Wells Fargo Financial Bank RETAIL ACCOUNTS...CANCELLED CARD AFTER THE 'NO INTEREST/NO FINANCE' ACCOUNT WAS PAID OFF AHEAD OF TIME-NO DELINQUENCIES! Internet

 This was an issued credit card in the name of the furniture store. I have no problem with the account being closed except that maintaining an account even with no balance is beneficial to ones' credit rating. Secondly, they do not have the right to report negative activity to the reporting agencies when there was no none. Their report of 'adverse activity' (closure of the account) reflects badly on our credit history and future attempts to secure credit. They list 'severe delinquencies' and,' delinquencies as yet undetermined' for closure. This account was never delinquent and they misrepresent our standing for the account.

You applied for credit with no interest.  You paid off the account and were not charged interest.  So both parties fullfilled the terms of the agreement.

Yes you are upset that they closed it but they had every right, per the terms you agreed to, to close the account.  Was there anything in the terms of the card that said that they HAD to keep the account opened..NO.  Credit requirements have changed over the last few years and you no longer meet their qualification for credit.  While I know you don't want to hear that, it is really that simple.  Many companies are closing out acounts in "good standing".

Just think about this.  You loan someone $1000 and they pay it back on-time.  Do you want to be forced to loan them $1000 again?  I would bet that your answer is NO.  So why should a Credit Card company be required to loan you additional money?  Because a line of credit is NOT your money, it is money that they are willing to lend you.

As for them looking at your credit report.  When you sign up for any line of credit you give that company permission to look at your credit report.