topic Re: Wells Fargo relationship matters in Credit Cards

Wells Fargo relationship matters

911gt34life — Wed, 27 Sep 2023 21:58:14 GMT

Recently open checking account Wells Fargo does relationship matter with credit cards ? Because when I login for the first time say .... member since 2014 ..

so far only US Bank and Bank of America only one they seen their relationship matters with credit card

Re: Wells Fargo relationship matters

CreditCuriosity — Wed, 27 Sep 2023 22:29:21 GMT

No IMO relationship doesn't matter for credit products all. Others might disagree.

Re: Wells Fargo relationship matters

Blender — Wed, 27 Sep 2023 22:43:15 GMT

Mine also says 2010 and I can't recall ever having an account with them either

Re: Wells Fargo relationship matters

mrgarrettscott — Wed, 27 Sep 2023 23:24:54 GMT

If your Wells Fargo account says member since 2014 and you are new member, you should investigate that. Wells Fargo offers excellent credit products but keep in mind the bank has been busted and fined twice for doing shady issh like creating accounts customer didn't ask for.

Re: Wells Fargo relationship matters

911gt34life — Thu, 28 Sep 2023 00:09:11 GMT

@mrgarrettscott wrote:
If your Wells Fargo account says member since 2014 and you are new member, you should investigate that. Wells Fargo offers excellent credit products but keep in mind the bank has been busted and fined twice for doing shady issh like creating accounts customer didn't ask for.

i had account long time ago just wondering... i guess wait 2024 to apply

Re: Wells Fargo relationship matters

Jeffster1 — Thu, 28 Sep 2023 15:36:12 GMT

I know that the prevailing opinion is that relationship doesn't matter with WF, but I will offer up my experience.

I had a First Interstate account since I was a mere kid. First Interstate merged with WF in the mid-90s. I had WF accounts (checking, savings, credit card) continually from the merger until when I filed my 13 in 2017. I IIB my WF card. I got my DC in January 2021.I've maintained my WF Checking and Savings through to today though it is far from being my primary bank.

WF approved me for a BILT Rewards Visa in November 2022 with a SL of $30,000 only 22 months after my DC. Did my relationship have anything to do with that? 🤷🏾

Re: Wells Fargo relationship matters

coldfusion — Thu, 28 Sep 2023 11:16:52 GMT

@Jeffster1 wrote:
I know that the prevailing opinion is that relationship doesn't matter with WF

If that's truly the case then the perception of the bank here has changed a fair amount from what it was 4-5 years ago based on comments claiming that already having a deposit account improves one's odds of an approval.

Re: Wells Fargo relationship matters

kickhard88 — Thu, 28 Sep 2023 11:23:14 GMT

I'm got the same thing applied and was approved for the active cash this year on my online account says been a member since 2012. I do remember having an account for a short time. Did it help with me being approved maybe

Re: Wells Fargo relationship matters

CreditCuriosity — Thu, 28 Sep 2023 11:30:28 GMT

@coldfusion wrote:
@Jeffster1 wrote:
I know that the prevailing opinion is that relationship doesn't matter with WF
If that's truly the case then the perception of the bank here has changed a fair amount from what it was 4-5 years ago based on comments claiming that already having a deposit account improves one's odds of an approval.

I don't have a WF card been turned down a card with/without banking account . Reason I had my opinion as you have read so many of those threads only parked $100 or pick a number and denied for insufficient banking funds or whatever the verbiage was so it seemed most people broke their banking relationship or skipped it from those commends and approved or oe can say the opposite and since they have a bank account even with same amount of money they were approved. Hard to tell if there is any evidence if helps or hinders it or if they are pulling that $ amount too low just as an additional excuse to decline. Never used against me as I use to get the famous too many accounts with balance which I think means just the opposite on how they use the term as had 1 cc reporting less that $500. They have some interesting choice of verbiage especially when I spoke to UW one of the times trying to recon it as came down to too much available credit. I think WF like say First Tech CU is a bank you ikely want to get when you don't have much credit then once your profile is obsurd it is easier as you already have a credit relationship with them and will thus approve on for more? Just pure speculation and kinda what I have seen.

Re: Wells Fargo relationship matters

Anonymous — Thu, 28 Sep 2023 13:01:27 GMT

I think we (as a forum) simply cannot tell. We see lots of stories of people getting approved with higher CLs than expected, or approved after an earlier rejection, once they started a deposit account. But there are also TONS of approvals without any banking relationship, and people generally don't add, unless asked, "Oh, no banking relationship". Perhaps this tends to make the former cases appear more significant than they are?

Then there are the "Can't hurt" school. I think that's not quite true either. Apart from the potential financial hit and chex system etc hits from opening small deposit accounts at every issuer you might be interested in, IMO small amounts may count against you (a bank might be hoping with your declared income you might come over with say $10K. "Oh, look, he/she has $200 with us") And if something goes wrong with a deposit account, that can impact any decision, and even cause an approved account to be closed.

So, I wouldn't suggest opening an account in the hopes of approving odds. If the account has good features, and is above average and you feel borderline, and you don't do it often....etc, then maybe!

(There are other good reasons for opening bank accounts, such as bonuses and to get extra features, like US Bank used to have, but that's not the topic...)

Re: Wells Fargo relationship matters

h2oeng — Thu, 28 Sep 2023 13:58:27 GMT

Yes, relationship with WF does matter! I've had a checking account with them for years. I moved my primary over to NFCU about 2 years ago about the time I picked up a WF ActiveCash card. On my last CLI request they lowered my request citing the lack of use on my WF checking account as the primary reason for the reduction.

Re: Wells Fargo relationship matters

Anonymous — Thu, 28 Sep 2023 14:03:58 GMT

@h2oeng wrote:
Yes, relationship with WF does matter! I've had a checking account with them for years. I moved my primary over to NFCU about 2 years ago about the time I picked up a WF ActiveCash card. On my last CLI request they lowered my request citing the lack of use on my WF checking account as the primary reason for the reduction.

OK, so that's an example of where the checking account might hurt. It's possible that otherwise the CLI would be evaluated on credit card usage

Re: Wells Fargo relationship matters

cws-21 — Thu, 28 Sep 2023 14:09:23 GMT

@Anonymous wrote:
@h2oeng wrote:
Yes, relationship with WF does matter! I've had a checking account with them for years. I moved my primary over to NFCU about 2 years ago about the time I picked up a WF ActiveCash card. On my last CLI request they lowered my request citing the lack of use on my WF checking account as the primary reason for the reduction.
OK, so that's an example of where the checking account might hurt. It's possible that otherwise the CLI would be evaluated on credit card usage

This is interesting as it is not consistent with my experience. I had a Propel with Wells Fargo and have never had a banking relationship with them. I had no problem with my approval nor did I ever have a problem getting credit limit increases every six months.

Re: Wells Fargo relationship matters

Brian_Earl_Spilner — Thu, 28 Sep 2023 14:32:26 GMT

Wells Fargo has been proven to be a relationship bank. Plenty of datapoints where they cite other products like dda, auto, and mortgage as affecting their decisions.

Re: Wells Fargo relationship matters

Anonymous — Thu, 28 Sep 2023 14:32:37 GMT

@cws-21 wrote:
@Anonymous wrote:
@h2oeng wrote:
Yes, relationship with WF does matter! I've had a checking account with them for years. I moved my primary over to NFCU about 2 years ago about the time I picked up a WF ActiveCash card. On my last CLI request they lowered my request citing the lack of use on my WF checking account as the primary reason for the reduction.
OK, so that's an example of where the checking account might hurt. It's possible that otherwise the CLI would be evaluated on credit card usage
This is interesting as it is not consistent with my experience. I had a Propel with Wells Fargo and have never had a banking relationship with them. I had no problem with my approval nor did I ever have a problem getting credit limit increases every six months.

Which was my earlier point that we have lots of examples on both sides, so the "have relationship" could just be a noise variable. But @h2oeng case was interesting in that they mentioned the "goodness" of the checking account as a factor in CLI. But as with @cws-21 not having one is totally fine (for some people anyway)

Re: Wells Fargo relationship matters

h2oeng — Thu, 28 Sep 2023 15:29:01 GMT

I did get a bump, I was at $20k, requested another $5k and got $3.5k if I remember correctly. Wasn't that big of a deal but I was a little suprised when I saw the response. I may try again in a few months for sh*ts and giggles.

Re: Wells Fargo relationship matters

Im-back — Fri, 29 Sep 2023 03:06:51 GMT

Thirty plus years with wells. Plenty of loans, cars, houses, line of credit. Account with Wells Fargo Advisors. Credit card has been stuck at same limit for 20 years.

Re: Wells Fargo relationship matters

UncleB — Sat, 30 Sep 2023 12:13:35 GMT

@cws-21 wrote:
@Anonymous wrote:
@h2oeng wrote:
Yes, relationship with WF does matter! I've had a checking account with them for years. I moved my primary over to NFCU about 2 years ago about the time I picked up a WF ActiveCash card. On my last CLI request they lowered my request citing the lack of use on my WF checking account as the primary reason for the reduction.
OK, so that's an example of where the checking account might hurt. It's possible that otherwise the CLI would be evaluated on credit card usage
This is interesting as it is not consistent with my experience. I had a Propel with Wells Fargo and have never had a banking relationship with them. I had no problem with my approval nor did I ever have a problem getting credit limit increases every six months.

There have been data points in the past that indicated having no WF checking account could be seen as better than having one with a minimal balance. This would be consistent with both your and @h2oeng's experiences.

Of course this is all just anecdotal, so folks will have to decide for themselves.

In my own personal experience I got a very generous approval for a Propel several years ago, and I had significant funds on deposit at the time. I've always thought that the deposit accounts made a difference in my case, since otherwise my profile didn't call for an approval that large. ¯\_(ツ)_/¯

On the other hand, there are others who have had sizable deposits that for whatever reason WF just didn't like their profile, so having funds on deposit definitely isn't a silver bullet in all cases.