Wells Fargo Visa Signature Denial

[370Z]

Last month I applied for the Wells Fargo Visa Signature and was denied after calling in to complete the application I submitted online and again after recon (almost always unsuccessful for most apparently). The VS is the final card on my list. I was originally going to apply in October, 15 months after being approved for the Propel (received pre-approval mailer), but decided to wait due to multiple COVID related spend offers on other cards.

Denial reasons:

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)

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

EQ FICO score of 817 per Wells Fargo

Stats (at time of application):

11 personal cards reporting with 289.6k in CL

0/6, 1/12, 3/24 (1 closed) new accounts

1-2 inquires per bureau, all over 12 months

No derogatory items

3-8k monthly spend, PIF

Strategy:

Wells Fargo is very conservative. They maybe sensitive to high total CL.

This week I reduced my Propel CL from 17k to 10k, NFCU $ from 41k to 6k, and Merrill+ from 55k to 5k (total decrease of 92k). I will reraise the latter two with soft pull CLIs after hopefully being approved for the VS.

I plan on reapplying in August (0/6, 0/12, 1/24 new accounts; 0-1 inquiries per bureau). Any thoughts on if I will be approved next time? Any recommendations?

Thanks.

[Anonymous]

That's ballsy to willingly take limit decreases just to get a visa signature from Wells Fargo

[CreditCuriosity]

Doing those reductions all for a WF credit card?   Yes WF is very sensitive to many things despite a persons score and seem not to like a ton of credit people or people that arent utilizing their credit.  I have never been able to crack them along with other people with high FICO scores.  Some lenders are meant for some people and others are meant for others is how I see it and have many other lenders that prefer my business and learned to move on from WF.

[coldfusion]

WF can be sensitive to a number of things including recent credit-seeking behavior and whether or not you're a current depositor with them but aggregate CL really isn't at the top of that list.   I would not have slashed existing CL from other issuers if it were done primarily with the hope of increasing my odds of approval for a WF card, although it is absolutely OPs perogative to do so for any reason they see fit.

[370Z]

I am treating this as an experiment. I do not believe I have excessive lines with 11 cards reporting (could be wrong though) but I agree that I have more credit than I need. I have no other ideas on what I can do to improve my chances for the WF VS, as I have a solid profile. A search of old posts revealed that some believe that high total CL maybe a factor, but that is conjecture. I have no interest in reraising my Propel line. I chose BoA and NFCU because they will be easy to reraise limits with soft pull CLIs. I did not decrease Chase due to hard pulls CLIs nor Citi due to slow 1k soft pull CLIs, etc. I will see if 3.5 months of gardening and a lower total CL is enough and report back for data points.

[OmarGB9]

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@370Z wrote:

I am treating this as an experiment. I do not believe I have excessive lines with 11 cards reporting (could be wrong though) but I agree that I have more credit than I need. I have no other ideas on what I can do to improve my chances for the WF VS, as I have a solid profile. A search of old posts revealed that some believe that high total CL maybe a factor, but that is conjecture. I have no interest in reraising my Propel line. I chose BoA and NFCU because they will be easy to reraise limits with soft pull CLIs. I did not decrease Chase due to hard pulls CLIs nor Citi due to slow 1k soft pull CLIs, etc. I will see if 3.5 months of gardening and a lower total CL is enough and report back for data points.

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Good luck!

[coldfusion]

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@370Z wrote:

I am treating this as an experiment. I do not believe I have excessive lines with 11 cards reporting (could be wrong though) but I agree that I have more credit than I need. I have no other ideas on what I can do to improve my chances for the WF VS, as I have a solid profile. A search of old posts revealed that some believe that high total CL maybe a factor, but that is conjecture. I have no interest in reraising my Propel line. I chose BoA and NFCU because they will be easy to reraise limits with soft pull CLIs. I did not decrease Chase due to hard pulls CLIs nor Citi due to slow 1k soft pull CLIs, etc. I will see if 3.5 months of gardening and a lower total CL is enough and report back for data points.

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I had a lot more than 11 visible unsecured active tradelines @ $800K+ CL when I got my Propel, so a) you don't have an excessive number of tradelines and b) while high total CL may be a factor it isn't a disqualifier.  

Good luck!

[Jordan23ww]

Best wishes to you when you apply again for the Visa Signature! I feel bad for you. I can tell you really want this card.  I'm not sure why they are making it so difficult for you.  I had the Wells Fargo Platinum card for 13 years and they product changed mine to the Visa Signature without me asking them to (robbing me of ever applying and taking advantage of the 5X in reward bonuses on spend you only get the 1st 6 months of owning the card). Hopefully when you go for it again you'll be instantly approved! Rooting for you!  

[370Z]

Thanks everyone!