cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo business credit card.........

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
New Contributor

Wells Fargo business credit card.........

So I opened a new business checking account at Wells Fargo today. Part of the process (per the personal banker) is they offer you a credit card for the business, though its guaranteed by you (me) personally. I tell him #1, I really am not interested. To which he says, they offer no annual fee and no interest for the first year. Then I said, #2, well I would rather not the hard pull on my credit and since I have been using my current cards lately my utilization has taken a hit and my scores have dropped by 20-25 points so I won't get approved I am sure. He says, well we have to do the hard pull so why not go for it ? I said, #3, you really HAVE to do this? His answer was its required. What ?????? (forcing you into a credit card). He then said, how much limit do you want ? 5-10-25k ? I said, #4, the minimum since I really dont want the card anyway, then he applies for 10K. Mind you in hindsight, the most possible would be great it would help my credit scores but...... its like he didn't hear me but since we were virtually done with the process and I had been there 45 minutes I just went with it. Just sucks I get another hard pull only to get denied. Everything was fine till then. Anyone else deal with a simular situation ?


Starting Score: 539
Current Score: 645,630,615
Goal Score: 750


Take the myFICO Fitness Challenge
Message 1 of 10
9 REPLIES 9
Senior Contributor

Re: Wells Fargo business credit card.........

Why eas the HP required in the first place? For the business checking account? I thought that was a SP like any other checking account. Guess not

Ink Cash Signature $8.5k ~ Discover it $15k
Blue Cash Everyday $15k ~ Diamond Preferred $15k ~ Slate $17.5k ~ Sallie Mae WMC $24.5k
EQ 712 EX 716 TU 721




Message 2 of 10
New Contributor

Re: Wells Fargo business credit card.........


@JOHNINAZ wrote:

So I opened a new business checking account at Wells Fargo today. Part of the process (per the personal banker) is they offer you a credit card for the business, though its guaranteed by you (me) personally. I tell him #1, I really am not interested. To which he says, they offer no annual fee and no interest for the first year. Then I said, #2, well I would rather not the hard pull on my credit and since I have been using my current cards lately my utilization has taken a hit and my scores have dropped by 20-25 points so I won't get approved I am sure. He says, well we have to do the hard pull so why not go for it ? I said, #3, you really HAVE to do this? His answer was its required. What ?????? (forcing you into a credit card). He then said, how much limit do you want ? 5-10-25k ? I said, #4, the minimum since I really dont want the card anyway, then he applies for 10K. Mind you in hindsight, the most possible would be great it would help my credit scores but...... its like he didn't hear me but since we were virtually done with the process and I had been there 45 minutes I just went with it. Just sucks I get another hard pull only to get denied. Everything was fine till then. Anyone else deal with a simular situation ?


the same thing happened to me but I did NOT get a hard pull. 

My question is does this card report on my personal credit?  I opned my account in May 2015 and it has yet to report.  Will it effect my personal credit in regard to utiliazation?

Message 3 of 10
Epic Contributor

Re: Wells Fargo business credit card.........

Didn't Wells Fargo just settle a HUGE Lawsuit for lies like this coming from bankers!?

 

I personally would walk back in tomorrow and CLOSE your business accounts and take them to Chase or ANYTHING other than Wells Fargo.... HE LIED LIED LIED!

 

1. Checking and Savings account business or personal DO NOT pull Credit.

2. Credit Card Applications are NOT required when opening said accounts.

3. Wells Fargo just plan SUCKS

4. He lied to you and do you really want to bank with someone that starts a relationship out like that.

5. This would not help your credit because if it was approved, Wells Fargo and MOST business cards do not report to personal credit so it would not help with utilization or anything for that matter because it wouldn't show.

Message 4 of 10
New Contributor

Re: Wells Fargo business credit card.........

wow!Smiley Surprised

Message 5 of 10
Moderator

Re: Wells Fargo business credit card.........


@Creditaddict wrote:

Didn't Wells Fargo just settle a HUGE Lawsuit for lies like this coming from bankers!?

 

I personally would walk back in tomorrow and CLOSE your business accounts and take them to Chase or ANYTHING other than Wells Fargo.... HE LIED LIED LIED!

 

1. Checking and Savings account business or personal DO NOT pull Credit. - well technically they do.  Chexsystems is a credit reporting agency.

2. Credit Card Applications are NOT required when opening said accounts.

3. Wells Fargo just plan SUCKS

4. He lied to you and do you really want to bank with someone that starts a relationship out like that.

5. This would not help your credit because if it was approved, Wells Fargo and MOST business cards do not report to personal credit so it would not help with utilization or anything for that matter because it wouldn't show.


 

Message 6 of 10
New Visitor

Re: Wells Fargo business credit card.........

Great!

Message 7 of 10
New Member

Re: Wells Fargo business credit card.........

I can provide some insight. I used to work at Wells Fargo as a personal banker and regularly dealt with business accounts. NO it is NOT required to apply for a small biz credit card when opening a checking account. During the account opening process a SOFT credit pull is generated just like when you open a personal account. Based on the soft pull the system will generate credit offers which include personal or business credit card based on the account/custoemr type. This can include auto refinance offer, line of credit offers, personal loan offers, mortgage and or refinance offers. This is all based on what the system can see from the soft pull.

 

For credit cards and most credit offers there are three different offers the banker will see and it is based on your credit.

 

Invitation To Apply- No guarantee you will be approved based on your SP. Always results in HP after applying. This is more like a reminder for the banker to offer you a credit card.


Pre Qualified- Strong chance of being approved in my experience 50%-80% of customers with this offer get approved.

 

Pre Approved- You're basically already approved for the card. All they need is the application to get the card based on income to establish DTI. In my experience this is either:

 

a) a long time customer with established relationship with WF and has been soft pulled multiple times over a period of time.

 

b) a new customer that the system determined showed a VERY strong credit history & score during the account opening soft pull.

 

In both situations form what I recall every customer was approved when "Pre Approved"

 

Go back and talk to the branch manager and tell them what happened. They have a form they can file to their credit department to have the hard pull removed from your credit report.

 

Hope this Helps.


XW

 

Message 8 of 10
Super Contributor

Re: Wells Fargo business credit card.........

I didn't get any pre-approval when I applied. I don't have any personal and business checking with WF. I didn't get any instant decision. I got the card in the mail after two weeks. I got approved for $8K. I already have WF personal credit card and plenty of store cards. I don't know it helps to get approved.

Ron.
Message 9 of 10
Contributor

Re: Wells Fargo business credit card.........


@JOHNINAZ wrote:

So I opened a new business checking account at Wells Fargo today. Part of the process (per the personal banker) is they offer you a credit card for the business, though its guaranteed by you (me) personally. I tell him #1, I really am not interested. To which he says, they offer no annual fee and no interest for the first year. Then I said, #2, well I would rather not the hard pull on my credit and since I have been using my current cards lately my utilization has taken a hit and my scores have dropped by 20-25 points so I won't get approved I am sure. He says, well we have to do the hard pull so why not go for it ? I said, #3, you really HAVE to do this? His answer was its required. What ?????? (forcing you into a credit card). He then said, how much limit do you want ? 5-10-25k ? I said, #4, the minimum since I really dont want the card anyway, then he applies for 10K. Mind you in hindsight, the most possible would be great it would help my credit scores but...... its like he didn't hear me but since we were virtually done with the process and I had been there 45 minutes I just went with it. Just sucks I get another hard pull only to get denied. Everything was fine till then. Anyone else deal with a simular situation ?


Umm, I haven't read thru any replies yet, but I have accounts with them and they didn't do a HP. As for the credit card app, he was being sarcastic and you went right with it , why ? Never let any bank do a pull just so the rep can attemp to make commision at you expense.Sorry that happened to you !

 


Filed BK 8/2015 Discharged 12/2015
QS AU$1300 QS1 AU $1100 QS $1300 QS $600 Spark Business $1500.. DiscoverIt Secured $300..FingerHut FreshStart $130 Graduated $200, Victoria $250 NewYork&Co $250 CFNA $1000
Message 10 of 10