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US Bank Denied, Wells Fargo Approved

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dlister70
Frequent Contributor

US Bank Denied, Wells Fargo Approved

I paid for some siding and chimney work on my house with my BoA Customized Cash Rewards card, and the 0% rate is about to be up so I wanted to transfer the balance to a new card to have more time to pay on it.  

 

I applied for the US Bank Visa Platinum which had 20 months of 0% on transfers.  I have had the Cash+ card with USB for several years and have always paid in full every month, so I figured that I had a good relationship with them.  It was denied for a bunch of reason that underwriting read off to me when I called the backdoor line. 

 

1.  Credit line balances too high (I'm at 15% overall, but do have two cards at 68% including the one that I wanted to transfer balances).

2.  Loan balances too high (I refinanced my house a couple years ago to a better rate, so I haven't paid it down all that much since the refinance).

3.  Too many delinquincies (haven't had any in 5 years, but a few older than that still haven't fallen off yet).

4.  I think there was one more that I can't remember. 

 

They ran Transunion which was at a 742 at the time.  I asked if there was anything I could do for reconsideration, and she said not unless there is something that I want to dispute with Transunion due to an inaccuracy on the report.

 

Today I applied for the Wells Fargo Reflect which has 18 months of 0%, but adds 3 more months if you pay the minimum on time, so I guess it's really a 21 month 0% card.  I was instantly approved for $14,000 which is more than enough for the balance transfer.  They ran Experian which is at a 737 at the moment.  The only prior relationship that I've had with WF was a contractor credit line when I had central air conditioning installed and the installer had 2 years of 0% financing through WF.  I paid that off with no hiccups but had forgotten that it was a Wells Fargo account until I got approved for this Reflect card and it showed that I already had a user ID with WF online.

 

I know that I've read that US Bank is a very conservative lender, so now I guess I have some first hand experience with that!  Smiley Happy  I'm happy with the Wells Fargo card, I just wish that I had apped for it first so I didn't have an extra hard pull.  



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9 REPLIES 9
CreditAggie
Community Leader
Super Contributor

Re: US Bank Denied, Wells Fargo Approved

Congratulations on your Wells Fargo approval!

Current Cards (in order of approval):

         
Current FICO 8 | 9 (February 2024):  
Credit Age:  
Inquiries (6/12/24):  
Banks & CUs:

Message 2 of 10
cashorcharge
Community Leader
Senior Contributor

Re: US Bank Denied, Wells Fargo Approved

WooHoo!! Congratulations on your Wells Fargo Approval!!👏🏼🍾🥂

FavorablePotableDorado-max-1mb.gif

Message 3 of 10
MCM1
Regular Contributor

Re: US Bank Denied, Wells Fargo Approved

Could you please share some data points with us.....How many inquiries did you have?  How many new accounts did you have in the last 12/24 months?    Any info is helpful to all.   THANKS. 

Message 4 of 10
CreditMagic7
Mega Contributor

Re: US Bank Denied, Wells Fargo Approved

Congratulations on the new Wells Fargo approval!

Message 5 of 10
JLRDC909
Frequent Contributor

Re: US Bank Denied, Wells Fargo Approved

Congratulations on your WF approval sorry about the USB denial. US Bank has always been a fly in the ointment to me. At one time, WF was also considered to be a very conservative lender, but seems they have loosened up a little over the past couple years. 

JR
Message 6 of 10
Anonymous
Not applicable

Re: US Bank Denied, Wells Fargo Approved

@dlister70  That's great news. Happy for your Wells Fargo victory.

Message 7 of 10
KingRue8500
Senior Contributor

Re: US Bank Denied, Wells Fargo Approved

Congrats on your Wells Fargo Reflect approval




Message 8 of 10
babygirl1256
Senior Contributor

Re: US Bank Denied, Wells Fargo Approved

Congrats on your Wells Fargo Reflect card approval.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 9 of 10
NalekSok
Regular Contributor

Re: US Bank Denied, Wells Fargo Approved

Congratulations on your approval! 🎉






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