cancel
Showing results for 
Search instead for 
Did you mean: 

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

tag
CreditInspired
Community Leader
Super 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


Ditto!


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $24.2K || NFCU CLOC $15K || NFCU Platinum $15K || CitiCostco $12.7K || Chase FU $12.7K || Apple Card $7K || BOA CashRewards $6K
Message 31 of 40
GApeachy
Super Contributor

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

Sorry Dave, I was reading this and really pulling for you. (Their loss)

My Take Home Pay Don't Take Me Home
Message 32 of 40
flyingmd
Frequent Contributor

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

I got the same letter last November. Food for thought. I have had a WF checking acct for years but it wasnt my primary banking relationship. Only kept a nominal balance in the checking acct. when I apped for the Propel AMEX last November I was denied with the same letter. Scores at the time mid 700’s. Come January I STARTED THINKING about wanting that card so I threw a grand in the checking acct for 1 month. Applied in February and APPROVED! I know it seems strange that someone without any acct at WF gets approved but if you have an acct with a low balance, its a big negative. If you really want the card, i would suggest bumping up the balance for a month or 2. The 1.6% interest you are getting is not gonna be missed for a month. Then re apply. My bet is you will get it at that point. Good luck either way.
Message 33 of 40
CreditCuriosity
Moderator Emeritus

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

honestly WF is nothing special... limits are meh at best, bad business practices which i won't get into much on here that keeps repeating itself and they can't get out of the news yet they are picky and still somewhat selective when they are losing business.. Go figure..  I one day will get the propel card, but doesn't mean I will bend over backwards for a bank i don't much care for for various reasons.  Have a checking acct with them now with a nominal amount of money in it, won't be throwing money in it to get approval will let my profile and income take care of that part.  If they want the business they will approve otherwise it will be a denial which anyone who have been in the credit game long enough for has gotten denied more than just once

Message 34 of 40
Anonymous
Not applicable

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

WF seems to be wierd when it comes to apps and approvals.  Everyone seems to say having an account with them prior to an app makes the world go around but, I have a philosophy of not banking where I get credit.  It's worked just fine at getting WF to issue a card along with several other places to the tune of over 300K in the past 2 years.  WF wimped out with a $7500 approval but, I snagged the $300 SUB and ran.

 

If you dwell on this sort of stuff though it will drive you nuts.  Take your toys out of the sandbox and try a different sandbox to play in that has better people in it and definitely don't bother with HSBC.

Message 35 of 40
GApeachy
Super Contributor

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

I loooove WF, (not)....having our mortgage with them since 2008, I made one extra pymt. towards principle in Dec. 2018, Jan 28th we get the letter our mort. has been transferred.   Not only was it transferred, but was transferred to a company that doesn't even report.....Go WF!  

My Take Home Pay Don't Take Me Home
Message 36 of 40
DaveInAZ
Senior Contributor

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


@flyingmd wrote:
I got the same letter last November. Food for thought. I have had a WF checking acct for years but it wasnt my primary banking relationship. Only kept a nominal balance in the checking acct. when I apped for the Propel AMEX last November I was denied with the same letter. Scores at the time mid 700’s. Come January I STARTED THINKING about wanting that card so I threw a grand in the checking acct for 1 month. Applied in February and APPROVED! I know it seems strange that someone without any acct at WF gets approved but if you have an acct with a low balance, its a big negative. If you really want the card, i would suggest bumping up the balance for a month or 2. The 1.6% interest you are getting is not gonna be missed for a month. Then re apply. My bet is you will get it at that point. Good luck either way.

Well, interesting, I guess I don't feel so bad now. It does seem that you're better off not having any accounts at Wells Fargo if you apply for one of their cards, because if you do have accounts with them you may well get one of their "you're not a worthy enough customer because you don't keep enough money with us" letters. And the funny thing is that I banked with them from 1999-2009, so my account & debit card says "Customer since 1999". But these days I wonder how & why I put up with them so long - fee happy and terrible customer service. I guess I should feel lucky I didn't end up with 20 accounts I didn't know about.

 

I have just enough direct deposit going into the account to meet the bonus & keep the account fee free, but I never let any bank account go below $100-200, I don't like cutting things too close. And sure I wouldn't miss a couple bucks interest to put a couple grand in the account to maybe get approved if I wanted to try again. And I've sure been denied before, but that letter ticked me off so much I'm doing the opposite - my DD hit my account Friday and by end of day Monday it will be down to $4.91. How do you like me now?

Message 37 of 40
ChargedUp
Senior Contributor

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

These are the reasons my cash flows through a tiny, two branch credit union that hasn't charged me a fee for anything in the decade+ I've been using them. If I need anything, I have the closer branch managers cell phone number and she's come through for me with whatever I've needed so far. Their only credit card offered is similar to the Elan card I already have, so no worries on that front either. (Although they ask me to apply everytime I set foot in the office. I keep telling them to start a 2% card Smiley Happy )

 

Keeping debt and cashflow under two separate roofs just seems logical to me.

Message 38 of 40
Winesnoblv
Regular Contributor

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

Last year, after receiving several mailers for both the Wells Fargo Propel and Cash Wise, I decided to apply for the Propel.  I had never had a banking relationship with them and was approved with a $9k sl.  I was able to receive a sp cli of $3k last month.  

FICO 8 EX 784 TU 786 EQ 786
FICO 9 EX 780
AMEX - Platinum, BCP, Delta Platinum, Simply Cash Plus, Blue Business Cash (Business)
Barclay - Arrival Plus, AAdvantage Aviator
Capital One - Venture, Sparks (Business)
Chase - FU, CSP
Citi - Premier, PLOC
Discover It Miles
TD Cash Visa
US Bank Altitude Reserve
Wells Fargo Propel AMEX
PNC Points Visa
FNBO Evergreen Visa
Message 39 of 40
M_Smart007
Legendary Contributor

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


@Winesnoblv wrote:

Last year, after receiving several mailers for both the Wells Fargo Propel and Cash Wise, I decided to apply for the Propel.  I had never had a banking relationship with them and was approved with a $9k sl.  I was able to receive a sp cli of $3k last month.  


Congrats on your SP CLI. it is good to see DP's on a few SP"s from WF.

I was approved for $15k Last year, I might just have to check on a SP CLI.

WF is a Funny Animal, Sometimes a Banking Relationship Helps you,

and I have seen DP's where it can hurt you.

 

Thanks for postingSmiley Happy

Message 40 of 40
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.