One Key Card Denied

[denverguy67]

I was buying a plane ticket through Expedia and going to the payment page, and it suggested that I apply for the One Key card (no annual fee and up to a $5,000 credit limit)  and get a $200 statement credit towards the price.  I thought, sure why not, my credit score is improving.  I submitted it and it said pending.  Then 2 hours later I get the email from Wells Fargo Card Services - "After carefully reviewing your One Key(TM) Card application, we can't provide you with a credit card at this time."  Wells Fargo did a hard pull from Experian and my Experian FICO 8 score is currently at 741 (down from 754 a month ago).  I now have 5 inquiries on Experian within the last year, and 2 this calendar year.   I was also denied  a Wells Fargo Reflect Visa card on 4/1/24.  For whatever reason Wells Fargo doesn't like me.

[FicoMike0]

Wells doesn't like recent new accounts. They do seem to like you already having an account with them. They're offering a $400 bribe,

https://accountoffers.wellsfargo.com/welcomebonus/

[DR527]

I don't understand this, the OneKey Card is a soft pull? You can check first to see if your approved. Like everywhere, Vrbo, Expedia, google, heck I just went to Wells Fargo.com and checked and it's still a soft pull right from the bank. Not sure how you got a HP? Unless you applied after getting a preapproval. 

[denverguy67]

I was in a hurry this morning.  I think it was a soft pull to check if I was approved, and I vaguely remember seeing that I was approved for a $5000 line of credit and my score was 746.  I wish I took a screenshot of that.  Then I clicked apply, and then they said it was pending (and then later I got an email with the denial).  So I was denied after getting pre-approved. 

[indiolatino61]

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@denverguy67 wrote:

I was buying a plane ticket through Expedia and going to the payment page, and it suggested that I apply for the One Key card (no annual fee and up to a $5,000 credit limit)  and get a $200 statement credit towards the price.  I thought, sure why not, my credit score is improving.  I submitted it and it said pending.  Then 2 hours later I get the email from Wells Fargo Card Services - "After carefully reviewing your One Key(TM) Card application, we can't provide you with a credit card at this time."  Wells Fargo did a hard pull from Experian and my Experian FICO 8 score is currently at 741 (down from 754 a month ago).  I now have 5 inquiries on Experian within the last year, and 2 this calendar year.   I was also denied  a Wells Fargo Reflect Visa card on 4/1/24.  For whatever reason Wells Fargo doesn't like me.

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Sorry about the denial and the wasted hard pull. 

[ChameleonBob]

Let us know what their reasoning was when you get the letter. 

I was applying for months doing the preapproval on Expedia and have a stack of letters saying that they can't approve because of my BK7.

I never had an account with them. 

A lot of people have suggested I wait 6 months and try again.

It would be a fantastic card for me since I use Expedia a lot. 

Thanks for the info. 

[youngandcreditwrthy]

yeah wait at least 3 months, more like 6 after you open new accounts to open an account with theml. that usually gives time for the accounts to age a little and most lenders are comfy with that. 

ten years ago Wells Fargo was barely in the CC gaame and they are still very conservative also mostly doing mortgages pre 2014 ish

[denverguy67]

Update:  I got the denial letter in the mail.

Dear ____ :  We're writing to let you know we are unable to approve your ONE KEY CARD account application for the following reasons:

- Nature of credit risk posed by termination of other accounts.

I had a Wells Fargo checking account in 2017 that they closed for some reason.  So I am still on their internal blacklist.  

[Dcowboy08]

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@denverguy67 wrote:

Update:  I got the denial letter in the mail.

Dear ____ :  We're writing to let you know we are unable to approve your ONE KEY CARD account application for the following reasons:

- Nature of credit risk posed by termination of other accounts.

I had a Wells Fargo checking account in 2017 that they closed for some reason.  So I am still on their internal blacklist.  

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Now you know. 

[youngandcreditwrthy]

wells is just very relationship based and they weren't even in the CC market until around 2012 ish. While yes they did commit fraud, they also have been a mortgage lender traditionally, and are still very conservative with their credit card division which is still kinda new in the grand scheme. 

yes you could get a couple cards before that time, but not much else. It was like a platinum card or nothing.

Dont feel bad, I checked the prequal and got no offers with 720 FICO 08. They really need to upgrade to FICO 9 or 10 to include all these crazy things people are buying on BNPL plans, that'll make those of us that aren't borrowing "shadow debt" look far better in terms of percentiles of credit scores. Im sure there's 100 billion of short term BNPL debt floating around outh there. HECK, every time Im on any website Affirm is offering me 18 mos no interest on an 8k loan for something I don't need.