Wells Fargo- Closed by credit grantor

[peppergirl]

I just refinanced my home with wells fargo. I had a $5,000 line of credit with them since feb 2005. I received a letter today saying that regretfully they have had to close my LOC. I called the number on the letter and was told it was part of the underwriters request for closing. Told to call back on tuesday and speak with a supervisor. The man I spoke with todya said it would show closed by credit grantor. That will really ding my credit score. I am mad they didn't tell me this because I would have closed it myself first. Has anyone ever had this happen?

[amortgageman]

There is the technical part of the mortgage decision that may have required you to close the account to qualify for the mortgage, so I can see a little bit of their thinking there, but............

This was a totally separate account and the correct notation on the account should read "Paid as Agreed," or at least "Closed by Consumer." You should stay on them, until you can get this resolved.

Did they zero out the balance on the account properly? There are too many times that I have seen balances still showing on accounts that have long been paid off. You will have a certain dillema if the account was not zeroed out, because as long as there are not any negative notations, the account could contribute positively to your credit score...... That is, if, the correction is made to show the account "Paid as Agreed."

[peppergirl]

I will be in their office tuesday when they open. I have been thinking about this since I got the mail yesterday.Of course their local office was closed already. Shouldn't they have told me that was a stipulation to the closing?

[breathing_easier]

From personal experience I have learned the hard way that mortgage lenders (firstsource and amortgageman excluded, of course--they're both the best) don't always tell you everything you need to know before closing. Hold their feet to the fire on this one.