Wells Fargo Active Cash Denial...Why

[tarlej17]

Still waiting on the details of my denial, but curious what it takes for a WF approval. 

I have no accounts with them at all.  Are they a very tough bank to get a credit line from, as a new customer? 

Am thinking of calling the Re-con line and asking for more details in 30-60 days.  The app stays open for that long I read, and I feel like it's worth a shot considering I already received the hard inquiry. 

I'll have paid off a few thousand in debt by then, will be able to report a $4k income improvement, and should also have a new score (whether for better or worse).

[M_Smart007]

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@tarlej17 wrote:

Still waiting on the details of my denial, but curious what it takes for a WF approval. 

I have no accounts with them at all.  Are they a very tough bank to get a credit line from, as a new customer? 

Am thinking of calling the Re-con line and asking for more details in 30-60 days.  The app stays open for that long I read, and I feel like it's worth a shot considering I already received the hard inquiry. 

I'll have paid off a few thousand in debt by then, will be able to report a $4k income improvement, and should also have a new score (whether for better or worse).

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@tarlej17, Sorry for your WF decline.

If you have opened several cards in the last year (according to your siggy)

WF is known to be conservative. They do not like "credit seeking" Their UW team is pretty strict.

You can try to recon the denial, when you receive the letter, but I would not get my hopes up.

Also be prepared to get "grilled" by UW if you decide to call in.

ETA: Looking back through your post(s) I see many recent approvals.

I would NOT apply for anything else for 12 months minimum.

[Absolution16]

I also suspect your denial may be due to having opened "too many" accounts recently.  Since it clearly states on their website that an applicant may not be qualified for another credit card if one had been recently approved for a WF card within the past 6 months, I figured they were ultra sensitive to any recently acquired new credit card accounts.

[NoMoreE46]

OP-

How many cards have you applied for in this calender year?

[M_Smart007]

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@NoMoreE46 wrote:

OP-

How many cards have you applied for in this calender year?

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@NoMoreE46,

Pretty easy to guess here;

https://ficoforums.myfico.com/t5/forums/recentpostspage/post-type/thread/user-id/980094

[Traveler101]

Lenders are watching. Especially when you open several accounts. I've opened 3 in a years time. 1 reaches 10m this month. 1 reaches 8m and 1 reaches 2 months old. When the my last 1 hit reports, I pulled annual credit report. Sp from Barclay's, cap1, Amex and USB. No adverse actions taken but it makes you be more cautious for sure. 

[tarlej17]

7 approvals out of 8 apps, but I applied for that many only because I’m thinking long term and wanted a more diverse set of cards, mainly for the rewards and travel benefits and things like that.

It qualifies as an app spree without question, but it wasn’t planned… I actually only wanted to apply for a limited number of cards that I think might actually be useful, then the more I researched, the better some cards started to sound.

If I have to close out a couple of cards one day, for example, closing a cash rewards card to qualify for an airline rewards card, or wait a few years until my next approval, or CLI, I’m OK with that.

[CreditCuriosity]

Not just about new accounts.. Wells also doesn't like people with low balances on CC's and alot of available credit.  Many such as myself when took a break were declined with no new accounts in last twelve months, high scores in 800's and high income.  One lender doesn't work for all.  WF appears to be one of those banks also if you have one card with them other cards are also easier to get with them.  So say you start out with wells fargo cc account as one of your first after you build a big profile after you likely can get another one.  Although in your case you will have to see the reasons on the letter.  My most recent one was "too many accounts reporting balances" if they consider 1 cc account too many?  Just a BS excuse, but their sandbox and can do as they want.  Find out when the AA letter comes