Denied for too much available credit?

[gameofthrones]

I am sure there are a lot of others that have much more than me. I have over $131,000 across 17 cards. 

[coldfusion]

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@barca wrote:

most financial institutions will follow "ethic rules" to the letter and they are highly regulated by the Feds

you can be a CEO of a company that audits them for example, or a CEO of a company that performs regulation on them.

or a CEO of a company that they want you to start a business account with them

To avoid any appearance of favor - they might deny you immediately . 
normally, they will escalate to higher authority and those guys will decide the final outcome

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As long as they can reasonably demonstrate they applied criteria and designated an outcome(s) consistent with their own internal policies and controls (which are themselves audited) they won't have issues with the government auditors.

[Remedios]

Putting income on the application is like writing it on post it note, putting it in your pocket, then trying to write the check for that amount. 

If your assets aren't with them, they might as well not exist. 

Automated UW is perfectly capable of flagging account for potential approval pending high income/asset value verification on the application if it's impressed enough. 

If one really wants to impress a multi billion dollar corporations, one should put in money first, then invite them to play, or even better, wait for invitation since if  assets are high enough, they will bring you lunch should you ask. 

There are plenty of members here that would fall into high net worth category with a lot of available credit who didn't get denied for that reason.

There are those who got denied because their checking/savings accounts didn't have sufficient deposits in them.

Additionally, before making this into a referendum on WF and ethics, let's all remember that Chase is the reason for a big chunk of regulations since 80s. 

BOA, Amex etc all opened sneaky accounts. Most major lenders have at some point run into less than ideal practices, but it seems that only matters when one is personally affected.

I haven't seen anyone said they closed their Cap One cards due to recent scandal (or any other involving other lenders). 

[gameofthrones]

All very good points.

[firefox100]

Ok I hope I don't go over line with this post. First it is in eye of be holder. I have no problems with wells fargo they been nice to me and I do like there crs and they given me credit increases like clock work.

 What problem is today the want to be politically correct, credit is right today so bank need to look like they don't play favorites with customers. When I was kid back in the early Sixty's I was home from school and my father said I am going to the bank to borrow some money. I said Ok I will come along pop. We got into 1960 Saratoga which was boat of a car big v8 went over to the bank which was Citi National today it is Citi bank where my father had his accounts. We went into the manager's office which  was closed room with a real door. This guy was sitsitting be hind a big desk with a cigar in his mouth. They spoke for couple of minutes my father wanted to borrow teen grand. The manger said let me call down town and make this happen. This guy was loan officer and had bank authority to make loans, after couple of minutes he said ok it is done and he went and his sec make out a check and loan note, the check was deposited and credited the next day. How things are so different 55 years ago no credit check he new my father and the loan was done less then 10 minutes. No fico pulling of credit, some people did not have acces who today havenow, some things are better and others are not. Today computers make the decisions.

[gameofthrones]

I honestly wish we could go back to those good old days. Agreed, computers make the decisions now, and their answers are read back by a customer service representative. The days of meeting with a banker and a handshake are over. The customer-banker relationship is over. 

[Anonymous]

Not in smaller local credit unions. Often you can sit down with a loan officer, go over what you want and once they pull your reports, if there are items of concern, you can discuss them and the loan officer has latitude to override what a computer might reject. Those relationships may be gone in the big banks, but they are alive and well in smaller CUs. I've done it in the past and know people who have done it even this past year. It's another reason I preach to newer members to get in early with a local CU and build that relationship. It can make all the difference.

[FinStar]

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@gameofthrones wrote:

I am sure there are a lot of others that have much more than me. I have over $131,000 across 17 cards. 

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$131K across 17 tradelines isn't too excessive -- in my view (or for many others as you mentioned).  I won't even discuss my TCL because that's not relevant and I was able to get a WF Cash Wise a while back.  Results will always vary, of course, for every profile.

But, in the current lending environment, tighter controls have been placed on a variety of institutions.  And, given recent WF scandals, they're under more scrutiny and regulatory oversight more than ever.  So, it doesn't matter if you are a foreign dignitary, a CTO/CIO/CFO/CEO, FinTech rising star, the inventor of Post-It notes, etc.  Unfortunately, the DYKWIA mantra means nothing in the majority of cases unless you have the "bling" in the bank's crib.   

My suggestion, while WF is decent/ok (let's face it no bank is free from any reputation laundry list, but WF has taken several Emmys), place your HNW where it counts - institutions that cater to those personalized needs (BoA/Merrill was mentioned upthread, for instance).  And, while the WF Cash Wise card is ok (I'm still surprised on the selection, but YOLO I suppose 🤷‍♂️), there's a plethora of other cards that would be better suited for your spending habits and better ROI, IMO.

Also, you're a CEO, let's place the value of people where it counts.  So, while the EO channel didn't patch you directly with a VP or ED, etc., for a solution; they are still people who are trying to assist in addressing your issue.  Let's not forget the human element.

[Control_Logic]

I'd just like to address the inherent "I'm owed something" feel of this post.   I am an electrical engineer for a global manufacturing company.  That said, I'm nobody.  In fact, unless and until you have cash in hand, you are nobody too.  I make a great salary, especially in light of the current economic climate, but my title doesn't entitle me to anything other than paying my debts on time, same as yours. [Mod cut: Not here.  Please refer to the myFICO Terms of Service.]

[UpperNwGuy]

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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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Why did you bother to appeal?  Why are you complaining about it here?  This is the kind of situation best handled by brushing the dust off your shoes and moving on to other, better opportunities.