked up contact info for you. One good source is to always go to the company web site. You're looking for the section on investor relations (or something similar). Usually there is a copy of the annual report that you can download. It's a wealth of information. It usually (not always) contains a list of officers (like the CEO and the general counsel, who is the company's top lawyer). Then there is usually the main corporate phone number. You start there, ask for Mr. or Ms. so-and-so's office. Use general counsel name if available, if not use one of the other major officers. Usually you won't get them, but you'll get into some sort of executive-level offices.
I know this is a little late but I had a similar thing happen to me only with $7400.00 Balance which is alot less than yours. But they at first (Wells Fargo) after nearly 20+ Years decided to raise my APR from 9.9% to 18.66% I had to play a similar Cat & Mouse Game but got a 5.9% Fixed for 12 Months!
