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Common reasons people get denied for Wells Fargo

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tcbofade
Super Contributor

Re: Common reasons people get denied for Wells Fargo


@folks19 wrote:

@tcbofade May I know how many accounts you have? You were denied for too many "new" accounts or just too many accounts in general? I have heard about about people getting denied for WF just because they have too many cards. I have a FICO score similar to yours and over 10 accounts, many of which are from the past year.. I don't have my hopes to far with this card, at least not now.

I'll post the results if I do decide to apply.


I now have 44.   I must have been in the high 30s when I applied. 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 21 of 36
Anonymous
Not applicable

Re: Common reasons people get denied for Wells Fargo

I impulse apped for the propel before they ended it and my denial reason was (wording may be off) not sufficient useage of bank cards, and too many new accounts. At the time of the app none of my cards were reporting a balance and definitely several new accounts. I wasn't expecting to get it because my file is new. A little over two years ago I had zero credit, so every time I app I expect a denial 🤣 scores were high 700 to low 800 at the time of app. 

Message 22 of 36
Anonymous
Not applicable

Re: Common reasons people get denied for Wells Fargo

I'll be following this thread with interest. My best guess is that WF has some system in place to try to screen out undesirable applicants, separate from creditworthiness. Having too many revolving cards might be a dealbreaker. Maybe it's having too many cards with little to no monthly spend...or something else entirely.

 

All I know is that I've had a mortgage with WFHM since 2012, and they've been my primary checking account since then. They have all the data on me that any card issuer could want. Twice I've responded to preapproval emails, and twice I've been rejected. I had completely written them off . . . but if there's some way to figure out what rule I've run up against, I might consider taking them off my personal blacklist.

Message 23 of 36
FormerCollegeDJ
Frequent Contributor

Re: Common reasons people get denied for Wells Fargo


@folks19 wrote:

I want to get the new 2% cash back WF card but this is will be my first card from WF and I want to know what are the some common reasons people are denied?


Based on reading everyone's responses, it may be beneficial to change the thread title to something that requests people's experiences with being approved OR denied for Wells Fargo credit cards.  What people are really looking for are data points on both the positive and negative sides of the ledger so they can better understand what factors cause Wells Fargo to approve or deny people's applications.

 

One other, mostly unrelated item I'll note - based on the statements Wells Fargo credit card-focused executives made when they announced the Active Cash card in early June (about Wells Fargo underperforming in the credit card space and its intent to expand its credit card portfolio over the next 12-18 months), it is possible the factors that cause Wells Fargo underwriters to approve or deny credit card applicants may change or be in the process of changing.  We may eventually find out.

Playing the credit card rewards game since early May 2020.

Current credit cards:
American Express: Hilton Honors
Bank of America: Customized Cash Rewards Visa
Capital One: SavorOne MC
Chase: Amazon Visa, Freedom Unlimited Visa, Freedom Flex MC
Citi: Sears/ThankYou Rewards MC, My Best Buy Visa, Custom Cash MC
Comenity: AAA Travel Advantage Visa
Discover: Cash It
Elan: S&T Bank Max Cash Preferred Visa
FNBO: Amtrak Guest Rewards Platinum MC
PSECU: Founder's Visa
U.S. Bank: Cash+ Visa
Wells Fargo: Autograph Visa
Store cards: Kohl's

Next target credit cards: Wells Fargo Bilt Mastercard (probably), Truist Enjoy Travel Visa (maybe)
Message 24 of 36
FalconSteve
Valued Contributor

Re: Common reasons people get denied for Wells Fargo


@folks19 wrote:

Is the new WF 2% card only available as a visa signiture or does it also come as a non-sigy? I'm not sure if I'll qualify for a high limit considering that WF seems to be sensitive to new accounts and INQs.


My  wife got approved for $2k ans the min is $1k for the Visa sig (all of their 2% are Visa sig for the higher reimbursement)

1/8/17 Discover $18300 CL- $1k SL- AU, wife
1/26/20 AmEx Cash Magnet $35k CL, wife
2/19/20 BB&T/Truist Rewards $11k SL- impulse application
2/22/20 Citi Double Cash WEMC $2.9k-->$4.4k-->$8.4k-->$13.4k-->$17.4k-->$19.4k-->$22.4k AU, wife
3/8/20 Wells Fargo Propel AmEx/Autograph VISA $2900-->$3200-->$5000-->$8800 CL- AU, wife
3/9/20 Truist Rewards $11k SL- AU, wife- impulse app
3/21/20 REDcard MasterCard (TD Bank) $2500-->$6000-->$6500 CL
11/24/20 AmEx Cash Magnet $10k SL-->36hr-->$20k-->$35k CL
6/10/21 SoFi World Elite MC (TBOM) $7000 SL
1/19/22 AppleCard/GS $6k-->$10k-->$11k AU, wife
8/15/22 Chase freedom flex $10.3k SL-->$12.5k-->$15k AU, wife
7/5/23 Lowes/Synchrony $4k-->$10k-->same day-->$35k CL
8/2/23 Chase freedom flex $19k --> $22.8 CL
8/2/23 Discover $8k SL
Message 25 of 36
Anonymous
Not applicable

Re: Common reasons people get denied for Wells Fargo


@tcbofade wrote:

I have a Wells Fargo Platinum.

 

Applied for a Cash Wise earlier this year with a 797 Experian Fico 8 score and got denied because I have "too many credit card accounts".

 

Smiley Indifferent

 

I called for a recon, and was advised that I STILL have too many credit card accounts.

 

I now have more.

 

None of which are from Wells Fargo.

 

Good luck!


 

I have 20+ open accounts with 825ish scores and was denied for same reason

Message 26 of 36
Anonymous
Not applicable

Re: Common reasons people get denied for Wells Fargo


@longtimelurker wrote:

My only application (and thus only denial) for Wells Fargo was for the Visa Signature card (which increases the redemption value of points on their other cards).  My denial came back with a score of 850 and I was denied for "too many accounts with balances in the last 6 months".

I tried to recon explaining that I PIFd all accounts, these were just reporting tiny balances, but no luck.   So at least in my case, this was one place AZEO would have helped, providing you kept the same card doing the reporting each of the last 6 months.

 

So I didn't get the card and my life was ruined.  Hope others have better luck!


This is their second bogus reason. I only had 2 accounts showing a balance, one was for $35

Message 27 of 36
AwsiDooger
New Contributor

Re: Common reasons people get denied for Wells Fargo

First post. Appropos because this is the first and only company that has denied me. I got tons of preapproved mailers for the Platinum card. After months of throwing them away I checked the Wells Fargo lineup and applied for Cash Wise a few months ago. Credit score was 750ish with no recent inquiries.

 

Immediately I was put on the Pending list. About a week later I received a letter saying they wanted me to show them a recent bank statement or brokerage statement. I should mention am a lifelong gambler who did not own a credit card until into his 40s. In Las Vegas I didn't even know anyone who owned a credit card. I'll never forget the time we went to a fancy restaurant in the Imperial Palace and a guy named Kaufman pulled out a credit card to pay the bill. All of us were astonished and staring at it as if it were an alien. For two decades every meal had either been a comp or cash. Kaufman immediately fell into disfavor and distrust via the simple fact he owned a credit card.

 

Anyway, after departing Las Vegas I eventually applied for credit cards and it has been a hysterical experience based on how various companies deal with my backround. Often I receive phone calls asking about various matters, once I put down Gambler on the application. Not surprisngly, my credit limits vary wildly, from $1000 to $28,000. American Express, Discover and Barclays are willing to take risks. I give them credit. Chase...not so much. That is the $1000 limit and during the few times I've inquired about a bump they act as if I'm nuts, and lucky to have the $1000.

 

Anyway, I sent Wells Fargo my brokerage statement with a sum well into 6 figures. Gambling profits transferred there, along with a chunk remaining in offshore accounts. I assumed 6 figures would equate to quick approval. Nope. I received a rejection letter. These were the reasons:

 

* Too many accounts with balances above $1000 (note: it was 3 of 19, and all barely above $1000...still on 0% balance transfer deals. I am admittedly a sucker for those things at 2%)

 

* Average credit (note: they listed it at 757)

 

* No relationship with Wells Fargo (note: I did have an account with them for many years in the 2000s when I lived in Las Vegas)

 

That was it. On the day I received that letter I was so ticked I decided to call. And I'm so glad I did. It was wonderful verification of what a disjointed company this is. Get this, they had no idea they had already rejected me. Somehow I wasn't surprised at all. They kept me on the phone for a long time, apologizing that the Pending status was taking so long. Finally they said they would send the case to one of their underwriters and try to have a decision for me on the phone. That took another 15 minutes. When they came back with a, "sorry, we'll have to say no," I asked for the reasons, while mentioning the request for the brokerage statement and that I had provided one. Another lengthy delay. They then transferred me to a supervisor who provided a list of reasons...none of them matching the ones on the letter. I laughed out loud as she read them out. She had no idea why I was laughing. But I have to say it felt great. I don't remember the entirety of that list, other than one of them was too many accounts. 

 

I asked them to return my brokerage statement. I had blacked out the account number but I certainly didn't want the info hanging around with Wells Fargo, given the caliber they had established. They acted as if my request were a joke. I told them I was going to persist until it was returned. They have me a case number. It still required three more phone calls and more than 6 weeks before I received the statement in return. 

 

I mentioned the preapprovals for Platinum and asked them to stop sending them, since obviously I'm not welcome in their company and the lack of interest is now mutual. They promised the mailers would soon cease, although there would be a lag. Somehow given Wells Fargo competency level I'm not shocked that three months later I am still receiving them...including one today.

Message 28 of 36
AwsiDooger
New Contributor

Re: Common reasons people get denied for Wells Fargo

Actually now that I think about it the three accounts with above $1000 balance were higher than I mentioned. This was several months ago so my memory was off. The balance transfer offers were expiring in late May and early June. I believe the combined total was something like $11, 000. Once I paid them off my credit score jumped, despite the hard inquiry from Wells Fargo that led nowhere. 

 

I was so annoyed at the Wells Fargo denial that I looked around and applied for TD Bank, just so I'd be on a winning streak and not a losing streak. They approved me for $3800...lower than I expected but I have to say the $150 bonus for spending $500 was quick and easy. I liked that they didn't even wait for the end of the statement and that I was able to redeem for gift cards. 

Message 29 of 36
GrainFan
New Contributor

Re: Common reasons people get denied for Wells Fargo

Not sure if this has happened to anyone else, but I was denied for the WF Propel a few weeks ago for no non-revolving lines of credit.... and too many inquiries. Have been a WF customer since 2015, but I only have credit cards, no mortgage/auto/student loans. 





Message 30 of 36
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