Closing your fake Wells Fargo credit card can actually damage your bank account
Most people know that opening a new credit card will inevitably affect your credit score, for better or for worse.
It goes without saying, then, that closing an account would also have an affect on your credit score.
SEE ALSO: Former employees file class action against Wells Fargo
But what happens if your bank opened up a fake account in your name – do you cancel the account or leave the fake account in your name?
What might sound like an easy answer to a question that never should be posed in the first place might not be that easy to answer after all.
And for the more than 2 million victims of the Wells Fargo scandal, this is a dilemma they're currently facing.
Here's the quick rundown: When Wells Fargo opened credit cards in customers' names without telling them, their credit scores rose (without them knowing).
How is that possible?
When your bank allows you to open a credit card (especially if you already have multiple open, which most customer's most likely had), it shows that your bank trusts you to responsibly spend and pay off more money.
On top of that, opening a new credit card expands your available credit.
If you have a card open in your name that you're unaware of, you're not using it, so it looks to banks as if you're minimizing the amount of available credit you're actually using.
See the dilemma?
The answer as to what to do depends on whether or not you're in need of good credit.
Sean McQuay of NerdWallet told Yahoo Finance:
"Keeping a relic of Wells Fargo's misconduct on your credit report might feel weird, but if there's a silver lining I'd take it."
Bottom line? If you're planning on making a hefty purchase in the near future where you'll need a loan, say a mortgage or car, your fraudulent incident might not be such a bad thing after all.
RELATED: Wells Fargo CEO John Stumpf
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