topic Re: Will the last customer leaving Wells Fargo please ... in Credit Card Applications

Will the last customer leaving Wells Fargo please ...

DaveInAZ — Sun, 21 May 2017 18:51:22 GMT

. . . . turn out the lights?

I love new bank account & CC bonuses, within reason, "within reason" meaning not to the excess of damaging my Chex/EWS or credit score with too many new accounts & inquiries. But I have to admit I app'ed for the WF Rewards CC with the intention of taking the money & running, or sock drawer to be exact. WF recently raised the spend bonus for their Rewards card to $200 for a $1k spend in 3 mos., with 0% for 12 months, and 5% rewards for gas, grocery, drugstore purchases for the first 6 months. And they needed to, this is one of the crappiest rewards cards out there - only 1% rewards during the first 6 months outside those categories, and only 1% on anything after that. And crappy rewards to spend all those points on - "travel, gift cards, merchandise, cash redemption, and more". But want that cash redemption? You need a WF account to transfer it into,otherwise you have to request a paper check mailed to you. And the APR? Starts at 17.90% and goes as high as 26.74% They surely aren't targeting this card toward the 750 and higher FICO score crowd. And I read that WF uses EX Fico 02, which is 702 for me, not fantastic, and I have a BK from 2010 on my CR & I know WF hates BK, but should be good enough for this turd. And I've read that their CC apps are down 30% over their phoney accounts scandal, so they should bve happy to get new apps.

So I app'd last week, while logged into my WF account. No instant decision, just a message "We need to verify a few pieces of information before we can give you a credit decision". So, I wait, for two days. No email, I log into my WF account regularly, no messages there, no new account info. So I call the toll free # for pending apps. While I was given a reference # for the app the automated system demands my full Social Security # & DOB. Finally I get the decision: "You will receive a letter in 8-10 days. Please provide copies of last 2 paychecks". You know what, idiots? 1-You already have have my last 2 paychecks, actually the last 10 so far this year, as they go through my WF checking account via direct deposit. 2- I provide income verification for things like mortgage, home equity, or auto loans, because those loans have 3-4% APR, I am not sending you proof of income (which you alread have) for a crap rewards card that starts at 17.90% APR.

I joined Penfed earlier this month and had been debating switching my payroll direct deposit to them - already approved for their 2% Power Cash Rewards CC & pending Home Equity LOC is looking good. This sealed the decision, I mailed the change form & voided Penfed check to my payroll dept. last Friday. When changed, I'll close my long time WF account, done with them for good.

Will the last customer leaving Wells Fargo please turn out the lights?

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Sun, 21 May 2017 18:59:46 GMT

What has happened here can and does happen with other banks. That said nobody has ever confused WF credit cards as great cards for rewards and such.

In regards to your last (2) pay stubs yes, WF has seen your direct deposits come in but that is not unreasonable documentation and is far better than a 4506 request.

Comparng any major bank to a credit union is apple to oranges.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Sun, 21 May 2017 19:08:48 GMT

I honestly can't complain about WF......they were good to me during my BK days. They approved my first post BK auto loan (paid off) and first credit card post BK with a limit over 7.6k (closed because it was no longer useful to me). At the time, Penfed was my second highest at 7.5k.

Im grateful they gave me the opportunity when they had every reason to tell me to go kick rocks! They took care of me and I returned the favor. I've never banked with them, but my 401k is still managed through them.

Re: Will the last customer leaving Wells Fargo please ...

DaveInAZ — Sun, 21 May 2017 19:53:01 GMT

@Anonymous wrote:
What has happened here can and does happen with other banks. That said nobody has ever confused WF credit cards as great cards for rewards and such.

In regards to your last (2) pay stubs yes, WF has seen your direct deposits come in but that is not unreasonable documentation and is far better than a 4506 request.

Comparng any major bank to a credit union is apple to oranges.

Well, we all have our own opinions & thresholds for what we consider to be unreasonable.And admittedly my threshold is higher for a very desirable CC compared to a "meh card, but I'll take it for the spend bonus".

@A couple years ago I got a $10k used car loan @1.99% for 60 months with copies of my last two paystubs, for that loan I was happy to provide them. I have $28k in CC credit limits with Cap One, $16.2K in CLs from Barclays, $15k from Amex, $10.1k from Discover plus others and have never been asked for paystubs, and I'm not going to start now. Credit cards have a far higher interest rate because they are unsecured but also because they almost universally approved on just stated income. And if Amex ever demands a 4506-T they're outta here, but I'm happy with the CL and don't ask for CLIs, which seem to trigger 4506s.

I wasn't so much comparing a major bank to a CU as deciding which one is more deserving of my business, and WF made that decision easy.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Mon, 22 May 2017 08:23:42 GMT

Yes, I did leave and turned the lights out

Re: Will the last customer leaving Wells Fargo please ...

CreditInspired — Mon, 22 May 2017 11:18:06 GMT

Well personally, WF's "phony account scandal" would have had me leaving them months ago, which is way more catastrosphic, IMHO, than asking for a paystub or two.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Mon, 22 May 2017 11:55:48 GMT

@CreditInspired wrote:
Well personally, WF's "phony account scandal" would have had me leaving them months ago, which is way more catastrosphic, IMHO, than asking for a paystub or two.

They've been off my own list of potential CC sources ever since I heard about that. It's really rather sad, when you think of it, to see one of the most storied names in American banking come to such a pass.

Re: Will the last customer leaving Wells Fargo please ...

CreditInspired — Mon, 22 May 2017 12:46:30 GMT

@Anonymous wrote:
@CreditInspired wrote:
Well personally, WF's "phony account scandal" would have had me leaving them months ago, which is way more catastrosphic, IMHO, than asking for a paystub or two.
They've been off my own list of potential CC sources ever since I heard about that. It's really rather sad, when you think of it, to see one of the most storied names in American banking come to such a pass.

It really is and after being in business some 160 years.

Re: Will the last customer leaving Wells Fargo please ...

DaveInAZ — Mon, 22 May 2017 13:36:09 GMT

@CreditInspired wrote:
Well personally, WF's "phony account scandal" would have had me leaving them months ago, which is way more catastrosphic, IMHO, than asking for a paystub or two.

Well, it didn't affect me, no phony accounts for me, and I thought the scandal would make them more responsible and consumer friendly. They've always been a hard bank to like as a customer, most branch tellers are unfriendly and even rude, questioning anything out of the ordinary, acting like they think their customers are out to screw them over, when it was actually the over way around.

I still don't understand how they got away with millions of phony accounts - even if they repressed reporting on the phony accounts so you wouldn't see them in online banking or mailed statements they still had to take the money from somewhere and I balance all accounts down to the penny every month. No, asking for paystubs certainly isn't the end of the world, but enough for me to ask why am I still putting up with these jerks.

@Anonymous wrote:

As I recall it was around 20 years ago that a large midwestern bank, from MN I think, bought out the mostly regional western Wells Fargo that their whole corporate climate changed for the worst. I started with them in Las Vegas and they installed these huge plexiglas bullet proof barrier in front of the tellers. I felt like I was visiting an inmate in prison. Vegas has more than its share of scammers & con artists, but not a higher rate of armed robbery than anywhere else.

Re: Will the last customer leaving Wells Fargo please ...

MrsCHX — Mon, 22 May 2017 13:42:31 GMT

@DaveInAZ wrote:
As I recall it was around 20 years ago that a large midwestern bank, from MN I think, bought out the mostly regional western Wells Fargo that their whole corporate climate changed for the worst.

Norwest Bank. I worked there in the 90s!

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Mon, 22 May 2017 14:26:06 GMT

@CreditInspired wrote:
@Anonymous wrote:
@CreditInspired wrote:
Well personally, WF's "phony account scandal" would have had me leaving them months ago, which is way more catastrosphic, IMHO, than asking for a paystub or two.
They've been off my own list of potential CC sources ever since I heard about that. It's really rather sad, when you think of it, to see one of the most storied names in American banking come to such a pass.
It really is and after being in business some 160 years.

In fact, Wells Fargo is part of the American national myth - the Pony Express (for which WF was the agent), WF stagecoaches and banks in Western towns, and so on and so forth.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Mon, 22 May 2017 14:32:48 GMT

I literally JUST joined WF mostly because I like to go opposite of everyone else. I figure if the masses hate something, there's a reason to look deeper.

Going to the branches is nice, much nicer than Chase actually. Their checking and savings accounts suck majorly -- no interest on savings, and checking requires a $1500 minimum daily average balance to prevent fees, but that's not a huge concern other than $1500 sitting NOT earning interest somewhere.

The reason for me joining WF is because they offer one of the largest SL for a deposit secured cards -- up to $10,000 supposedly. That may help "prybar" future approvals with large CLs and I'm hoping to give the card a try in July or August when my AAoA allows it without major penalty.

Of course, there's an annual fee and no rewards, so it'll be SD but I do want a high limit card for those rare occasions when I do want to charge something higher than my $3000 Capital One secured limit allows (I have a $4300 vacation to pay for in September and another one in November around $6000). I'll PIF it and try to get a personal banker to PC me to a rewards secured card (a few people have gotten this) so I'll get something for the charges.

I also heard from 3 different bankers that WF does low credit score auto loans for people. I don't need or want a car, but if I ever do it's nice to know they're offering a wider FICO range for approvals there.

Re: Will the last customer leaving Wells Fargo please ...

Glen_M — Mon, 22 May 2017 23:23:02 GMT

@DaveInAZ wrote:

As I recall it was around 20 years ago that a large midwestern bank, from MN I think, bought out the mostly regional western Wells Fargo that their whole corporate climate changed for the worst. I started with them in Las Vegas and they installed these huge plexiglas bullet proof barrier in front of the tellers. I felt like I was visiting an inmate in prison. Vegas has more than its share of scammers & con artists, but not a higher rate of armed robbery than anywhere else.

I was originally with Norwest before they bought WF and took their name, and love the local branches, but I despise the corporate WF.

Most likely I'll be switching my banking over to NFCU and PenFed. I don't need to visit a branch office often enough to make it worth paying all those stupid greedy bank fees.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Tue, 23 May 2017 02:34:30 GMT

Seems like they made a wise decision as you were just going to churn and burn. Not that there is anything wrong with that but I have 167 shares of Wells Fargo stock and they seem to be doing Ok. Doesn't seem unreasonable to send in two pay stubs. I have never been asked but if someone did I wouldn't have any issues doing so.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Tue, 23 May 2017 02:45:45 GMT

I went in a wells Fargo once. I tried to cash a check written from there because it was closer than my bank. Because I didn't have an account there they want 5.95 to cash it. It was a 5 dollar check from a garage sale. I walked the extra block to my bank and have not been in a wells Fargo since.

Re: Will the last customer leaving Wells Fargo please ...

Anonymous — Thu, 09 Nov 2017 18:42:01 GMT

Hehe. I hear you. And that was funny that they get your direct deposits and demand pay stubs. Lol.

I also joined wellsfargo recently and i rate them way better than USBANK any day when it comes to application, approval process, honoring bonus offers and customer service. My experience with us bank has been horrible.

So i opened their everyday checking for 200$ bonus and also approved for their cashwise for 200$ bonus. The approval process was similar to yours only without any request for pay stubs. I googled and found out the same day that their automated phone number tells the app status and if you want to talk to someone immediately transfers you and wait times are 0 compared to USBANK (which makes you wait and wait ).

wells fargo customer service reps are pretty good too, courteous and helpful. And they do process requests pretty quickly.

So i had to fax in my ssn copy and i was approved the same day without having to follow up, for 1500$ only but that serves my purpose. May be they are aproving you for way bigger limit thats why the paystubs request? My cl request was not approved because too many new accounts etc which i understand.

I received my card yesterday and i already met the spend for bonus. I guess if i had to send 2 paystubs to receive 200$ sign up bonus , i would do it. Its annoying but hey its 200$ bonus). Whatever you decide to do make sure you profit somehow and yes, some times the profit can be our peace of mind by ending our relationship with complicated banks

Oops i just now saw that this post is from May2017. Lol. For somereason i thought its a new post ,that means you must have moved on from Wellsfargo few months ago