Hello all,
I recently applied for the Wells Fargo Visa Signature card ever since they put it up on the website (it used to be by invitation only) for application and got declined. When I had called for the reason, the representative had told me it was due to "high debt to credit ratio" on one of my cards, which is true. However, when I received the mail, the reason disclosed was "limited credit experience with your existing Wells Fargo credit card account." When I asked what that meant, the financial specialist at the bank branch said "it's not an exact science and could mean many things but basically this is a very hard card to get approved for and most of our clients who get approved for this card are high spenders but pay it off quickly and also have a low utilization rate on the card." She also implied they tend to be older with higher income. She advised to try again in a year.
I have the Wells Fargo Platinum with them since 2011 and just wanted to PC or upgrade but they told me it couldn't be done; I would have to apply for the VISA SIGNATURE and that's what I did. My plan was to cancel the platinum pending approval, but it didn't. The only thing that I got approved for was the Wells Fargo Propel 365.
Anybody has any experience with the "limited credit experience..." statement and what it means? Or additional advice to add to the financial specialist's in regards to getting a successful application in the future? Thanks
Also, it is a pleasure to finally post here and get to meet you guys. I hope you all are well. 
Welcome to the forums!
Do you currently bank with Wells Fargo other than your other card. On your WF Platinum what are your spending habits, and what kind of balances do you carry each month?
@TitaniumCash wrote:Hello all,
I recently applied for the Wells Fargo Visa Signature card ever since they put it up on the website (it used to be by invitation only) for application and got declined. When I had called for the reason, the representative had told me it was due to "high debt to credit ratio" on one of my cards, which is true. However, when I received the mail, the reason disclosed was "limited credit experience with your existing Wells Fargo credit card account." When I asked what that meant, the financial specialist at the bank branch said "it's not an exact science and could mean many things but basically this is a very hard card to get approved for and most of our clients who get approved for this card are high spenders but pay it off quickly and also have a low utilization rate on the card." She also implied they tend to be older with higher income. She advised to try again in a year.
I have the Wells Fargo Platinum with them since 2011 and just wanted to PC or upgrade but they told me it couldn't be done; I would have to apply for the VISA SIGNATURE and that's what I did. My plan was to cancel the platinum pending approval, but it didn't. The only thing that I got approved for was the Wells Fargo Propel 365.
Anybody has any experience with the "limited credit experience..." statement and what it means? Or additional advice to add to the financial specialist's in regards to getting a successful application in the future? Thanks
Also, it is a pleasure to finally post here and get to meet you guys. I hope you all are well.
Wells Fargo is really an oddball with approvals and denials, so I don't know how much I would read into "limited credit experience" as the only reason. They're known to give "lack of existing relationship" on cards they heavily market to the general population (read: their new Propel lineup).
Do you mind sharing more of your profile? AAoa, total utilization, negatives, how high is the utilization on the card you mention and is it a WF card?
Sure. From the recent information I've gathered,
AAoA = 3 years
Total Credit Card Utilization: 17%
One 60 day late payment on Macy's store card in 2012
The card that I referred to earlier was a Home Deport store card with $6,000 CL that I opened last summer so my parents could do home improvement. I charged $6200 on it (yikes upon looking back) and my parents have been paying it every month. The current balance is $4400. The introductory 0% APR is about to expire next summer, and they are paying it off very slowly. I don't know whether to apply for Chase slate and balance transfer or just pay it off with my own money and ask them to pay me back monthly.
I have been a Wells Fargo customer since 2007. Well, I was a Wachovia customer but Wells Fargo took over eventually.
