Wells Fargo Cashwise - Denied

[Anonymous]

Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX).  Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe.  All the same it hurts to have a hard inquiry with nothing to show for it.  

EDIT: Forgot to mention I do have an existing relationship with WF since they seem to be sticklers for that, one card from 2014.

[Anonymous]

Not a total loss, the community gained some DP's!

Which is interesting to learn that 3/12 it too many for them, at least on this product.

Clean file?

[Anonymous]

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@Anonymous wrote:

Not a total loss, the community gained some DP's!

Which is interesting to learn that 3/12 it too many for them, at least on this product.

Clean file?

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There's the silver lining! lol

Yep clean as a whistle never missed a payment, no collections, nothing negative.  Considering the Cashwise is pretty much 'entry-level' I thought it would be an instant approval.

[CreditCuriosity]

Many people have a tough time cracking well fargo including myself..  Can't get in scores in 800's and 6 figure income etc..  One of the hardest lenders to obtain if you remotely have a decent amt of credit and had any recent new accounts and dont have a current card with them.  I just gave up as other better fish in the sea that can be had.  Thanks for the dp's though

[Anonymous]

They have been sending me marketing for this card for the last two weeks and I keep throwing it away. It would be an easy SUB but I have seen too many reports about them being strict on approvals. I see that my intuition was correct. Sorry for the denial.

[coldfusion]

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@CreditCuriosity wrote:

Many people have a tough time cracking well fargo including myself..  Can't get in scores in 800's and 6 figure income etc..  One of the hardest lenders to obtain if you remotely have a decent amt of credit and had any recent new accounts and dont have a current card with them.  I just gave up as other better fish in the sea that can be had.  Thanks for the dp's though

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They don't like very recent accounts especially if you don't already have a checking/savings account with them.   I did have about $800K in tradelines reporting when I cold-apped and got my Propel but I had opened up a checking account about 6 months earlier. 

[Meanmchine]

Sorry for your denial

[Remedios]

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@Anonymous wrote:

Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX).  Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe.  All the same it hurts to have a hard inquiry with nothing to show for it.  

EDIT: Forgot to mention I do have an exisitng relationship with WF since they seem to be sticklers for that, one card from 2014.

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Sorry about your denial. 

While the might be sticklers for "relationship", it's a two way street. 

You probably arent using the one you have (not worth being in signature), so their thinking is "why give them more"

Another thing, when we're denied for "too many new accounts", they either think we're broke or churning SUBs, which was the intent here. 

If looking for SUB only, WF is probably not the ideal lender, and based on UW changes with multiple lenders, no one really wants to play that game. 

Well, Amex maybe..till the pop up. 

[M_Smart007]

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@Anonymous wrote:

Pulled Experian, denied for too many accounts in the last six months. Checked my report and there are only three new accounts showing in the last year (a few more coming down the pipe from AMEX).  Seems a little tough considering almost $100k income and 765 score. I'm not too heartbroken since this was a card I planned to put a single $500 purchase on, collect the SUB, and then toss in the safe.  All the same it hurts to have a hard inquiry with nothing to show for it.  

EDIT: Forgot to mention I do have an exisitng relationship with WF since they seem to be sticklers for that, one card from 2014.

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Sorry for your denial, WF is VERY conservative ..I honestly do not know how I ended up with a $15K Propel and a $10K Cash Wise.

Have you tried to Recon your denial? .. They might overturn the denial? .. worth a shot, you have nothing to lose. IMHO

[icednightpaper]

Was the too many x/6 your official reason in the letter? I mean I know those printed reasons aren’t very accurate but I’m still curious.