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Hmmm, to app or not to app- Wells Fargo ,

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Valued Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,

Hopefully this ends in an approval for you. Keep us updated





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FICO 8 scores 04/2019
EX-778
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Message 21 of 40
Valued Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,

Just stalking to see if you got your approval.

Message 22 of 40
Regular Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,

never heard of a bank asking for a pay stub unless its a cu i would app 4 one of their better cards like propel or visa signature


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Message 23 of 40
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Re: Hmmm, to app or not to app- Wells Fargo ,

Any news yet?
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Message 24 of 40
Senior Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,


@DaveInAZ wrote:



EDIT: Trigger pulled:


Thank you for your application, DAVID
Wells Fargo Platinum Visa® Credit Card

We need to verify a few pieces of information before we can give you a credit decision.

Status: Pending

What happens next

We'll send you a confirmation email in the next few minutes.
If approved, your new credit card will be mailed in 5-7 business days. If we are unable to grant you credit, we will let you know why in writing.

 

Instant alert from Experian that Wells pulled my CR.


My Personal Experience, not telling you what to do:, I'd call in and ask if they needed any further Info like Verification?

Thats my approach. Wells Fargo Has a Really Good Fraud Department/Detection and are always on The Cautious side.

They just may want to Verify that it is in fact you whom are applying?

Fingers Crossed, Hope you get Approved!

Message 25 of 40
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Senior Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,

Oh, they know who I am. Letter came today, one of the strangest and annoying denials I've ever received:

We are unable to offer you a credit card account for the following reasons:
- Low total balance in your Wells Fargo checking account over the last 9 months.
- The balance in your Wells Fargo checking account has not increased enough times in the past year.

My response: I've only had a WF checking account since Feb., so yes it probably hasn't increased to your satisfaction in the past year. I only have it for your $250 new account bonus, so it only gets a partial payroll direct deposit, just over your $500/mo. bonus requirement, and then quickly sweep it out. My primary checking pays me 1.6% interest while you pay nothing, and I have to be careful with the account to  avoid the fees you love to charge. My primary savings pays 2.6% interest while yours pays .05%, and charges a monthly fee is I don't keep a balance to your satisfaction. So no, not much motivation to keep funds in my WF account, instead I look forward to closing it when the bonus hits, and you can keep your stupid credit card, there are many others out there, many of them much better.

WF was always big on "relationship" bank, meaning you have to be a customer they think is giving them adequate business in their opinion to get one of their credit cards. They targeted me with a mailer with code, so I thought they might have changed since they drove their reputation into the toilet. I guess not . . . .


Fico 08: 734/716/734 TU/EX/EQ
Message 26 of 40
Community Leader
Super Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,

Dang sorry to hear Dave. And people wonder if they should give lenders access to view our checking accounts to help serve credit card needs, smhSmiley Wink
#ChaseCreditCardHobby Enthusiast
Message 27 of 40
Moderator

Re: Hmmm, to app or not to app- Wells Fargo ,


@DaveInAZ wrote:

Oh, they know who I am. Letter came today, one of the strangest and annoying denials I've ever received:

We are unable to offer you a credit card account for the following reasons:
- Low total balance in your Wells Fargo checking account over the last 9 months.
- The balance in your Wells Fargo checking account has not increased enough times in the past year.

My response: I've only had a WF checking account since Feb., so yes it probably hasn't increased to your satisfaction in the past year. I only have it for your $250 new account bonus, so it only gets a partial payroll direct deposit, just over your $500/mo. bonus requirement, and then quickly sweep it out. My primary checking pays me 1.6% interest while you pay nothing, and I have to be careful with the account to  avoid the fees you love to charge. My primary savings pays 2.6% interest while yours pays .05%, and charges a monthly fee is I don't keep a balance to your satisfaction. So no, not much motivation to keep funds in my WF account, instead I look forward to closing it when the bonus hits, and you can keep your stupid credit card, there are many others out there, many of them much better.

WF was always big on "relationship" bank, meaning you have to be a customer they think is giving them adequate business in their opinion to get one of their credit cards. They targeted me with a mailer with code, so I thought they might have changed since they drove their reputation into the toilet. I guess not . . . .


I'm playing catch-up here (thus the late reply) but I'm sorry to hear about this denial, @DaveInAZ.  I would be annoyed, too.

 

I've always assumed (based on my own experience mostly) that deposits could help an approval, but I honestly never thought about a modest balance being a deterrent to getting approved.  Smiley Frustrated  It begs the question if you would have been better off to have applied while not having a deposit account relationship at all (which assuming no negative history is counter-intuitive).

 

Thanks for following up with us on the outcome, and like you say there are plenty of other options. Smiley Happy

Message 28 of 40
Community Leader
Senior Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,


@UncleB wrote:

@DaveInAZ wrote:

Oh, they know who I am. Letter came today, one of the strangest and annoying denials I've ever received:

We are unable to offer you a credit card account for the following reasons:
- Low total balance in your Wells Fargo checking account over the last 9 months.
- The balance in your Wells Fargo checking account has not increased enough times in the past year.

My response: I've only had a WF checking account since Feb., so yes it probably hasn't increased to your satisfaction in the past year. I only have it for your $250 new account bonus, so it only gets a partial payroll direct deposit, just over your $500/mo. bonus requirement, and then quickly sweep it out. My primary checking pays me 1.6% interest while you pay nothing, and I have to be careful with the account to  avoid the fees you love to charge. My primary savings pays 2.6% interest while yours pays .05%, and charges a monthly fee is I don't keep a balance to your satisfaction. So no, not much motivation to keep funds in my WF account, instead I look forward to closing it when the bonus hits, and you can keep your stupid credit card, there are many others out there, many of them much better.

WF was always big on "relationship" bank, meaning you have to be a customer they think is giving them adequate business in their opinion to get one of their credit cards. They targeted me with a mailer with code, so I thought they might have changed since they drove their reputation into the toilet. I guess not . . . .


I'm playing catch-up here (thus the late reply) but I'm sorry to hear about this denial, @DaveInAZ.  I would be annoyed, too.

 

I've always assumed (based on my own experience mostly) that deposits could help an approval, but I honestly never thought about a modest balance being a deterrent to getting approved.  Smiley Frustrated  It begs the question if you would have been better off to have applied while not having a deposit account relationship at all (which assuming no negative history is counter-intuitive).

 

Thanks for following up with us on the outcome, and like you say there are plenty of other options. Smiley Happy


This is really an eye-opener because it never dawned on me that a low balance in a checking account would be a deterrent for anything, especially a credit card.

 

The only time I have a large balance on my checking acct—3-4 days max—is when my payroll check is direct deposited, which I immediately transfer funds to pay my mortgage, condo fee, and CCs, and transfer money to savings or other investment accounts, like you @DaveInAZ that earns more interest. I keep less than $100 in checking for incidentals since everything else is charged to my CCs for rewards.

 

That decline letter you received is ridiculous at best considering their despicable relationship with its customers. 

 

It makes me wonder though if other banks look at low checking or savings acct balances as inferior. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
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Message 29 of 40
Community Leader
Senior Contributor

Re: Hmmm, to app or not to app- Wells Fargo ,


@AverageJoesCredit wrote:
Dang sorry to hear Dave. And people wonder if they should give lenders access to view our checking accounts to help serve credit card needs, smhSmiley Wink

Exactly! SMH indeed. 

GOALS: Garden til APR 2020 and 800 Club


SEP 2019: EX 791, TU 797, EQ 800
JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 30 of 40
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