topic Re: Denied for too much available credit? in Credit Cards

Denied for too much available credit?

gameofthrones — Sat, 27 Feb 2021 16:22:25 GMT

I recently applied for a Wells Fargo Cash Wise Credit Card. My credit is excellent; high FICO, 3% utilization, low inquiries, etc. I am a high net worth CEO, so you'd think I am the ideal client for WF. Wrong. I was denied for having too much available credit, and they are afraid that I could misuse/abuse my credit my taking out all of the credit. This is the most idiotic thing I ever heard. I appealed asking for reconsideration. It was kicked up the the "executive office," which is just a fancy name. They are not executives that work in the office, they are low level admins. Has anyone else been denied for this asinine reason? Sure, it's unsecured debt, but I haven't missed a payment and use my credit responsibly.

Re: Denied for too much available credit?

gdale6 — Sat, 27 Feb 2021 16:38:08 GMT

I was not denied for this reason in summer of 2018 but for opening too many new accounts in the last 24 months. I was at 5/24 with low util and fico 780+ I have never tried to app for another WF card and never will. Both of these reasons are a brush off the bank just doesnt want to deal with us.

Re: Denied for too much available credit?

Anonymous — Sat, 27 Feb 2021 16:39:47 GMT

As a "high net worth CEO" why are you chasing the WF Cash Wise card? Surely wherever you have your assets parked would have some more attractive offers for you.

Do you bank with WF? Do they know you're kind of a big deal, or are you assuming they know they level of assets you possess? If you don't bank with them, I'd understand the denial more.

And finally, no, when you call the EO, the CEO, CFO, etc doesn't answer the phone. Just someone that works IN the executive office.

Re: Denied for too much available credit?

gameofthrones — Sat, 27 Feb 2021 16:50:40 GMT

Good points. I bank with BOA, and will continue to work with them and other accounts.

I wanted to see what WF would offer in terms of CL. I didn't expect to talk to a CFO or other director, I just found it funny that the executive office contact was a nobody. I even offered to send POF. Their denial reason just didn't make sense to me, but I will get over it by using my other accounts.

Re: Denied for too much available credit?

M_Smart007 — Sat, 27 Feb 2021 16:59:11 GMT

WF is known to be on the conservative side, ask me how i know

I do have a CashWise and Propel. The CLI's have been less than none.

I actually don't even bother to ask anymore.

Their reasoning makes absolutely no sense!

Re: Denied for too much available credit?

firefox100 — Sat, 27 Feb 2021 17:08:23 GMT

If you are a CEO with High net worth, I would go into Wells Fargo branch with prof of your networth and banking record and dangle them ininfront of the branch manager and the area manager for bunch of branches and play hard ball say I will bring over some of my assets and business. The card that I would go for is propel amex card. I am not CEO and I have 20K credit limit no other relationship with Wells Fargo, always got increases like clock work.

Re: Denied for too much available credit?

K-in-Boston — Sat, 27 Feb 2021 17:09:56 GMT

If you're banking with BOA (and assuming you have Platinum Honors from combined BOA, Merrill Lynch, and/or Merrill Edge deposits) and chasing cash back, is there any reason you're looking for anything outside of a Premium Rewards and Cash Rewards combo? Even for non-category spend you'd be replacing a 2.625% cash back card for a 1.5% cash back card by going with Cash Wise over Premium Rewards.

Re: Denied for too much available credit?

CreditCuriosity — Sat, 27 Feb 2021 17:21:20 GMT

This is very common with regards to WF. BofA has a much better card if your assets are parked there as eluded to in the previous post

Re: Denied for too much available credit?

firefox100 — Sat, 27 Feb 2021 17:33:29 GMT

Again I am amaze how banks banks decide how to grant credit limits and cli's, it is black box. For example I am not CEO with high networth but I have over 225K credit limits and Wells Fargo still grants credit increases like clock work. As some of you know I am broken record about this subject. This is a great example, where a person who has high networth has a hard time getting approved for a credit card or an increase. Another thing the banks are just to large, a person like should be able to get some who can say lets take look so we can do business with you. By Wells Fargo and the CEO office can not say go into branch and lets see what you have. I think they would bend over to grab some your business as such as personal and your company's business. It was lot different 40 years ago who could talk to some one get things done to day your talking to black box computer system. even people at wells fargo at higher level live and die by there computer they don't have real decision making power.

Re: Denied for too much available credit?

Remedios — Sat, 27 Feb 2021 17:37:14 GMT

@gameofthrones wrote:
I recently applied for a Wells Fargo Cash Wise Credit Card. My credit is excellent; high FICO, 3% utilization, low inquiries, etc. I am a high net worth CEO, so you'd think I am the ideal client for WF. Wrong. I was denied for having too much available credit, and they are afraid that I could misuse/abuse my credit my taking out all of the credit. This is the most idiotic thing I ever heard. I appealed asking for reconsideration. It was kicked up the the "executive office," which is just a fancy name. They are not executives that work in the office, they are low level admins. Has anyone else been denied for this asinine reason? Sure, it's unsecured debt, but I haven't missed a payment and use my credit responsibly.

Let's not go with "idiotic", please.

A couple of years ago, you took a pretty steep PL at 12% to pay off CC debt, so it's not like it didn't happen before.

As far as denials for too much available credit, it happens.

Lenders want to see their cards used, and more available credit you have (more choices), less likely it is that their card will see decent use (or any at all).

Re: Denied for too much available credit?

Jnbmom — Sat, 27 Feb 2021 17:59:40 GMT

I have been denied for too much available credit by the likes of Penfed, BECU and DCU, and Alliant , hmm CUs seems a trend .

However I honestly can't blame them I have more than enough and boy I could go have a field day running them up ☺️

Re: Denied for too much available credit?

barca — Sat, 27 Feb 2021 18:04:13 GMT

most financial institutions will follow "ethic rules" to the letter and they are highly regulated by the Feds

you can be a CEO of a company that audits them for example, or a CEO of a company that performs regulation on them.

or a CEO of a company that they want you to start a business account with them

To avoid any appearance of favor - they might deny you immediately .
normally, they will escalate to higher authority and those guys will decide the final outcome

Re: Denied for too much available credit?

gameofthrones — Sat, 27 Feb 2021 18:09:48 GMT

I took the PL at the time because I did not have a loan as a trade line. I did not take the PL to pay off debt, I took it to boost my credit with a healthy mix. In fact, I paid off 97% of it immediately followed by small payments until I decided to close out.

it is idiotic when it's a missed opportunity for a bank to capitalize on.

Re: Denied for too much available credit?

Anonymous — Sat, 27 Feb 2021 18:14:19 GMT

I'll bite, just for entertainment...

OP - what is WF considering too much available credit?

Re: Denied for too much available credit?

blindambition — Sat, 27 Feb 2021 18:21:49 GMT

Sorry OP! WF is known for being fickle on decisions. That reasoning is often seen with certain CU.

Too much income and credit will never be my issue. There's plenty of lenders at your disposal, ones that will wholeheartedly embrace you.

Re: Denied for too much available credit?

Gmood1 — Sat, 27 Feb 2021 18:27:17 GMT

IMHO and experience, WF is the most conservative bank I've dealt with.

Doesn't sound unusual for them to deny for that reason. They've denied me for all sorts of reasons. lol

Rarely am I denied for too much available credit and I'm not a high net worth CEO of anything. Normally for me, it's too many new accounts.

Doesn't mean everyone will deny you though. Plenty of others will give you keys to the vault!

Re: Denied for too much available credit?

mich800 — Sat, 27 Feb 2021 18:28:49 GMT

I don't see how this is so confusing. And someone in an executive level position should understand risk/reward decisions. Maybe the lender does not want to tie up available tradelines with an individual that may not use the card so no transaction fee income. Maybe their algorithm is weeding out credit seekers that just want to pad their self worth by increasing available credit for the sole purpose of having available credit. Sure it may be frustrating but not beyond rational thinking of the why's a bank make credit decisions.

Re: Denied for too much available credit?

CH-7-Mission-Accomplished — Sat, 27 Feb 2021 19:10:32 GMT

@gameofthrones wrote:
I recently applied for a Wells Fargo Cash Wise Credit Card. My credit is excellent; high FICO, 3% utilization, low inquiries, etc. I am a high net worth CEO, so you'd think I am the ideal client for WF. Wrong. I was denied for having too much available credit, and they are afraid that I could misuse/abuse my credit my taking out all of the credit. This is the most idiotic thing I ever heard. I appealed asking for reconsideration. It was kicked up the the "executive office," which is just a fancy name. They are not executives that work in the office, they are low level admins. Has anyone else been denied for this asinine reason? Sure, it's unsecured debt, but I haven't missed a payment and use my credit responsibly.

I think you should consider yourself lucky. Wells is a horrible bank IMHO. Years ago before my BK I was applying for a LOC to finish a house remodel. It took them three months to approve it and twice a week they would ask for one more piece of information. Another time I deposited a cashier's check from Chase, directly across the street from this Wells branch, and they put a 15-day hold on it -- and I needed the $$$ to buy my new car. When I questioned the asst. manager he said, "You wouldn't want me to lose my job, would you?" (Frankly I would have been happy if that happened). They literally could have called the Chase branch but wouldn't do it. Lastly, they have been in the news a lot for opening 10s of 1000s of customer accounts that customers never asked for -- in order to meet their internal financial goals. They were fined in a major way. They issue secured credit cards that are supposed to unsecure in like a year or so and yet they are still secured five years later when people have great FICO scores and tons of high limit cards. And nobody has ever gotten a goodwill deletion for a late payment with Wells. I think it's because they don't have any goodwill unless it is for their own bottom line. I loathe them and would never bank with them. Ever.

Re: Denied for too much available credit?

coldfusion — Sat, 27 Feb 2021 19:27:55 GMT

@firefox100 wrote:
Again I am amaze how banks banks decide how to grant credit limits and cli's, it is black box. For example I am not CEO with high networth but I have over 225K credit limits and Wells Fargo still grants credit increases like clock work. As some of you know I am broken record about this subject. This is a great example, where a person who has high networth has a hard time getting approved for a credit card or an increase. Another thing the banks are just to large, a person like should be able to get some who can say lets take look so we can do business with you. By Wells Fargo and the CEO office can not say go into branch and lets see what you have. I think they would bend over to grab some your business as such as personal and your company's business. It was lot different 40 years ago who could talk to some one get things done to day your talking to black box computer system. even people at wells fargo at higher level live and die by there computer they don't have real decision making power.

Talk is cheap. If you want to be treated like a high-value client, walk the walk and be a high-value client.

Re: Denied for too much available credit?

Credit12Fico — Sat, 27 Feb 2021 19:39:22 GMT

@Gmood1 wrote:
IMHO and experience, WF is the most conservative bank I've dealt with.

The irony of Wells Fargo is palpable considering not too long ago their employees were opening new accounts willy nilly to trick shareholders