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Posts: 2,400
Registered: ‎11-29-2012
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Re: Wells Fargo tried to cheat on me

I would recommend a cu over the big banks any day.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
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 625 for now– New goal 675
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Established Member
Posts: 105
Registered: ‎02-25-2013
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Re: Wells Fargo tried to cheat on me

 assuming it is #1, 

That's is the right answer 

WF was my oldest credit card .but was the lowest credit limit offer ..........SO i closed it .but after i closed it i think i should give WF one more tried ,today i went to the bank .The lafdy there told me IF i reapply a credit card it won't hurt my credit score and won't hurt my credit at all .I think that's a cheating to me 

I'm not an American and i will never be
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Wells Fargo tried to cheat on me


Tanyasf wrote:

 assuming it is #1, 

That's is the right answer 

WF was my oldest credit card .but was the lowest credit limit offer ..........SO i closed it .but after i closed it i think i should give WF one more tried ,today i went to the bank .The lafdy there told me IF i reapply a credit card it won't hurt my credit score and won't hurt my credit at all .I think that's a cheating to me 


because you had the college card, you will never get a high CLI or high initial CL.

There is no banks, to my knowledge, that is willing to extend high credit limits to college students. The only exception is when you have a huge amount of money deposited with them.

 

Instead of closing it, you should have told them to switch you to the normal credit card after you graduated. I changed my card to the platinum, and they began increasing my CL by 1500-3000 every 3-9 months. When I was on the college version, I was stuck on 700, then 1500 for the entire 4 years.

 

If you decide to give WF another try, it will be another HP as well. There is nothing any bank or you can do about it. If you closed an AMEX card few years back and you want to get back in, its another HP. They will backdate your account afterwards, but you are still going to be stuck with that inquiry.

 

Applying for a new credit card generally doesnt hurt credit scores for most people. Sure, your score might drop 3-10 points, but its pretty much neglible. Most people have 2-4 inquiries over a span of 2 years. Inquiries start hurting your scores dramatically when you have a lot of inquiries. Most likely, the person you spoke to doesn't have a good idea of what she is saying. Most bank branches floor staff are guilty for that. If they know so much, don't you think they would have already moved up the career ladder?

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 7,300
Registered: ‎10-21-2012
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Re: Wells Fargo tried to cheat on me


Tanyasf wrote:

 assuming it is #1, 

That's is the right answer 

WF was my oldest credit card .but was the lowest credit limit offer ..........SO i closed it .but after i closed it i think i should give WF one more tried ,today i went to the bank .The lafdy there told me IF i reapply a credit card it won't hurt my credit score and won't hurt my credit at all .I think that's a cheating to me 


I doubt this qualifies as deceitful or cheating.  First of all, the lady at the bank may be ill-informed (which sounds to be the case); if specifically speaking about a CSR/Teller at the branch.  They are not the underwriters and they are not the ones with the capacity of reviewing your credit application.  One thing for sure, once you close a WF credit account, it cannot and will likely not be reopened.  You have to apply all over again.  There is no point in objectifying that you are a victim of deceit since you can always involve a manager to escalate the issue to have it reviewed with their underwriting department. 

 

Essentially, it appears the dead horse has been beaten too many times on this topic.  If you are not happy with the WF outcome, another bank or CU is around the corner - plenty of choices out there.

Established Member
Posts: 105
Registered: ‎02-25-2013
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Re: Wells Fargo tried to cheat on me

Thanks master .If i told you i have 23 Credit IQ in the past 2 years  what you have to said ???? I sounds crazy ?

I'm not an American and i will never be
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
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Re: Wells Fargo tried to cheat on me


Tanyasf wrote:

Thanks master .If i told you i have 23 Credit IQ in the past 2 years  what you have to said ???? I sounds crazy ?


No I wouldn't say you are crazy.

23 inquiries is a lot, but it really depends on HOW and WHY did you have this many inquiries. Were you doing a lot of mortage loan and auto loan shopping? If most of your inquiries were from it, you have a valid reason explaining it to an underwriter if you ever need to.

But if most of your inquiries is from credit card apps, I would say you're on the high end, and ought to cut down until some of the inquiries fall off at the very least.

 

Most importantly, you said your credit is good. Since it's good, there's nothing to worry about for now.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 7,300
Registered: ‎10-21-2012
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Re: Wells Fargo tried to cheat on me


Tanyasf wrote:

Thanks master .If i told you i have 23 Credit IQ in the past 2 years  what you have to said ???? I sounds crazy ?


I can't speak for WF.  However, if I were a similar (prime) bank reviewing your credit application and 23 inquiries were recorded in just 1 CBR within a span of 24 months, that is extremely excessive (given that most prime lenders take into consideration the most recent 6-12 months).  This appears to a lending institution as someone who is desperately seeking too much credit in such a short period of time and/or overextension.  Not surprisingly, this alone could result in denials for additional credit.

Established Member
Posts: 105
Registered: ‎02-25-2013
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Re: Wells Fargo tried to cheat on me

master .I do .All of IQ is for Credit card or CLI ,I never had a loan ? Because i'm very crazy about credit card ...so ....I kenw it's too much .SO i Freeze three of my crefit score to take care of my creid ,My creid it 648 now 

I'm not an American and i will never be
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Wells Fargo tried to cheat on me


Tanyasf wrote:

master .I do .All of IQ is for Credit card or CLI ,I never had a loan ? Because i'm very crazy about credit card ...so ....I kenw it's too much .SO i Freeze three of my crefit score to take care of my creid ,My creid it 648 now 


20+ inquiries on 1 bureau is consider a lot, since its all for credit cards.

your score probably took quite a beating from the number of inquiries. let those inquiries become >12 months and you will see your score go up a lot assuming you have no other degratories. most prime banks look at inquiries for past 24 months however, so theres a high chance you will get denied if you apply any more cards or even trigger AA for your existing ones. Of course, it also depends on how much your income is and how long your credit history is. 

 

For now you got to stop though. Don't do the WF app at all. They might not even approve you for the secured card right now.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Valued Contributor
Posts: 7,300
Registered: ‎10-21-2012
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Re: Wells Fargo tried to cheat on me


enharu wrote:

Tanyasf wrote:

master .I do .All of IQ is for Credit card or CLI ,I never had a loan ? Because i'm very crazy about credit card ...so ....I kenw it's too much .SO i Freeze three of my crefit score to take care of my creid ,My creid it 648 now 


20+ inquiries on 1 bureau is consider a lot, since its all for credit cards.

your score probably took quite a beating from the number of inquiries. let those inquiries become >12 months and you will see your score go up a lot assuming you have no other degratories. most prime banks look at inquiries for past 24 months however, so theres a high chance you will get denied if you apply any more cards or even trigger AA for your existing ones. Of course, it also depends on how much your income is and how long your credit history is. 

 

For now you got to stop though. Don't do the WF app at all. They might not even approve you for the secured card right now.


+1

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