@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.
I think you should consider yourself lucky. Wells is a horrible bank IMHO. Years ago before my BK I was applying for a LOC to finish a house remodel. It took them three months to approve it and twice a week they would ask for one more piece of information. Another time I deposited a cashier's check from Chase, directly across the street from this Wells branch, and they put a 15-day hold on it -- and I needed the $$$ to buy my new car. When I questioned the asst. manager he said, "You wouldn't want me to lose my job, would you?" (Frankly I would have been happy if that happened). They literally could have called the Chase branch but wouldn't do it. Lastly, they have been in the news a lot for opening 10s of 1000s of customer accounts that customers never asked for -- in order to meet their internal financial goals. They were fined in a major way. They issue secured credit cards that are supposed to unsecure in like a year or so and yet they are still secured five years later when people have great FICO scores and tons of high limit cards. And nobody has ever gotten a goodwill deletion for a late payment with Wells. I think it's because they don't have any goodwill unless it is for their own bottom line. I loathe them and would never bank with them. Ever.
