AA by Wells Fargo for home rebate Visa

Bmac66 · ‎02-04-2016

Apparently WF did a AR on EQ at the 6 month mark. They decreased my cl from $3k to $1750. Reasons given: one or more credit inquiries in past 2 years and "the payments(s) as compared to the balance(s) on your Wells Fargo credit card in the last 6 months"

Who knew WF was so sensitive? I even have my mortgage with them. Yes I've had more than one inquiry in 24 months. Seriously? As for the latter reason, I balance transferred to take advance of the 12 month 0%. Then in the sock drawer it went. I think I transferred $2200. My current balance is $1400. So I've been paying more than $100 a month when only $25 was required.

My total available revolving credit was $90k before the AA. My util is 12%. Not that big of a deal in the grand scheme of things. But just scratching my head over this.

I have opened 2 new AmEx accounts in past 2 months and bought a new car. Would this spook them?? AMEX are charge cards so no limit reported but very small balances.

Anybody else have AA by WF for similar? If not, a word to the wise! Beware of WF! Very fun shy with accounts and they want large payments apparently.

CH-7-Mission-Accomplished · ‎02-04-2016

Wells Fargo sucks.

Crappy rewards cards. Unreasonable underwriting.

Just not worth it.

Discover2016 · ‎02-04-2016

Sucks to hear! This is one of the reasons that WF and Barclays are banned from my credit report.

Gardening until September 2025
Next app: Mortgage in September 2025

Bmac66 · ‎02-04-2016

@Discover2016 wrote:
Sucks to hear! This is one of the reasons that WF and Barclays are banned from my credit report.

Oh Lord! I have the Barclays Visa with Apple Rewards. Am I going to have to worry about them too?

Anonymous · ‎02-04-2016

@CH-7-Mission-Accomplished wrote:
Wells Fargo sucks.

Crappy rewards cards. Unreasonable underwriting.

Just not worth it.

I normally would agree. I'm only "using" them to park $8600 for 14 months to get new windows.

Anonymous · ‎02-04-2016

@Bmac66 wrote:
Apparently WF did a AR on EQ at the 6 month mark. They decreased my cl from $3k to $1750. Reasons given: one or more credit inquiries in past 2 years and "the payments(s) as compared to the balance(s) on your Wells Fargo credit card in the last 6 months"

Who knew WF was so sensitive? I even have my mortgage with them. Yes I've had more than one inquiry in 24 months. Seriously? As for the latter reason, I balance transferred to take advance of the 12 month 0%. Then in the sock drawer it went. I think I transferred $2200. My current balance is $1400. So I've been paying more than $100 a month when only $25 was required.

My total available revolving credit was $90k before the AA. My util is 12%. Not that big of a deal in the grand scheme of things. But just scratching my head over this.

I have opened 2 new AmEx accounts in past 2 months and bought a new car. Would this spook them?? AMEX are charge cards so no limit reported but very small balances.

Anybody else have AA by WF for similar? If not, a word to the wise! Beware of WF! Very fun shy with accounts and they want large payments apparently.

Maybe they think that someone with $10k of revolving debt shouldn't be opening new CC accounts or buying a new car.

And some banks often want to see payments above the minimum, especially if a customer has other risk factors (like high balances or several new accounts).

I don't know your number of inquiries, so I don't know if that's a real factor in the AA.

I don't work for WF, and I have no history with them. These are just some possible explanations.

Bmac66 · ‎02-04-2016

@Anonymous wrote:
@Bmac66 wrote:
Apparently WF did a AR on EQ at the 6 month mark. They decreased my cl from $3k to $1750. Reasons given: one or more credit inquiries in past 2 years and "the payments(s) as compared to the balance(s) on your Wells Fargo credit card in the last 6 months"

Who knew WF was so sensitive? I even have my mortgage with them. Yes I've had more than one inquiry in 24 months. Seriously? As for the latter reason, I balance transferred to take advance of the 12 month 0%. Then in the sock drawer it went. I think I transferred $2200. My current balance is $1400. So I've been paying more than $100 a month when only $25 was required.

My total available revolving credit was $90k before the AA. My util is 12%. Not that big of a deal in the grand scheme of things. But just scratching my head over this.

I have opened 2 new AmEx accounts in past 2 months and bought a new car. Would this spook them?? AMEX are charge cards so no limit reported but very small balances.

Anybody else have AA by WF for similar? If not, a word to the wise! Beware of WF! Very fun shy with accounts and they want large payments apparently.
Maybe they think that someone with $10k of revolving debt shouldn't be opening new CC accounts or buying a new car.

And some banks often want to see payments above the minimum, especially if a customer has other risk factors (like high balances or several new accounts).

I don't know your number of inquiries, so I don't know if that's a real factor in the AA.

I don't work for WF, and I have no history with them. These are just some possible explanations.

I made more than 4x the minimum monthly payment. I was making enough to have balance paid off in 12 months when promotion ends. If they can't handle 2 new charge cards and 4 in in past 6 months (2 for Amex and 2 for car) then it's there loss. I have no high balances on any one card. My debt is pretty evenly spread among all my cards so no one is over 10% - other than WF and that was to take advantage of promotional APR and paid off a card. Bad underwriting if you ask me. I have 0 bad's and a pretty solid credit history.

Anonymous · ‎02-04-2016

@Bmac66 wrote:
@Anonymous wrote:
@Bmac66 wrote:
Apparently WF did a AR on EQ at the 6 month mark. They decreased my cl from $3k to $1750. Reasons given: one or more credit inquiries in past 2 years and "the payments(s) as compared to the balance(s) on your Wells Fargo credit card in the last 6 months"

Who knew WF was so sensitive? I even have my mortgage with them. Yes I've had more than one inquiry in 24 months. Seriously? As for the latter reason, I balance transferred to take advance of the 12 month 0%. Then in the sock drawer it went. I think I transferred $2200. My current balance is $1400. So I've been paying more than $100 a month when only $25 was required.

My total available revolving credit was $90k before the AA. My util is 12%. Not that big of a deal in the grand scheme of things. But just scratching my head over this.

I have opened 2 new AmEx accounts in past 2 months and bought a new car. Would this spook them?? AMEX are charge cards so no limit reported but very small balances.

Anybody else have AA by WF for similar? If not, a word to the wise! Beware of WF! Very fun shy with accounts and they want large payments apparently.
Maybe they think that someone with $10k of revolving debt shouldn't be opening new CC accounts or buying a new car.

And some banks often want to see payments above the minimum, especially if a customer has other risk factors (like high balances or several new accounts).

I don't know your number of inquiries, so I don't know if that's a real factor in the AA.

I don't work for WF, and I have no history with them. These are just some possible explanations.
I made more than 4x the minimum monthly payment. I was making enough to have balance paid off in 12 months when promotion ends. If they can't handle 2 new charge cards and 4 in in past 6 months (2 for Amex and 2 for car) then it's there loss. I have no high balances on any one card. My debt is pretty evenly spread among all my cards so no one is over 10% - other than WF and that was to take advantage of promotional APR and paid off a card. Bad underwriting if you ask me. I have 0 bad's and a pretty solid credit history.

Credit history matters to a certain extent, but if you look like you're going to be a risky customer for them, then any bank will take action no matter what your profile looks like otherwise. Wells Fargo is the top of the heap when it comes to having jittery underwriting. And if your credit history looks like a lot of new accounts and applying for new credit at will, then that'll do it.

CH-7-Mission-Accomplished · ‎02-04-2016

@Bmac66 wrote:
@Anonymous wrote:
@Bmac66 wrote:
Apparently WF did a AR on EQ at the 6 month mark. They decreased my cl from $3k to $1750. Reasons given: one or more credit inquiries in past 2 years and "the payments(s) as compared to the balance(s) on your Wells Fargo credit card in the last 6 months"

Who knew WF was so sensitive? I even have my mortgage with them. Yes I've had more than one inquiry in 24 months. Seriously? As for the latter reason, I balance transferred to take advance of the 12 month 0%. Then in the sock drawer it went. I think I transferred $2200. My current balance is $1400. So I've been paying more than $100 a month when only $25 was required.

My total available revolving credit was $90k before the AA. My util is 12%. Not that big of a deal in the grand scheme of things. But just scratching my head over this.

I have opened 2 new AmEx accounts in past 2 months and bought a new car. Would this spook them?? AMEX are charge cards so no limit reported but very small balances.

Anybody else have AA by WF for similar? If not, a word to the wise! Beware of WF! Very fun shy with accounts and they want large payments apparently.
Maybe they think that someone with $10k of revolving debt shouldn't be opening new CC accounts or buying a new car.

And some banks often want to see payments above the minimum, especially if a customer has other risk factors (like high balances or several new accounts).

I don't know your number of inquiries, so I don't know if that's a real factor in the AA.

I don't work for WF, and I have no history with them. These are just some possible explanations.
I made more than 4x the minimum monthly payment. I was making enough to have balance paid off in 12 months when promotion ends. If they can't handle 2 new charge cards and 4 in in past 6 months (2 for Amex and 2 for car) then it's there loss. I have no high balances on any one card. My debt is pretty evenly spread among all my cards so no one is over 10% - other than WF and that was to take advantage of promotional APR and paid off a card. Bad underwriting if you ask me. I have 0 bad's and a pretty solid credit history.

Don't let them get under your skin. These days people should just be prepared for credit limits to sometimes come down as well as go up. You can always get CLI's from the same lender later if you want to keep the account for its age or utilization.

There are so many reports these days of lenders doing things that are unusual that I think you just need to not be surprised.

I see nothing particularly unusual about your profile. Don't let the bastards get you down.

SisterGirl · ‎02-04-2016

And yet another reason why I will never do business with them...

SisterGirl