topic Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!? in Credit Cards

Denied Wells Fargo Student Card -- Insufficient History with Bank!?

dhon55 — Tue, 25 Sep 2012 15:53:34 GMT

Hi everyone,

I've been posting here for a while on what to do next to get my first credit card. First I was denied by Capital One for their Secured card due to "insufficient income."

I've just finally heard back from Wells Fargo after applying for their College student card. The only reason listed for denying me for this card was a lack of or insufficient history with the bank. Seriously!?

Admittedly, I opened a student checking & savings account with them just to get the card, but who is to say that I wouldn't stay with them for banking and use their card. I'm just starting out as a student trying to get my first credit card, so I'm not sure why they would deny me for that one reason.

Any thoughts on what to do next? Any chance of me being able to recon with them and complaining with some of my above thoughts? :smileysad:

Thanks!

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

maiden_girl — Tue, 25 Sep 2012 22:34:12 GMT

Could you provide more info? FICO score? Income? So that users can try to assist you?

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

LS2982 — Tue, 25 Sep 2012 22:40:14 GMT

dhon55 wrote:
Hi everyone,

I've been posting here for a while on what to do next to get my first credit card. First I was denied by Capital One for their Secured card due to "insufficient income."

I've just finally heard back from Wells Fargo after applying for their College student card. The only reason listed for denying me for this card was a lack of or insufficient history with the bank. Seriously!?

Admittedly, I opened a student checking & savings account with them just to get the card, but who is to say that I wouldn't stay with them for banking and use their card. I'm just starting out as a student trying to get my first credit card, so I'm not sure why they would deny me for that one reason.

Any thoughts on what to do next? Any chance of me being able to recon with them and complaining with some of my above thoughts? :smileysad:

Thanks!

Have you talked to Capital One about it?? They normally are good with secured approvals. What is your current income??

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

jsucool76 — Wed, 26 Sep 2012 00:02:27 GMT

I was also denied for the cap1 secured card. D:

Your denial for the WF student card definitely had other reasons other than "lack of history with WF." I too opened a college combo the same day I apped for the WF student card and was approved with nothing on my reports but student loans and inqs, and deposited just $100 in my college checking account.

I would call up cap1 about the secured, and call up WF about the student card, talk to em and see if anything else can be done.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

CruzImperial — Wed, 26 Sep 2012 00:05:07 GMT

Need more info about scores, inquiries, income.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

dhon55 — Wed, 26 Sep 2012 00:41:24 GMT

With Capital One, I applied on 8/20, I heard that they don't recon, and their reason was pretty specific (lack of sufficient income) when I reported $5,000 income based on a part time gig at school. Perhaps I should've applied for their student card and they'd be more lenient on income? (Though that was just a secured one) but isn't it too late to recon with them? Not sure.

And for Wells Fargo, for my income, they asked for other sources of income specifically, so I included scholarships, other sources, etc. with them. After applying online, I verified my college enrollment, etc. and then got my decision in the mail today. WF required at least $3,000 for their student card, and I met that. They didn't list that as the reason though.

The only score I know is my TU score from August from Capital One, which was 679. Not sure about the others. But the only thing on there is student loans (not yet due), and the inquiry from Capital One in late August, and then most recently (I assume) from Wells Fargo, but they didn't list where they pulled and what score was pulled.

Thanks for the responses.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

CruzImperial — Wed, 26 Sep 2012 01:08:34 GMT

What is your average age of accounts and oldest tradeline?

You said you had student loans in your report. At this point, since you don't have any credit cards, you need history in your file. Are there any Authorized User account there? If not, get someone (your parents preferrably) to add you to a couple of their oldest cards (high limit also helps) with positive standing they have.

I don't see how you can recon the WF rejection for lack of history with them. Maybe go to a branch and have a banker give them a call for you. My best shot would be to try and recon with capital one. I don't know about the process but you should mention income from employment and all the extra cash flow you receive and don't have to give back(scholarships, money your parents give you, etc.) If failed at recon.. try again and tell them you intended to apply for a student card instead (my journey card was approved with no credit history and 10k income) and see if they can transfer the app to one of their student cards(less income req for student cards).

Other things:

Go to each of the 3 credit bureau's webpage and pull your reports for free for being denied credit recently (you need to specify you were denied credit).

If you haven't already, go create an account at creditkarma, you can see an overview of your TU report there + a useless faco score lenders don't use.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

dhon55 — Wed, 26 Sep 2012 01:43:51 GMT

I just signed up, thanks.

Avg. age 2 yrs, 1 month, oldest 2 yrs & 11 months. Total accounts: 8. (All federal student loans). 1 hard inquiry from Cap1. (Not sure if/from where WF pulled) Fako Transrisk of 654.

I'm on an AU on any card, and never have been. If necessary, I'll ask my parents if they can add me. I'm 21 now, not sure if it matters. I just hope they remember to pay it off and not keep a balance (You never know! :smileyfrustrated:) or that they didn't have a derogatory mark on the account in the past. I know if it affects my report and it's not mine I can get it removed--but is that an arduous process?

I feel desperate right now with two failed inquiries in a row--I'd hate to keep applying, but need to start somewhere, and soon! I've heard about SDFCU's secured card, but not sure how they feel about students with no history and low income. Maybe I should try other credit unions out there? But again, I'm not sure if I have a shot with my standing and hate to keep applying.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

WarJar101 — Wed, 26 Sep 2012 06:42:08 GMT

I got a Capital One Platinum MC unsecured with no history. I told them I made 25k a year, I didn't (technically) last year but my salary fluctuates anyway. I also got the Citi Forward Student Visa this month once again with no history. I reported that I made 16k with these guys. Citi will ask you for proof of identification (copy of SS), and a copy of your most recent tuition bill and/or Student ID (preferably with the enrollment sticker, not necessary). It can be done, you just have to be proactive and know how to work it. Good luck.

P.S. I did the Cap One app at a branch, Citi card I did online, if that makes any difference.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

CreditScholar — Wed, 26 Sep 2012 07:16:10 GMT

dhon55 wrote:
I just signed up, thanks.

Avg. age 2 yrs, 1 month, oldest 2 yrs & 11 months. Total accounts: 8. (All federal student loans). 1 hard inquiry from Cap1. (Not sure if/from where WF pulled) Fako Transrisk of 654.

I'm on an AU on any card, and never have been. If necessary, I'll ask my parents if they can add me. I'm 21 now, not sure if it matters. I just hope they remember to pay it off and not keep a balance (You never know! :smileyfrustrated:) or that they didn't have a derogatory mark on the account in the past. I know if it affects my report and it's not mine I can get it removed--but is that an arduous process?

I feel desperate right now with two failed inquiries in a row--I'd hate to keep applying, but need to start somewhere, and soon! I've heard about SDFCU's secured card, but not sure how they feel about students with no history and low income. Maybe I should try other credit unions out there? But again, I'm not sure if I have a shot with my standing and hate to keep applying.

The fact that you have so many student loans with very little income might also have something to do with it. They might not tell you this outright, but I have seen many people denied officially for other reasons, but in reality it is due to having too much debt.

Your income may also be holding you back, even if WF lists $3,000 as the official minimum. If you charged every single dollar you earned on that card (which is unlikely), you'd be pushing $250 a month through them. In their eyes, it may not be enough to be worth their time.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

dhon55 — Fri, 05 Oct 2012 14:47:13 GMT

Ok, update:

I called Wells Fargo for a recon, and they approved me for the student card with a CL of $1,600.

I want to see if I can recon with Capital One now. Do you guys think I should wait until the Wells Fargo one starts to report to get a better limit with Cap1, or is earlier better (is it too far out if I wait for this one to report)? Not sure what to do next.

Thanks!

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

jsucool76 — Fri, 05 Oct 2012 14:52:22 GMT

dhon55 wrote:
Ok, update:

I called Wells Fargo for a recon, and they approved me for the student card with a CL of $1,600.

I want to see if I can recon with Capital One now. Do you guys think I should wait until the Wells Fargo one starts to report to get a better limit with Cap1, or is earlier better (is it too far out if I wait for this one to report)? Not sure what to do next.

Thanks!

You can only recon for a certain amount of time, eventually they'll need to repull your credit.

Congrats on the approval though. The rewards aren't great on the WF card, but it's a nice card to have. There is a lot of Visa coupons with it.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

Tran92 — Mon, 08 Oct 2012 10:26:11 GMT

Can I ask what is your income? I'm thinking about opening a student card at WF too.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

jsucool76 — Mon, 08 Oct 2012 20:43:58 GMT

Tran92, I would apply for the WF student card unless you bank with them. The minimum income for the student card is $3,000.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

LionLaw — Mon, 08 Oct 2012 22:32:26 GMT

Congrats! I love my WF Visa. Not a lot of frills, but managing your account is super easy, and straight 1% cash back (or the equivalent in points) is not half bad. Plus, they just gave me an automatic CLI just after my 9th statement cut.

In my experience with them, they seem to put a lot of weight on your history with the bank. So, take care of your checking account with them, and it will put you in good shape for CLIs in the future.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

jsucool76 — Mon, 08 Oct 2012 22:34:15 GMT

LionLaw wrote:
Congrats! I love my WF Visa. Not a lot of frills, but managing your account is super easy, and straight 1% cash back (or the equivalent in points) is not half bad. Plus, they just gave me an automatic CLI just after my 9th statement cut.

In my experience with them, they seem to put a lot of weight on your history with the bank. So, take care of your checking account with them, and it will put you in good shape for CLIs in the future.

I like mine too, the only issue I have with it is that you can't claim rewards until you hit $25 minimum. I don't push that much through my WF, so I basically will take forever to get any rewards back.

I just did a $40 statement credit on my cap1 though, that was exciting :P

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

Tran92 — Tue, 09 Oct 2012 05:07:41 GMT

jsucool76 wrote:
Tran92, I would apply for the WF student card unless you bank with them. The minimum income for the student card is $3,000.

What would be wrong if I do bank with them lol. 3000 annually? I wanted to know what the OP income was so I can see if I can get a higher limit like that for a student card. My student card at Golden 1 is only 500..

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

CruzImperial — Tue, 09 Oct 2012 05:10:19 GMT

Congrats on the APproval!! :D:D

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

jsucool76 — Tue, 09 Oct 2012 11:19:38 GMT

@Tran92

Sorry. Wrote that on my cell phone. It should read: "I WOULDN'T. apply for it unless you bank with them."

They dont seem to take kindly to strangers.

Re: Denied Wells Fargo Student Card -- Insufficient History with Bank!?

maiden_girl — Tue, 09 Oct 2012 11:29:23 GMT

jsucool76 wrote:
dhon55 wrote:
Ok, update:

I called Wells Fargo for a recon, and they approved me for the student card with a CL of $1,600.

I want to see if I can recon with Capital One now. Do you guys think I should wait until the Wells Fargo one starts to report to get a better limit with Cap1, or is earlier better (is it too far out if I wait for this one to report)? Not sure what to do next.

Thanks!
You can only recon for a certain amount of time, eventually they'll need to repull your credit.

Congrats on the approval though. The rewards aren't great on the WF card, but it's a nice card to have. There is a lot of Visa coupons with it.

+1. Totally agree.

@dhon55: You seem to have waited too late to recon Cap1. I believe they allow 30 days to recon using the same report. If you called them, they would just tell you to reapply because it's already been 2 months. You wrote you applied 8/20. I would just hold out for a bit since you were able to get the WF card. I think if you applied again for any cards, you'd just be denied due to your income and sizable amount of current debt with the student loans.