topic Re: US Bank Denied, Wells Fargo Approved in Credit Card Approvals

US Bank Denied, Wells Fargo Approved

dlister70 — Tue, 19 Jul 2022 16:28:18 GMT

I paid for some siding and chimney work on my house with my BoA Customized Cash Rewards card, and the 0% rate is about to be up so I wanted to transfer the balance to a new card to have more time to pay on it.

I applied for the US Bank Visa Platinum which had 20 months of 0% on transfers. I have had the Cash+ card with USB for several years and have always paid in full every month, so I figured that I had a good relationship with them. It was denied for a bunch of reason that underwriting read off to me when I called the backdoor line.

1. Credit line balances too high (I'm at 15% overall, but do have two cards at 68% including the one that I wanted to transfer balances).

2. Loan balances too high (I refinanced my house a couple years ago to a better rate, so I haven't paid it down all that much since the refinance).

3. Too many delinquincies (haven't had any in 5 years, but a few older than that still haven't fallen off yet).

4. I think there was one more that I can't remember.

They ran Transunion which was at a 742 at the time. I asked if there was anything I could do for reconsideration, and she said not unless there is something that I want to dispute with Transunion due to an inaccuracy on the report.

Today I applied for the Wells Fargo Reflect which has 18 months of 0%, but adds 3 more months if you pay the minimum on time, so I guess it's really a 21 month 0% card. I was instantly approved for $14,000 which is more than enough for the balance transfer. They ran Experian which is at a 737 at the moment. The only prior relationship that I've had with WF was a contractor credit line when I had central air conditioning installed and the installer had 2 years of 0% financing through WF. I paid that off with no hiccups but had forgotten that it was a Wells Fargo account until I got approved for this Reflect card and it showed that I already had a user ID with WF online.

I know that I've read that US Bank is a very conservative lender, so now I guess I have some first hand experience with that! I'm happy with the Wells Fargo card, I just wish that I had apped for it first so I didn't have an extra hard pull.

Re: US Bank Denied, Wells Fargo Approved

CreditAggie — Tue, 19 Jul 2022 16:48:42 GMT

Congratulations on your Wells Fargo approval!

Re: US Bank Denied, Wells Fargo Approved

cashorcharge — Tue, 19 Jul 2022 20:59:23 GMT

WooHoo!! Congratulations on your Wells Fargo Approval!!👏🏼🍾🥂

Re: US Bank Denied, Wells Fargo Approved

MCM1 — Tue, 19 Jul 2022 21:49:21 GMT

Could you please share some data points with us.....How many inquiries did you have? How many new accounts did you have in the last 12/24 months? Any info is helpful to all. THANKS.

Re: US Bank Denied, Wells Fargo Approved

CreditMagic7 — Tue, 19 Jul 2022 22:05:27 GMT

Congratulations on the new Wells Fargo approval!

Re: US Bank Denied, Wells Fargo Approved

JLRDC909 — Tue, 19 Jul 2022 22:10:36 GMT

Congratulations on your WF approval sorry about the USB denial. US Bank has always been a fly in the ointment to me. At one time, WF was also considered to be a very conservative lender, but seems they have loosened up a little over the past couple years.

Re: US Bank Denied, Wells Fargo Approved

Anonymous — Tue, 19 Jul 2022 22:13:25 GMT

@dlister70 That's great news. Happy for your Wells Fargo victory.

Re: US Bank Denied, Wells Fargo Approved

KingRue8500 — Tue, 19 Jul 2022 23:30:28 GMT

Congrats on your Wells Fargo Reflect approval

Re: US Bank Denied, Wells Fargo Approved

babygirl1256 — Wed, 20 Jul 2022 05:05:10 GMT

Congrats on your Wells Fargo Reflect card approval.

Re: US Bank Denied, Wells Fargo Approved

NalekSok — Wed, 20 Jul 2022 07:49:57 GMT

Congratulations on your approval! 🎉