I was able to figure out my mistake I'll post the correct code below.
'Declaring Constants
Const ForReading = 1, ForWriting = 2, ForAppending = 3
'Declaring Variables
dim fso, strDirectory, strOutPut, fLocation, fNewName, objWorkbook, local
local = true
Set objExcel = CreateObject("Excel.Application")
Set fso = CreateObject("Scripting.FileSystemObject")
objExcel.Application.DisplayAlerts = False
objExcel.Application.Visible = False
'Open Text Files for use
Set strDirectory = fso.OpenTextFile("D:\_Work\_Splunk\_TestBed\DATFileLocations.txt", ForReading, TristateFalse)
Set strFileName = fso.OpenTextFile("D:\_Work\_Splunk\_TestBed\csvFileNames.txt", ForReading, TristateFalse)
Do Until strDirectory.AtEndOfStream
fLocation = strDirectory.ReadLine 'Get the location of the DAT file
fNewName = strFileName.ReadLine 'Get the name of the target csv file
Set objWorkbook = objExcel.Workbooks.Open(fLocation) 'Open the DAT file
objExcel.ActiveWorkbook.SaveAs fNewName, 6 'Save the DAT file as a csv
objExcel.ActiveWorkbook.Close
Loop
'Close the text files'
strDirectory.Close
strFileName.Close
'Set strDirectory = Nothing
'Set strFileName = Nothing
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