topic Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !! in Credit Card Approvals

Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mfinsmi1 — Tue, 24 Jan 2023 17:34:10 GMT

So last month i asked for a CLI i was denied due to my balance in my checking and savings account being too low. So i closed my accounts so they could not use it against me next time I asked. Signed on today just to check something and BAM 5K automatic CLI !! I cant belive it worked. I guess they miss my money lmao

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

sznthescore — Tue, 24 Jan 2023 17:37:34 GMT

Congratulations 🎉 on the 5k CLI! Closed deposit accounts for the win! Lol 🤷🏽‍♂️ Hey it worked! 👊🏽👍🏽

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

TRC_WA — Tue, 24 Jan 2023 17:49:39 GMT

Hahah... congrats.

I need to try that. I've been denied CLIs for the same "low balance checking account" BS...

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

JoeRockhead — Tue, 24 Jan 2023 18:03:12 GMT

Very nice, congratulations on your auto CLI!!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

805orbust — Tue, 24 Jan 2023 18:16:51 GMT

Dude, that is the most HILARIOUS CLI strategy that has worked ever @mfinsmi1 . I can't with you. Loving the "outside the box" thinking! Congrats my friend!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mfinsmi1 — Tue, 24 Jan 2023 18:27:53 GMT

@805orbust im still in shock in actually worked , thank you and thanks everyone above!!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

CreditCuriosity — Tue, 24 Jan 2023 18:38:33 GMT

Congrats on the cli.. I honestly doubt that closing the checking account had anything to do with it despite letters using as one of reasons for previous CLI denials. Just happened to get it is my guess for either age of account or score or something else this time. Regardless you got what you wanted and congrats on that

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

NoMoreE46 — Tue, 24 Jan 2023 19:14:47 GMT

This is truly funny but I am a little suspect of it all. Correlation isn't causation.
We got any more volunteers for DP purposes?

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mfinsmi1 — Tue, 24 Jan 2023 20:05:37 GMT

@NoMoreE46 @CreditCuriosity i know it seems crazy but i asked for a cli early december ... i got too many new accounts and the low balances on my wells fargo accounts as the reasons for denial. I closed my checking in january - a week or 2 later i ge tthe CLI. Nothing changed on my cerdit profile within 1 month so idk why they finally decided too , its just way to much of a coincidence .... but im just happy they did it (ive had the card since May 2022)

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

SweetCreditObsession — Tue, 24 Jan 2023 20:38:02 GMT

@mfinsmi1 wrote:
So last month i asked for a CLI i was denied due to my balance in my checking and savings account being too low. So i closed my accounts so they could not use it against me next time I asked. Signed on today just to check something and BAM 5K automatic CLI !! I cant belive it worked. I guess they miss my money lmao

That's an interesting DP!

Congratulations on that CLI all the same. May the CL continue to grow for you

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

GZG — Tue, 24 Jan 2023 21:36:35 GMT

@mfinsmi1 wrote:
So last month i asked for a CLI i was denied due to my balance in my checking and savings account being too low. So i closed my accounts so they could not use it against me next time I asked. Signed on today just to check something and BAM 5K automatic CLI !! I cant belive it worked. I guess they miss my money lmao

it would be pretty amusing if the penalty for having low balances on WF accounts was higher than the penalty for not having a WF account at all and that change resulted in the granted CLI

I choose to believe that to be true because WF and because it's way funnier

Congrats!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

CYBERSAM — Tue, 24 Jan 2023 21:53:30 GMT

Congrats on your WF CLI. Nicely done and funny! 😂🤑👍👍

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

AndySoCal — Tue, 24 Jan 2023 22:15:37 GMT

Banks / Credit unions may look at the checking account if availible. The simple reason is how a person manages their checking account may or may not be indicative of how a person may manages their credit. Example lets say a consumer applies for a new credit card or CLI. The consumer has several overdrafts or NSF transactions since the checking account has been opened. What does indicate of how this consumer manages their checking? Would this apply to how they handle credit as well? This may or may not be a factor in the decision about new credit card or CLI request.

Under the premise that having relationship the financial institution helps in getting a new credit card or CLI helps. I have read some of the posts where it does help. I am not convinced. The simple question is Would the new credit card or CLI request have been denied without the relationship? If I were going to establish a relationship I would do so with a savings account only. I may do this for a credit union that I also may apply for a credit card at some point in time. The interest rate on the savings account is better than what I am receiving now. Most of the cards in my siggy with one exception I have no relationship with except the credit card.

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mfinsmi1 — Tue, 24 Jan 2023 22:52:41 GMT

@AndySoCal exactly i had a 11 yr relatioship with wells fargo which i think helped me get approved with a lower SL when i was in the 670-680 range , but when it came to trying to grow the card my account balances played a part apparently. and since WF savings rate is .01 why would i keep money sitting in there just for a cli... no way. I had nothing to lose closing my accounts and it worked in my favor

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mgood — Tue, 24 Jan 2023 23:40:51 GMT

But I was getting balances too low in my checking account as a reason for denial of CLI just days before they gave me a CLI (two, in fact) this month. I think the real reason I went from "nope" to "yes" was that I crossed a certain amount of time from my last CLI. The balances in my checking account had not really changed.

Anyway, congratulations on your increase!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

LADave — Wed, 25 Jan 2023 00:18:57 GMT

@NoMoreE46 wrote:
This is truly funny but I am a little suspect of it all. Correlation isn't causation.
We got any more volunteers for DP purposes?

I'm -->this<-- close to becoming a guinea pig for scientific testing purposes. 😂 And not just because I'm getting denied for CLIs, although it is a reason.

We probably can't know for certain in any particular situation, but WF credit cards are much sexier these days than their checking can probably ever be. And having WF checking appears to have no upside (and a lot of potential downside) once approved for a card there.

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

SmileNWave — Wed, 25 Jan 2023 00:23:40 GMT

I guess they don't want your money after all. Congrats on the approval, OP!

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

BronzeTrader — Wed, 25 Jan 2023 00:27:23 GMT

I'm not sure if CLI and bank account are related. They have different divisions.

For the folks who have stable credit profile, CLI is a neutral thing, not anything positive. I have some cards that gave huge CLI. But since those are not my go-to cards, I had to call to have the CLs lowered. Those lightly used CCs take the entire card portfolio CL and make future card applications difficult.

CLI is a good things for folks who need to build credit.

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

masspope — Wed, 25 Jan 2023 00:49:54 GMT

While absolutely hilarious, it also seems rather stupid on Wells Fargo's part. Plenty of people have multiple checking accounts including at other banks, and it's not recommended to keep the bulk of your cash in checking anyway.

Good game on your part though.

Re: Shut down my Wells Fargo checking account - BAM Automatic CL Increase !!

mfinsmi1 — Wed, 25 Jan 2023 01:09:10 GMT

Thanks again everyone and to address some comments : this was my first ever CLI from them, also while most banks have different divisons btw credit and personal my personal accounts were listed as a reason for my denial , so in wells fargo's case they look at everything