Denied for too much available credit?

[gameofthrones]

I recently applied for a Wells Fargo Cash Wise Credit Card. My credit is excellent; high FICO, 3% utilization, low inquiries, etc. I am a high net worth CEO, so you'd think I am the ideal client for WF. Wrong. I was denied for having too much available credit, and they are afraid that I could misuse/abuse my credit my taking out all of the credit. This is the most idiotic thing I ever heard. I appealed asking for reconsideration. It was kicked up the the "executive office," which is just a fancy name. They are not executives that work in the office, they are low level admins. Has anyone else been denied for this asinine reason? Sure, it's unsecured debt, but I haven't missed a payment and use my credit responsibly. 

[gdale6]

I was not denied for this reason in summer of 2018 but for opening too many new accounts in the last 24 months. I was at 5/24 with low util and fico 780+ I have never tried to app for another WF card and never will. Both of these reasons are a brush off the bank just doesnt want to deal with us.

[Anonymous]

As a "high net worth CEO" why are you chasing the WF Cash Wise card?  Surely wherever you have your assets parked would have some more attractive offers for you. 

Do you bank with WF?  Do they know you're kind of a big deal, or are you assuming they know they level of assets you possess?  If you don't bank with them, I'd understand the denial more. 

And finally,  no, when you call the EO, the CEO, CFO, etc doesn't answer the phone. Just someone that works IN the executive office. 

[gameofthrones]

Good points. I bank with BOA, and will continue to work with them and other accounts.

I wanted to see what WF would offer in terms of CL. I didn't expect to talk to a CFO or other director, I just found it funny that the executive office contact was a nobody. I even offered to send POF. Their denial reason just didn't make sense to me, but I will get over it by using my other accounts. 

[M_Smart007]

WF is known to be on the conservative side, ask me how i know

I do have a CashWise and Propel. The CLI's have been less than none.

I actually don't even bother to ask anymore.

Their reasoning makes absolutely no sense!

[firefox100]

If you are a CEO with High net worth, I would go into Wells Fargo branch with prof of your networth and banking record and dangle them ininfront of the branch manager and the area manager for bunch of branches and play hard ball say I will bring over some of my assets and business. The card that I would go for is propel amex card. I am not CEO and I have 20K credit limit no other relationship with Wells Fargo, always got increases like clock work.

[K-in-Boston]

If you're banking with BOA (and assuming you have Platinum Honors from combined BOA, Merrill Lynch, and/or Merrill Edge deposits) and chasing cash back, is there any reason you're looking for anything outside of a Premium Rewards and Cash Rewards combo?  Even for non-category spend you'd be replacing a 2.625% cash back card for a 1.5% cash back card by going with Cash Wise over Premium Rewards.

[CreditCuriosity]

This is very common with regards to WF.  BofA has a much better card if your assets are parked there as eluded to in the previous post

[firefox100]

Again I am amaze how banks banks decide how to grant credit limits and cli's, it is black box. For example I am not CEO with high networth but I have over 225K credit limits and Wells Fargo still grants credit increases like clock work. As some of you know I am broken record about this subject. This is a great example, where a person who has high networth has a hard time getting approved for a credit card or an increase. Another thing the banks are just to large, a person like should be able to get some who can say lets take look so we can do business with you. By Wells Fargo and the CEO office can not say go into branch and lets see what you have. I think they would bend over to grab some your business as such as personal and your company's business. It was lot different 40 years ago who could talk to some one get things done to day your talking to black box computer system. even people at wells fargo at higher level live and die by there computer they don't have real  decision making power.

[Remedios]

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@gameofthrones wrote:

I recently applied for a Wells Fargo Cash Wise Credit Card. My credit is excellent; high FICO, 3% utilization, low inquiries, etc. I am a high net worth CEO, so you'd think I am the ideal client for WF. Wrong. I was denied for having too much available credit, and they are afraid that I could misuse/abuse my credit my taking out all of the credit. This is the most idiotic thing I ever heard. I appealed asking for reconsideration. It was kicked up the the "executive office," which is just a fancy name. They are not executives that work in the office, they are low level admins. Has anyone else been denied for this asinine reason? Sure, it's unsecured debt, but I haven't missed a payment and use my credit responsibly. 

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Let's not go with "idiotic", please. 

A couple of years ago, you took a pretty steep PL at 12% to pay off CC debt, so it's not like it didn't happen before. 

As far as denials for too much available credit, it happens.

Lenders want to see their cards used, and more available credit you have (more choices), less likely it is that their card will see decent use (or any at all).