by Karl Denninger
Market-Ticker.org
July 8 (Reuters) – Wells Fargo & Co (WFC.N) is shutting down all existing personal lines of credit and is not offering the consumer lending product anymore, CNBC reported on Thursday, citing letters from the bank.
This will hit users FICO scores, perhaps materially. Your total available credit .vs. how much you have outstanding is a material part of your score, and when the “available” part of a line goes to zero that of course changes the ratio.
Provided you have no late payments or similar other dings it won’t be dramatic, but for someone who is on the edge of a yes/no decision it might be enough to matter.