topic Re: Wells Fargo - HP for CLI? in Credit Cards

Wells Fargo - HP for CLI?

kayvee_ — Fri, 19 Jul 2013 04:31:39 GMT

I received a new card from WFB since my card was near its expiration date. Since I had to activate the card, I also requested a CLI. I was under the impression that the CLI requests were always soft pulls. However, I noticed on Monday that I had a hard inquiry on my credit report from Wells Fargo.

Are they doing hard pulls now? The customer service rep said someone would call me that Monday, but no one ever did. I would have never asked if I knew it would be a hard pull.

Re: Wells Fargo - HP for CLI?

Anonymous — Fri, 19 Jul 2013 04:50:32 GMT

Always assume asking for a CLI will result in a HP. It's wonderful if you receive a sp CLI but 9x out of 10 they ar few and far between.

Re: Wells Fargo - HP for CLI?

Anonymous — Fri, 19 Jul 2013 05:59:49 GMT

Wells Fargo does SP CLIs. However, they do work a little differently from other banks. Whenever you ask for a CLI, you have to state the amount you want. The system will either approve or decline you. It will not counteroffer, so if you want a SP CLI, be realistic about the amount you are asking for.

If you are declined, it will be sent to the credit department automatically for a hard inquiry CLI request. The CSRs on the phone cannot stop that from happening. Your best recourse then is to ask to be transferred to that department, or call their direct number once they are open in the morning, and see if you can retract that request if it hasn't been processed. It typically is processed within couple hours of the initial cli request, sometimes faster, sometimes slower.

Re: Wells Fargo - HP for CLI?

lhcole77 — Fri, 19 Jul 2013 14:02:55 GMT

+1 enharu

Re: Wells Fargo - HP for CLI?

Bay_Area_Joe — Fri, 19 Jul 2013 22:52:52 GMT

What part of Country are you in and what Credit Bureau did WF pull ?

Thanks

Re: Wells Fargo - HP for CLI?

kayvee_ — Sat, 27 Jul 2013 17:18:11 GMT

@Anonymous wrote:
Wells Fargo does SP CLIs. However, they do work a little differently from other banks. Whenever you ask for a CLI, you have to state the amount you want. The system will either approve or decline you. It will not counteroffer, so if you want a SP CLI, be realistic about the amount you are asking for.

If you are declined, it will be sent to the credit department automatically for a hard inquiry CLI request. The CSRs on the phone cannot stop that from happening. Your best recourse then is to ask to be transferred to that department, or call their direct number once they are open in the morning, and see if you can retract that request if it hasn't been processed. It typically is processed within couple hours of the initial cli request, sometimes faster, sometimes slower.

Yes, they have done SP CLI's for me before. I always request through CSR. I called becuase I had to activate my new card (old one expired) and then I got a letter stating I had "enough" credit.

Re: Wells Fargo - HP for CLI?

kayvee_ — Sat, 27 Jul 2013 17:20:12 GMT

@Bay_Area_Joe wrote:
What part of Country are you in and what Credit Bureau did WF pull ?

Thanks

J

I am in Northern California and they pulled Experian.

Re: Wells Fargo - HP for CLI?

Bay_Area_Joe — Tue, 30 Jul 2013 20:25:14 GMT

Thank you.

Can't afford another INQ on EX.

As somebody said on the forum a while back "If I sneeze I get a HP on EX"., or something like that.

Re: Wells Fargo - HP for CLI?

kayvee_ — Wed, 31 Jul 2013 02:06:28 GMT

@Bay_Area_Joe wrote:
Thank you.

Can't afford another INQ on EX.

As somebody said on the forum a while back "If I sneeze I get a HP on EX"., or something like that.

Neither can I. It is my lowest score.

Re: Wells Fargo - HP for CLI?

Anonymous — Wed, 31 Jul 2013 02:16:29 GMT

They might do auto love after the 1st 12 months of having your card, and then once every 6 months thereafter (that's what they did for me).

Re: Wells Fargo - HP for CLI?

kayvee_ — Wed, 31 Jul 2013 02:27:22 GMT

@Anonymous wrote:
They might do auto love after the 1st 12 months of having your card, and then once every 6 months thereafter (that's what they did for me).

I've had this card for 10.5 years - no CLI ever. It is my lowest card, but my FIRST card. I got the annual fee (and rewards) removed and since its a VISA I have kept it SD'ed.

I wonder if keeping this card open is doing me more harm than good.

Re: Wells Fargo - HP for CLI?

Anonymous — Wed, 31 Jul 2013 02:58:58 GMT

If you are not using the card, lenders will not be as willing to extend you any more credit than you already have. The same amount of money they extend to you could have been given to someone else who could be using it, thereby allowing the lender to make money off swipe and interest fees.

If you are not getting AA or rejections for having too much credit relative to income, don't close the account.

Re: Wells Fargo - HP for CLI?

Anonymous — Wed, 31 Jul 2013 14:30:22 GMT

"I've had this card for 10.5 years - no CLI ever. It is my lowest card, but my FIRST card. I got the annual fee (and rewards) removed and since its a VISA I have kept it SD'ed.

I wonder if keeping this card open is doing me more harm than good. "

Woooooow. I'm sorry Wells Fargo doesn't luv you

Re: Wells Fargo - HP for CLI?

Brax — Wed, 31 Jul 2013 16:19:11 GMT

@kayvee_ wrote:
I've had this card for 10.5 years - no CLI ever. It is my lowest card, but my FIRST card. I got the annual fee (and rewards) removed and since its a VISA I have kept it SD'ed.

I wonder if keeping this card open is doing me more harm than good.

You might try to use it very heavily for 1-2 months. Last year I received a SP auto-CLI once I had multiple payments in one month that exceeded the CL in order to constantly keep the balance low. Also coincidentally used a promotional BT supercheck for the first time in a small amount, that seemed to help.