Wells Fargo Didn't Like My App Spree LOL

[tieton]

Since the end of August I've gotten some nice approvals and little lines of credit established:

Barclay Rewards Card: $800

BECU Auto Refi for $3,359 @ 2.99% APR

BECU Line of Credit: $800

BECU Visa: $1500

Walmart Mastercard: $600

For the first time in a lot of years I was approved for more than a measley $250 or $300 starting limit on a sub-prime card, with high interest. So, I'm completely happy. Here comes the "BUT." But . . . three weeks ago when I went to apply for a new $2000 sofa/loveseat/recliner-rocker set for my fiance and I, Wells Fargo shut me down. Haven't got the denial letter yet, but I DID just speak to a front-line CSR and he was able to tell me some basic info. I had too many inq within 6 months and too much on my credit cards. The Wally card was a SP so I have 5 total HPs on TU since May. At the time of apping, my FICO score was still a 713, and I was using 24% of my overall revolving credit. which has since been paid down to more like 9 or 10%. What recourse do I have? Any?? Wait 6 months and reapply? I banked with these guys for 8 years, and I can't seem to ever make these knuckleheads happy. In the past it was denials because of poor credit. Now it is too many inq and "high balances" even with a 713 score. Maybe I need to appeal to their sympathetic, sportsfan side and let them know that my a$$ broke our current couch during last year's Superbowl excitement and it just isn't as comfortable to sit on!

[juggar]

Too many inquires.... I know all about that. I have 10 and have not gotten any requested CLI's because of it. 

Really, just wait it out. Its all you can do. 

[tieton]

Thanks Juggar, that's kind of what I figured. We are trying to get all our wedding expenses taken care of anyway, so it is just as well I suppose. My TU report is still smokin', so I should let it cool off anyway

[Anonymous]

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@tieton wrote:

Since the end of August I've gotten some nice approvals and little lines of credit established:

Barclay Rewards Card: $800

@BECU Auto Refi for $3,359 @ 2.99% APR

BECU Line of Credit: $800

BECU Visa: $1500

Walmart Mastercard: $600

For the first time in a lot of years I was approved for more than a measley $250 or $300 starting limit on a sub-prime card, with high interest. So, I'm completely happy. Here comes the "BUT." But . . . three weeks ago when I went to apply for a new $2000 sofa/loveseat/recliner-rocker set for my fiance and I, Wells Fargo shut me down. Haven't got the denial letter yet, but I DID just speak to a front-line CSR and he was able to tell me some basic info. I had too many inq within 6 months and too much on my credit cards. The Wally card was a SP so I have 5 total HPs on TU since May. At the time of apping, my FICO score was still a 713, and I was using 24% of my overall revolving credit. which has since been paid down to more like 9 or 10%. What recourse do I have? Any?? Wait 6 months and reapply? I banked with these guys for 8 years, and I can't seem to ever make these knuckleheads happy. In the past it was denials because of poor credit. Now it is too many inq and "high balances" even with a 713 score. Maybe I need to appeal to their sympathetic, sportsfan side and let them know that my a$$ broke our current couch during last year's Superbowl excitement and it just isn't as comfortable to sit on!

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Wellsfargo is messed up, you are right

[takeshi74]

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@tieton wrote:

What recourse do I have? Any?? Wait 6 months and reapply? I banked with these guys for 8 years, and I can't seem to ever make these knuckleheads happy. In the past it was denials because of poor credit. Now it is too many inq and "high balances" even with a 713 score. 

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It's not just a matter of score and/or banking history.  The usual credit factors apply.  Their not comfortable with your credit profile and the number of inquiries and balances that you have.  As your credit profile is more established inquiries will be less of an issue.  If you want the best possible odds when apping then optimize our utilization and ensure that the change reports before applying.

[AndySoCal]

The inquires and the new account(s) from the app spree are factoring into the decision.  The inquires and new account(s) represent the pursuit of new credit . The question in the lenders mind is why.  The premise is that the consumer applies for only the credit they need  not want.  in many cases this represents a consumer that is struggling and needs the credit to try to stay a float.  Usually in that scenerio it ends badly for both parties involved.

[tieton]

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@takeshi74 wrote:

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@tieton wrote:

What recourse do I have? Any?? Wait 6 months and reapply? I banked with these guys for 8 years, and I can't seem to ever make these knuckleheads happy. In the past it was denials because of poor credit. Now it is too many inq and "high balances" even with a 713 score. 

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It's not just a matter of score and/or banking history.  The usual credit factors apply.  Their not comfortable with your credit profile and the number of inquiries and balances that you have.  As your credit profile is more established inquiries will be less of an issue.  If you want the best possible odds when apping then optimize our utilization and ensure that the change reports before applying.

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Good advice takeshi74. Thanks! Admittedly, I should have waited until my paydowns reported. It isn't like it was a snap decision to just go buy new furniture, we've been patiently waiting for over a year (since before I broke the couch LOL) until the time was right to do so. I pulled the trigger at that particular time because we are stable, my score was up and I was getting consistent approvals. Not all the new lines were reporting and the ones that were reporting were still zeroed out on the balance as I had yet to use them. The 24% utlization came from the old Cap cards that I've had for several years now. It seemed like a good time to do a last app and thought I'd use Furniture World's financing. Mistake. I don't believe 5 apps is a ton. I've seen people on here do a lot more damage on a spree. But I guess it varies lender to lender. I'm not new to credit. My oldest file is 18 years old. This is actually my first "app spree" ever. Since '93 it has been a car loan here, a student loan there. A couple credit cards thrown into the mix every now and then. Things have always been quite a bit spaced out in my applying. I've never had nor required any department store cards. So, yep my profile was a bit thin, especially since I've had paid loans and closed positive accounts fall off over the years. I've noticed Equifax really likes to chop positive tradelines after ten years. Anyway, I needed to add to and diversify my profile, and let these tradelines age together. Hence the reason for the spree. NOT to stay afloat, as some might suggest. The car refi and living room set were "needs." The cards, not so much." Just merely credit building tools and safety nets. In the future I will time my apping with the reporting of my balances better. And as far as Wells Fargo, they're not an institution I need to or have a desire to do business with. BECU is an incredible credit union that takes care of their customers. They will get my business and take care of my financing needs AND wants. Yes, I realize they have their limits on inquiries and recently opened lines of credit too.

[CreditDunce]

For what is worth, I doubt it was the INQs that upset WF.  I suspect it was more about the type of loan you took out.  The furniture store is probably being grouped with rent to own stores, one step above a pay day lender.   Personally, I don't think of furniture stores that way, but some CCC's do.

You are happy with BECU, they will be happy for your business.   I am sure you will be much happier with them.

None the less, if you don't have another checking/savings account, I would recommend looking into adding a secondary account just in case.