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Wells Fargo denied credit line for Home Improvement card - now they are calling

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AtmyOffice
Regular Contributor

Wells Fargo denied credit line for Home Improvement card - now they are calling

So long story short, we needed a new furnace, my husband applied to the Home Improvements line of credit and was denied on the spot. WF has started calling the number we provided on the application. He does no other business with them. Could it be that they are thinking about doing a recon? Or is this just about them being obnoxious and him being added to a bad call list.

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Message 1 of 11
10 REPLIES 10
Creditaddict
Legendary Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

Home depotvis backed bi citi so not sure about wells calling you!

Message 2 of 11
tattooedhusker
Established Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling


@Creditaddict wrote:

Home depotvis backed bi citi so not sure about wells calling you!


I believe you misinterpreted the OP. It wasn't an app for Home Depot, it was through WF.

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Message 3 of 11
AtmyOffice
Regular Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

It was an application for this product http://retailservices.wellsfargo.com/homeprojects.html

 

My question is: is WF retail services going to do a recon on their own? He has really good income and just doesnt have a lot of credit so he doesnt have a great score if anyone - not a machine - looks at his app he might be approved. Just wondering if he should answer and talk to them or be all "STOP CALLING ME"

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Message 4 of 11
coldnmn
Mega Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

It could be they need more information after a real person checked your app. The computer didn't like something and turned you down. call!

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Message 5 of 11
AtmyOffice
Regular Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

Now I get to tell my husband he needs to call. Hoping its good news. Even if we get just enough for the furnace and we can do the a/c later it would be ideal.Smiley Tongue

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Message 6 of 11
myjourney
Super Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling


@AtmyOffice wrote:

Now I get to tell my husband he needs to call. Hoping its good news. Even if we get just enough for the furnace and we can do the a/c later it would be ideal.Smiley Tongue


Sounds like WF needed more info .........Good luck 

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
Message 7 of 11
KIPPIE12
Established Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

Sounds like computer kicked it to manual review. Hope it goes through, and you get your new system!

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Message 8 of 11
CribDuchess
Established Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling


@AtmyOffice wrote:

So long story short, we needed a new furnace, my husband applied to the Home Improvements line of credit and was denied on the spot. WF has started calling the number we provided on the application. He does no other business with them. Could it be that they are thinking about doing a recon? Or is this just about them being obnoxious and him being added to a bad call list.


This credit card appears to be a business card rather than a personal card.  Or at least that is what came up when I clicked the link you provided below in a response.

 

If it is a business card, that could be the reason for the denial if your husband doesn't have a business. 

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Message 9 of 11
IWOL
Established Contributor

Re: Wells Fargo denied credit line for Home Improvement card - now they are calling

I actually just got approved two days ago for this card through Wells. It's kind of a strange account. It's callc the Home Projects Visa and is geared towards financing things like new ac, appliances etc. you get a line of credit that can be used with dealers that are part of the Wells program. It seems that there are quite a few. You also get an actual Visa card with only a very small portion of the total line available to use for purchases anywhere Visa is accepted.

I was approved for a total of $9500 and of that I have $1100 available, on the Visa.

I applied for this account to finance a new A/C. The financing terms for "special" projects are determined by the contractor you use and they are not very good.

They offered my 12 months same as cash or 9.99% with a fixed monthly payment of 2%.

You can by an A/C through lowes and get 36 months at 5.99%, which is a much better deal. I'm sorry that I even applied for this card now and I decided to go with the 12 months same as cash and will pay this off before the end of the 12 month term.

The other major downside is the way this credit line/card reports. After speaking to a CSR I was told that the entire line will report as revolving and not as an installment account. I'm spending $6500 on the new A/C so of rather next few months my Util is going to be higher than I would like on my revolving lines.

By the way I was approved for this card with a 660 TU. hope this info is useful for anyone who might be looking at this card.

Message 10 of 11
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