WF SP CLI Denial

[Anonymous]

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@Anonymous wrote:

So I got the offical denial letter today and it says nothing about income. 

The reason for denial purely was "insufficient experience with current account"

Gives me hope a CLI may be possible the road. Will try again in 6 months. 

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I don't know about WF specifically when it comes to CLI's but generally there are minimum times between requests.

BOA - 90 days

Amex - 61 days from opening / 181 days from last CLI / 90 days if denied

Disco - they dontt care and you can ask everyday if you wanted to

Sync - avg of every 4 months to get approved but, you can ask as often as you want

Due to the age of your accounts though and the balance you're letting report it's going to be an issue.  Get the reported balance down to $5 and your score will thank you.  You don't have to report high balances to have them see the activity... they have internal records of what your spend looks like.  Showing restraint on your CR helps other lenders see you can manage the cards you have and will probably manage the cards you're applying for.

Take some time on the bench and quit playing with the hornet's nest trying to get more honey out of it... hornets don't make honey anyway. 

Patience is hard but, do whatever you have to do to not apply for anything in the meantime.

[zerofire]

Wells Fargo is known for being tight with their lending so this is no surprise. However the high utilisation and low account length are two great reasons that any normal bank would ask for more time to observe. Perhaps you would consider waiting until later in life for more credit as it seams they only trust you with what you have. All good things come to those who wait.

[Anonymous]

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@zerofire wrote:

Wells Fargo is known for being tight with their lending so this is no surprise. However the high utilisation and low account length are two great reasons that any normal bank would ask for more time to observe. Perhaps you would consider waiting until later in life for more credit as it seams they only trust you with what you have. All good things come to those who wait.

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True, Tho I guess they use some internal risk score thing. Deposit account with them for over 8 without a single incident I guess may have built credit with them? 

Going to try again in 6 months. Worse they can say is no again and it's only a SP and i can keep trying every 6 months until they say yes   

[Anonymous]

you might try to apply for discover card 1 of the easy , but first trying to See if You're Pre-approved and they raise credit limit every 3 months