topic Re: Wells Fargo Business Bank - HP or SP? in Business Credit

Wells Fargo Business Bank - HP or SP?

vermontcred — Thu, 01 Feb 2024 23:24:09 GMT

Hello, does anyone know if Wells Fargo does a HP or SP when opening an account?

This isn't for a LOC or credit card, just a business bank account.

Call center reps are unsure.

Re: Wells Fargo Business Bank - HP or SP?

pizzadude — Thu, 01 Feb 2024 23:37:11 GMT

@vermontcred wrote:
Hello, does anyone know if Wells Fargo does a HP or SP when opening an account?

This isn't for a LOC or credit card, just a business bank account.

Call center reps are unsure.

Pretty sure it's no -- I'd be very surprised if they HP for opening a biz checking / savings account.

Re: Wells Fargo Business Bank - HP or SP?

CubanCheapSkate — Fri, 02 Feb 2024 03:26:04 GMT

Opened a WF Business account last month in person and it was HP. Inquiry alert went off while I was there. A BLOC offer did pop up and the rep asked if I want to apply and said okay since they already did the HP. It was about a 90 minute appointment for both and I already received the business debit card with my custom logo. Still haven't heard anything about the BLOC application but I read it can take a few weeks to process. New business under 30 days but I waited till I got all my approved corp documents from the state. Address seems to be important so make sure your business address matches the state registration or you have a lease or utility bill that matches.

Re: Wells Fargo Business Bank - HP or SP?

CubanCheapSkate — Fri, 02 Feb 2024 03:35:40 GMT

Just checked and WFB BD CRE pulled Experian.

Re: Wells Fargo Business Bank - HP or SP?

pizzadude — Fri, 02 Feb 2024 15:22:06 GMT

Thanks for the update -- guess they're setting their own standards here again....

I've never been hit with an inquiry for any biz checking / savings account anywhere in the past but good to know about WF.

Re: Wells Fargo Business Bank - HP or SP?

CubanCheapSkate — Fri, 02 Feb 2024 23:30:53 GMT

@pizzadude wrote:
Thanks for the update -- guess they're setting their own standards here again....

I've never been hit with an inquiry for any biz checking / savings account anywhere in the past but good to know about WF.

Yeah the HP surprised me since all previous posts said SP. Like you said it's probably a recent change but since I had completed a recent app spree a couple of weeks before I figured might as well eat the inquiry now then then later. Maybe I'll get approved for the BLOC 😁

Re: Wells Fargo Business Bank - HP or SP?

Focus281 — Sat, 03 Feb 2024 05:00:27 GMT

Hope they approve u for it!

which credit bureau was pulled for the bloc?

Re: Wells Fargo Business Bank - HP or SP?

CubanCheapSkate — Sun, 04 Feb 2024 00:27:38 GMT

@Focus281 wrote:
Hope they approve u for it!

which credit bureau was pulled for the bloc?

WFB BD CRE pulled Experian. I assume the acronym stands for something like "Wells Fargo Bank Business Division Credit".

Re: Wells Fargo Business Bank - HP or SP?

104848 — Mon, 05 Feb 2024 23:16:26 GMT

i think it depends on if you had a prev relationship with them

i opened a couple of business checking accounts in the last few years and never got a hard pull

but i also banked with wells fargo previously, i actually opened the accounts online and they did the Fico 9 score soft pull to prequalify for a credit card at minimum

Re: Wells Fargo Business Bank - HP or SP?

cashorcharge — Tue, 06 Feb 2024 18:53:54 GMT

My experience had only been an EX SP when opening business banking accounts. Through that same SP, they offered me CL's each time.

Re: Wells Fargo Business Bank - HP or SP?

rosco75 — Tue, 06 Feb 2024 20:14:35 GMT

Odd. I literally just opened a business checking account with WF on Friday and no HP. What kind of account are you guys opening? I opened the "initiate" business checking account. Just checked my profile and confirmed no HP.

Re: Wells Fargo Business Bank - HP or SP?

CubanCheapSkate — Wed, 07 Feb 2024 01:55:51 GMT

@rosco75 wrote:
Odd. I literally just opened a business checking account with WF on Friday and no HP. What kind of account are you guys opening? I opened the "initiate" business checking account. Just checked my profile and confirmed no HP.

Mine was a "initiate" business checking account as well. I guess the conclusion is that it can be optional but my banker made it sound mandatory to possibly try and upsell other services maybe. Oh well lesson learned.