Wells Fargo CLI - Denied, interesting reason...

[desertrose841]

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

[desertrose841]

 I forgot to add, I have more than $55,000 in Credit lines. And my CL utilization is 0%.

[JoeRockhead]

It does seem like a trivial thing, especially if you have a good history with them but, clearly they have their own internal paramiters they like to see being met, appreciate the info!

[UncleB]

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@desertrose841 wrote:

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

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Sorry about the denial, @desertrose841. 

I know it won't make you feel any better, but this isn't the first time we've seen WF decline someone with that reason.  It almost implies that in some cases their algorithm would prefer one to not have a WF deposit account at all.

[Anonymous]

After reading this thread ... I am shocked! 

Never knew there was a banking connection to the credit sides. We read about relationship banking and here is a real-world example. 

Oh ... 

[UncleB]

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@Anonymous wrote:

After reading this thread ... I am shocked! 

Never knew there was a banking connection to the credit sides. We read about relationship banking and here is a real-world example. 

Oh ... 

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Yeah, it's definitely a "thing" with WF. 

It can sometimes work out in one's favor, though.  When I got my Propel I was auto-approved for $15k, which at that time was quite generous (and still is even now).  At the time of my approval I had a substantial balance in a joint savings account, and I'm quite certain that was a factor.

I still think it's weird that in some cases having no WF checking/savings account all could be better than having one with a modest balance.  That's illogical to me, but that's how they roll.

For what it's worth, I recall seeing a few posts over the years where someone's recon with Chase failed due to a past NSF in a Chase checking account, so deposit account activity can come into play with Chase as well.

[AndySoCal]

@desertrose841 

The checking account is looked at a measure of how a consumer manages their finance. How the checking account is managed may be indicative how the consumer manages thier money in other areas like credit.

[mfinsmi1]

@desertrose841 i too was declined based on my checking and saving account balance.... so i closed my accounts with them . Cant use that excuse next time i ask theyll have to come up with something better

[CYBERSAM]

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@UncleB wrote:

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@desertrose841 wrote:

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

---

Sorry about the denial, @desertrose841. 

I know it won't make you feel any better, but this isn't the first time we've seen WF decline someone with that reason.  It almost implies that in some cases their algorithm would prefer one to not have a WF deposit account at all.

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Note to self, DO NOT open a secondary checking account with WF!

So OP should cancel the WF checking account and try CLI again in six months! lol

[LADave]

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@UncleB wrote:

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@desertrose841 wrote:

My score is about 770 across all 3. 

The reason for denial was that I also have a checking account with them. My balance on that account is usually6 between 10-20$ everytime. I just don't use that checking account. It is there just as backup. Also, note that my balance is $0. Current CLI $4000.

reasons given: 1) my checking balance is too low. LOL.

2) once in the last 4 years of having it I maxed out my card, was about $100 or so above the limit. 

I would have NEVER thought that my checking account would be a factor in their decision. 

---

Sorry about the denial, @desertrose841. 

I know it won't make you feel any better, but this isn't the first time we've seen WF decline someone with that reason.  It almost implies that in some cases their algorithm would prefer one to not have a WF deposit account at all.

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I also got a CLI denial earlier this month that listed low balances as one of the reasons. For now I'm moving all of my direct deposits to WF,  but if they want me to keep larger balances with them, they'll need to make it more worth my while.

I like my Active Cash and Autograph credit cards with WF more than I like my WF checking and savings. They're not even necessairly my best option for a local branch, since there's also a Union Bank branch within walking distance of me where I have free checking (and they're merging with US Bank). I may end up closing my WF checking and saivngs accounts if it seems they're doing me more harm than good.