Wells Fargo Hearts You : Planet Money A listeners says the bank cut his credit limit, with very little explanation.
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Wells Fargo Hearts You

Louis writes that Wells Fargo sent a letter announcing it had cut one of his credit lines this spring, and he's had no luck appealing it:

Never mind that I am a 20 + year customer, have 3 business accounts as well as 3 personal accounts and have a high (771) credit score, high average balance in the accounts, and no debt with them. After all what damage could be done to my small business and its 17 employees by a sudden 75% reduction to our credit line?

The letter instructs me that their representatives are unavailable to to discuss my specific personal credit, but I am at a loss as to why not. After all this is my credit they have reduced. I did call and was told that I should go into my branch if I wanted this changed, I did so, but the branch manager said he could do nothing about it. He seemed perplexed as to why I was there.

Ever wonder why the recession is getting deeper? What happened to making more credit available?

The response from Wells Fargo, after the jump.

Here's what Wells Fargo told me:

Wells Fargo conducts periodic credit account reviews to help make sure that the terms of the account are in line with the borrower's continuing ability to repay as agreed. Recently we have increased the frequency of these case-by-case reviews due to market conditions, and we have seen an increase in the number of borrowers affected. Our case-by-case reviews of the borrower's financial condition includes a variety of factors such as credit scores, debt levels, payment history, property value changes and others.

We do encourage customers to call Wells Fargo if they believe we made our decision based on incorrect or incomplete information, or when their situation has improved. In some cases we do change our decision when the customer provides sufficient additional information. The reason we are unable to discuss specific credit bureau information is because Wells Fargo is not a credit reporting agency — we only receive FICO and credit monitoring information from Experian, which includes up to four key indicators driving a customer's FICO score. Wells Fargo does not receive, nor has access to, specific credit details from the credit bureau.