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Need Help Very Upset Due to Deceptive Practices

Valued Contributor

Need Help Very Upset Due to Deceptive Practices


So I went to apply for Wells Fargo's Business LOC

There are two options:

BusinessLine Line of Credit - For business open two years or longer seeking a higher LOC


Small business Advantage - For Newer Businesss Seeking a smaller LOC

Being a new business I wanted the Small Business Advantage. On the page with both of them it doesn't give you an option to select which one you want, just an "Apply Now" button.

So I clicked it thinking they would sort it out when they process my applicatio because I checked 4 times through various means and there was no link specifically for the Small Business Advantage.

After applying I get notified of a HP which was expected, but I get an email saying I applied for the BusinessLine LOC not the Small Business Advantage. So I called in immediately telling them that I was applying for the SBA not the other one asking them to move my app to that one. They said they couldn't do it and to reapply. I go on again searching, searching, searching but there is nowhere a specific app for it I try entering all my info again but not submitting and it still sends me to the wrong one.

This is really deceptive and caused a HP for no reason. I'm thinking even if I go into a branch and have them apply for the SBA (Small business Advantage) it will require another HP. What can I do?

Is there any way to get this first Inquiry removed because it was done via deceptive practices? I'm only willing to take 1 HP to get this not 2 that's ridiculous and not my fault.
Message 1 of 8
Regular Contributor

Re: Need Help Very Upset Due to Deceptive Practices

I feel you brother. I too had multiple hardpulls from WF when I was applying multiple products same time and in the end, they declined.

Our business is also very new. We just got our second year tax returns. After BofA denial of line of credit, we are waiting for Chase LoC application status and we are working with private client banker in Chase. We hope she will be able to pull it through. Will keep you posted.

One of our friend, who is also in IT staffing industry said that he approached a small local bank and could get the LoC. According to him, all the business bankers in big banks are couriers for the loan applications and their under writers run complex mathematical models and deny the applications. The underwriters don't understand ground realities. So, he suggested not to waste time with big banks when trying for LoC. I took his advise and approached bank of Ozarks today. They are eager to receive me and sounded positive. Will keep you posted on this development too.
Message 2 of 8
Valued Contributor

Re: Need Help Very Upset Due to Deceptive Practices

Well the thing is we were trying to apply for the LOC that is specifically designed for new bhsinesss it actually says it in the description, however the link kept only letting us apply for the one for established businesses.

We only want a 9k LOC just for emergency use or to Pay off Business Credit Debt at a lower interest rate. We aren't asking for much and with a 720+ personal FICO it should be no problem at all.
Message 3 of 8
Regular Contributor

Re: Need Help Very Upset Due to Deceptive Practices

I agree. Even my own company is one year old with 20% profit but WF turned me down citing I am an international student and not a permanent resident or citizen. Also, business applications are a lot stricter than personal side. And most banks tend to review applications manually. My experience is with BofA, Chase and Wells Fargo.

Did you check out NFCU business products? They do offer BCLOC. APR seems little high but it might satisfy your requirement.

Amex also offers some products with net 30-90 payment terms. AFAIK, they charge 5% per month (you need to check this number from other threds). If you have a relation with Amex, I guess you can check with CSR.
Message 4 of 8
Valued Contributor

Any recourse available?

So here's an example situation:

Say you went on Chase's website and wanted to apply for the Chase Freedom card which is generally for people newer to credit and has a low underwriting criteria and on the same page it also had the Chase Sapphire Reserve which is a much harder to get card with higher UW criteria. On the page showing both cards assume there is an "Apply Now" link. You assume in good faith your application will be submitted for the Chase Freedom Card because it's the first one on the page and based on your income/credit experience that would be the one anyone looking at your credit profile would REASONABLY assume you applied for.

But you get a confirmation email stating you just applied for the CSR.

This is essentially exactly what happened to me except with WF and an LOC, they had 2 options one for high income high LOC or lower with a Low LOC but shared an "Apply Now" button. Even after searching for hours afterwards only one link which ALWAYS leads only to the higher one.

To me as a consumer this is deceptive and I believe honestly that they obtained my application under false pretenses which is fraud. This costed me a HP which dropped me 10 points. And they told me just to apply over the phone for the one I wanted and it would be another HP!!! I'm wondering if there is any recourse available I filed a CFPB complaint because that's what the WF rep said I could do, the complaint came back with a response essentially saying a credit report is just showing who has viewed your report and they cannot change that even if a Hard Inquiry was done under false pretenses. That's crazy and unfair. Is there any recourse available? CFPB considers my complaint "closed" based on this response.
Message 5 of 8
Regular Contributor

Re: Any recourse available?

You could try escalating to a CSR supervisor and see if they can point you in another direction. Unfortunately, I don't see you getting rid of the HP though.

Amex PRG (NPSL), Amex Blue Cash ($2K), Discover ($18.7K), Cap 1 Union Plus MC ($2500), Chase FU Visa ($5500), Chase CSP ($9K), FCB/Elan MC ($5K), Buckle ($1300), BofA AAA Rewards ($30K)
Message 6 of 8
Valued Contributor

Re: Any recourse available?

Wells Fargo???




I think there is a low likelihood of you getting on contact with someone who can help you over the phone. You can try the CFPB route, in most cases this will get someone's attention who can take some sort of action.


Good luck! 

Message 7 of 8

Re: Any recourse available?



Again I have merged a thread of your into a previous one that you started on the same subject.  Please stop doing this.  

Message 8 of 8