WF Autograph denial - Some DPs

[Lorwegian]

Ist denial in my life. Seriously. 

All FICO 8 scores are over 800, averaging 820.
Open trade lines = 5 cards - total available credit is $88,000

Usage <4% average over 6 months (EO rep stated they look at this), could not tell me if this was too high or too low. Who knows!
No mortgage/paid off

Income $90K

Inquiries on record at time of application: NONE

Last opened credit card 2023
Last closed card 2024 (Card was 4 years old)
Denied! 

I called the executive team, they claim they do not have a relationship requirement (I have a WF cobranded card, but no checking). Was told EO cannot reverse denials, they are just there to "take complaints".  They invited me to "reapply in a few months" and I told them I will absolutley not be applying, ever again. 

I have been a retail underwriter of over 10 years and this folks, makes zero sense to me. Mind boggling.

I cannot recommend WF to anyone, they are insane. Unbelievable.

[pizzadude]

What was their stated reason(s) for denial, have you received this ? 

[Lorwegian]

Have not rec'd in mail yet. When I spoke to them - the two reason the gave me did not make sense. They clearly have a problem with their automatic decison-bot and since they won't manually review....here we are. 
At my place of emplyment we never auto-review 100%, too many mistakes are made. WF is big enough not to care and they act like it on the phone.

[pizzadude]

Yeah I'm not surprised they wouldn't do anything on the phone to help.   I'm sure that the denial decision was automated and very likely they don't have override capability.  

[Lorwegian]

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@pizzadude wrote:

Yeah I'm not surprised they wouldn't do anything on the phone to help.   I'm sure that the denial decision was automated and very likely they don't have override capability.  

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Exactly, no appeal process. 

I posted here after reading similiar WF denials as a cautionary tale....

[Patient957]

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@Lorwegian wrote:

Have not rec'd in mail yet. When I spoke to them - the two reason the gave me did not make sense. They clearly have a problem with their automatic decison-bot and since they won't manually review....here we are. 
At my place of emplyment we never auto-review 100%, too many mistakes are made. WF is big enough not to care and they act like it on the phone.

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Yeah, the bots do stuff that doesn't make sense sometimes.  Having no human override just ends up pissing off good customers.  But I guess the cost savings makes up for it in their view.  Capital One is the same.  The bots do nonsensical stuff and the company doesn't care.  It just is what it is.  At least C1 has a fairly reliable preapproval tool.  It's the CLIs where the crazy happens.

[Jeffster1]

The WF auto-review bots are certainly frustration-inducing. I applied in 2024 for the WF Cash+ and was denied. The sole reason was "Too many accounts with balances." 

I've been practicing AZEO since 2021 and have only carried a $3 reporting balance each month on one card since then. I called and couldn't get anybody to review my app rejection, and I moved on. 

[Lorwegian]

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@Jeffster1 wrote:

The WF auto-review bots are certainly frustration-inducing. I applied in 2024 for the WF Cash+ and was denied. The sole reason was "Too many accounts with balances." 

I've been practicing AZEO since 2021 and have only carried a $3 reporting balance each month on one card since then. I called and couldn't get anybody to review my app rejection, and I moved on. 

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Same here. Done with WF. 

[SusanJA]

Sorry to hear that. I would guess it's due to the available credit you already have vs. your income. 

[Lorwegian]

I received the denial letter from WF today. A reminder, I am a retail underwriter for personal loans, credit lines and HELOCS. I can tell you these reasons are not typical reasons on a boiler-plate adverse action form. ie. https://www.bankersonline.com/sites/default/files/tools/adversereasonschart.pdf

1. Ratio of credit bureau trades with a balance greater than zero (We look at the ratio of open and closed credit accounts that have a balance greater than zero in the last 6 months)

2. Number of revolving bankcards reported by credit bureau. (We look at the number of bank credit cards in your credit bureau report)

Included on the letter - Experican Score used 832 (Range 300 -850)

1.  I typically PIF but carried a balance on my Discover card for 6 months because I had a 0% deal on it just paid it off in January. I researched the average for the last 6 months and the "average" they speak of was $2,500.  So $2,500/$88,000 = 3% utilization rate. Ratio wise that is 1 out of 5 cards that reported a balance. A real head scratcher. 

2. I have 5 credit cards total which is just over the Experian average of 4 cards. Nothing crazy by any stretch of the imagination. Guess with my strong credit history WF thinks I could not handle 6 cards LMFAO. 

It looks like WF is making up the rules as they go along, which is their prerogative, just take that into consideration before applying w/ them. I should have heeded the posts here saying the same thing, but I  guess we always think we will pass the "test" with invisible rules...hahaha.