topic Re: Wells Fargo Cashwise - Denied in Credit Card Applications

Wells Fargo Cashwise - Denied

Anonymous — Mon, 27 Jul 2020 06:21:44 GMT

Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX). Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe. All the same it hurts to have a hard inquiry with nothing to show for it.

EDIT: Forgot to mention I do have an existing relationship with WF since they seem to be sticklers for that, one card from 2014.

Re: Wells Fargo Cashwise - Denied

Anonymous — Fri, 12 Jun 2020 17:25:35 GMT

Not a total loss, the community gained some DP's!

Which is interesting to learn that 3/12 it too many for them, at least on this product.

Clean file?

Re: Wells Fargo Cashwise - Denied

Anonymous — Fri, 12 Jun 2020 17:31:54 GMT

@Anonymous wrote:
Not a total loss, the community gained some DP's!
Which is interesting to learn that 3/12 it too many for them, at least on this product.

Clean file?

There's the silver lining! lol

Yep clean as a whistle never missed a payment, no collections, nothing negative. Considering the Cashwise is pretty much 'entry-level' I thought it would be an instant approval.

Re: Wells Fargo Cashwise - Denied

CreditCuriosity — Fri, 12 Jun 2020 18:34:54 GMT

Many people have a tough time cracking well fargo including myself.. Can't get in scores in 800's and 6 figure income etc.. One of the hardest lenders to obtain if you remotely have a decent amt of credit and had any recent new accounts and dont have a current card with them. I just gave up as other better fish in the sea that can be had. Thanks for the dp's though

Re: Wells Fargo Cashwise - Denied

Anonymous — Fri, 12 Jun 2020 19:47:51 GMT

They have been sending me marketing for this card for the last two weeks and I keep throwing it away. It would be an easy SUB but I have seen too many reports about them being strict on approvals. I see that my intuition was correct. Sorry for the denial.

Re: Wells Fargo Cashwise - Denied

coldfusion — Fri, 12 Jun 2020 20:05:59 GMT

@CreditCuriosity wrote:
Many people have a tough time cracking well fargo including myself.. Can't get in scores in 800's and 6 figure income etc.. One of the hardest lenders to obtain if you remotely have a decent amt of credit and had any recent new accounts and dont have a current card with them. I just gave up as other better fish in the sea that can be had. Thanks for the dp's though

They don't like very recent accounts especially if you don't already have a checking/savings account with them. I did have about $800K in tradelines reporting when I cold-apped and got my Propel but I had opened up a checking account about 6 months earlier.

Re: Wells Fargo Cashwise - Denied

Meanmchine — Sat, 13 Jun 2020 05:26:44 GMT

Sorry for your denial

Re: Wells Fargo Cashwise - Denied

Remedios — Sat, 13 Jun 2020 17:18:02 GMT

@Anonymous wrote:
Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX). Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe. All the same it hurts to have a hard inquiry with nothing to show for it.

EDIT: Forgot to mention I do have an exisitng relationship with WF since they seem to be sticklers for that, one card from 2014.

Sorry about your denial.

While the might be sticklers for "relationship", it's a two way street.

You probably arent using the one you have (not worth being in signature), so their thinking is "why give them more"

Another thing, when we're denied for "too many new accounts", they either think we're broke or churning SUBs, which was the intent here.

If looking for SUB only, WF is probably not the ideal lender, and based on UW changes with multiple lenders, no one really wants to play that game.

Well, Amex maybe..till the pop up.

Re: Wells Fargo Cashwise - Denied

M_Smart007 — Sat, 13 Jun 2020 18:26:17 GMT

@Anonymous wrote:
Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX). Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe. All the same it hurts to have a hard inquiry with nothing to show for it.

EDIT: Forgot to mention I do have an exisitng relationship with WF since they seem to be sticklers for that, one card from 2014.

Sorry for your denial, WF is VERY conservative ..I honestly do not know how I ended up with a $15K Propel and a $10K Cash Wise.

Have you tried to Recon your denial? .. They might overturn the denial? .. worth a shot, you have nothing to lose. IMHO

Re: Wells Fargo Cashwise - Denied

icednightpaper — Mon, 15 Jun 2020 14:01:37 GMT

Was the too many x/6 your official reason in the letter? I mean I know those printed reasons aren’t very accurate but I’m still curious.

Re: Wells Fargo Cashwise - Denied

Anonymous — Thu, 18 Jun 2020 00:12:37 GMT

@Anonymous

@icednightpaper wrote:
Was the too many x/6 your official reason in the letter? I mean I know those printed reasons aren’t very accurate but I’m still curious.

The "too many accounts in the last 6m" was from the automated phone line. Haven't recieved the letter in the mail yet, I'm waiting for it to arrive and then I'll call in to see about recon.

Re: Wells Fargo Cashwise - Denied

Aim_High — Thu, 16 Jul 2020 22:59:32 GMT

Sorry for your denial, @Anonymous !

I just stumbled back upon this thread searching for recent info about Wells Fargo. I just got approved for the Cash Wise card and I had a LOT more new accounts than you did, so apparently the limit on new accounts can vary based on your relationship with Wells Fargo (similar to Bank of America's policies.)

I had prior relationship based on checking accounts with my daughters.
I also had two prior WF co-branded and store-branded credit cards which were closed.
I had paid off a large balance on one of the cards with a special finance offer.
Wells Fargo emailed me a targeted offer with a personal reservation number.
New accounts in last 12 months was 7 (and another was in the process of posting.)
Inquiries on my EX report they pulled was 7 in the past two years (4 in last year).
Approved for $10.5K SL and 13.99% APR.

I just post to this thread for cross-reference that new accounts (may) or (may not) be a reason for denial. I definitely agree that they do like a relationship because I'm pretty sure my history with them going back over 10 years was how I got this card.

Other data points and my approval thread here:

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Approved-Wells-Fargo-Cash-Wise-10-5K-13-99/m-p/6083640#M692330

Re: Wells Fargo Cashwise - Denied

Anonymous — Mon, 27 Jul 2020 06:20:26 GMT

@Aim_High wrote:
Sorry for your denial, @Anonymous !

I just stumbled back upon this thread searching for recent info about Wells Fargo. I just got approved for the Cash Wise card and I had a LOT more new accounts than you did, so apparently the limit on new accounts can vary based on your relationship with Wells Fargo (similar to Bank of America's policies.)

I had prior relationship based on checking accounts with my daughters.
I also had two prior WF co-branded and store-branded credit cards which were closed.
I had paid off a large balance on one of the cards with a special finance offer.
Wells Fargo emailed me a targeted offer with a personal reservation number.
New accounts in last 12 months was 7 (and another was in the process of posting.)
Inquiries on my EX report they pulled was 7 in the past two years (4 in last year).
Approved for $10.5K SL and 13.99% APR.
I just post to this thread for cross-reference that new accounts (may) or (may not) be a reason for denial. I definitely agree that they do like a relationship because I'm pretty sure my history with them going back over 10 years was how I got this card.

Other data points and my approval thread here:
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Approved-Wells-Fargo-Cash-Wise-10-5K-13-99/m-p/6083640#M692330

Great DPs, I think between the two of us we've established that Wells Fargo approvals are highly dependant on a banking relationship.