"DENIED AFTER REVIEW"
Wells Fargo Secured Visa® Credit Card Review
Written by: gxc on 2010-07-24
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gxc's review: 
Since it's harder now than ever for young adults like me, I'm 19, to get a credit card. I have 4 other cards, VERY financially responsible, never missed a payment and always have paid more than the minimum. So I figured I'd start a secured card to help boost my scores even more, after entering my collateral ($300) the account went into review. I waited and waited, after 6 hours. I call the application hotline to find out that I was denied for:
1. Length of Credit History (I have 1.5 years of history)
2. Balances Are High (Bad, I know)
My scores when I applied:
Equifax: 610
Experian: 592
TransUnion: 612
Since it's harder now than ever for young adults like me, I'm 19, to get a credit card. I have 4 other cards, VERY financially responsible, never missed a payment and always have paid more than the minimum. So I figured I'd start a secured card to help boost my scores even more, after entering my collateral ($300) the account went into review. I waited and waited, after 6 hours. I call the application hotline to find out that I was denied for:1. Length of Credit History (I have 1.5 years of history)
2. Balances Are High (Bad, I know)
My scores when I applied:
Equifax: 610
Experian: 592
TransUnion: 612
13 Comments
Comment 1 by wanderer
Re: DENIED AFTER REVIEW 
on 2010-07-24
Understand your frustration. Wells Fargo Bank NA and Wells Fargo Financial Bank are taking a change in their future course and direction. They want to move out of the sub-prime markets and concentrate on the better credit risks (define that... I can't). There was one Wells Card member that reported on this site that he had his credit line reduced from $9K to $3.3K and that when he had $40K in cash with Wells Fargo Bank. I had a secured card with $5K CL and I closed it and got out. You are better off concentrating on your present cards and paying down balances. The big thing today is low utilization and NOT too many open lines of credit. Slowly does it.
on 2010-07-24 Understand your frustration. Wells Fargo Bank NA and Wells Fargo Financial Bank are taking a change in their future course and direction. They want to move out of the sub-prime markets and concentrate on the better credit risks (define that... I can't). There was one Wells Card member that reported on this site that he had his credit line reduced from $9K to $3.3K and that when he had $40K in cash with Wells Fargo Bank. I had a secured card with $5K CL and I closed it and got out. You are better off concentrating on your present cards and paying down balances. The big thing today is low utilization and NOT too many open lines of credit. Slowly does it.
Comment 2 by thomas1
Re: DENIED AFTER REVIEW on 2010-07-24
Maybe you could try Orchard or Cap One? You can prequalify at both sites. Or, maybe open the secured card at your local credit union?
Wanderer is right though, try to get those balances down FIRST, wait for your bureaus to update with the new balances, and the scores will go up. Try to keep utilization under 10% on all revolving accounts.
Having high balances will kill a FICO score. If you pay them down first, go ahead and apply for another card if you really need to, and then credit garden with what you have.
Let the accounts continue to age along with low balances, and on-time payments, and the rest will take care of itself.
Good luck!
on 2010-07-24 Maybe you could try Orchard or Cap One? You can prequalify at both sites. Or, maybe open the secured card at your local credit union?Wanderer is right though, try to get those balances down FIRST, wait for your bureaus to update with the new balances, and the scores will go up. Try to keep utilization under 10% on all revolving accounts.
Having high balances will kill a FICO score. If you pay them down first, go ahead and apply for another card if you really need to, and then credit garden with what you have.
Let the accounts continue to age along with low balances, and on-time payments, and the rest will take care of itself.
Good luck!
Comment 3 by d98lakefan
Re: DENIED AFTER REVIEW on 2010-07-24
That was acutally me I had a 9000 dropped to 3500 for no reason at all and I have tons of money in there bank with like 3 accounts with me I was really mad so I just left my account open and now its my lowest credit line. wells fargo make s me very upset but I have my accounts with them and my mortgage with a great interest rate and I like the fact I can pay all my bills with one click of a button so I stay with them but there credit card division sucks!!!
on 2010-07-24 That was acutally me I had a 9000 dropped to 3500 for no reason at all and I have tons of money in there bank with like 3 accounts with me I was really mad so I just left my account open and now its my lowest credit line. wells fargo make s me very upset but I have my accounts with them and my mortgage with a great interest rate and I like the fact I can pay all my bills with one click of a button so I stay with them but there credit card division sucks!!!
Comment 4 by wanderer
Re: DENIED AFTER REVIEW on 2010-07-24
All right so you have been laying in the weeds! I moved all my accounts, insurances and investments out of WF. I was furiois and still am. Also, every time I bought a CD, shopped insurance with Wells Insurance and so on they did a hard inquiry. Now I am taking a 12-18 month cooling off period to let the Wells Fargo Bank NA and Wells Fargo Financial Bank hard inquiries fall off. All three CBs rapped me for too many hard inquiries with eight of them from Wells! GADS!!! Can you imagine?! Well anyway my experiences mirror yours and I left the big boy banks (don't trust them) and returned to the regionals. Until Wells (since 1973) I have never banked with the big boys and am truly sorry I tried them out! Hey Wells pulled Chex System when I reordered checks and then put the check reorder numbers on the Chex System! As to insurance Wells uses Choice Systems to credit and etc backgrounding a potential client. Thanks I feel better now! MAD!!! If Wells ran their bank system without reference to greed as well as they constantly checked me out they would NOT have been in serious financial trouble...! I understand your relationship and it is NOT always easy to pack it in but, I was able to and did!
on 2010-07-24 All right so you have been laying in the weeds! I moved all my accounts, insurances and investments out of WF. I was furiois and still am. Also, every time I bought a CD, shopped insurance with Wells Insurance and so on they did a hard inquiry. Now I am taking a 12-18 month cooling off period to let the Wells Fargo Bank NA and Wells Fargo Financial Bank hard inquiries fall off. All three CBs rapped me for too many hard inquiries with eight of them from Wells! GADS!!! Can you imagine?! Well anyway my experiences mirror yours and I left the big boy banks (don't trust them) and returned to the regionals. Until Wells (since 1973) I have never banked with the big boys and am truly sorry I tried them out! Hey Wells pulled Chex System when I reordered checks and then put the check reorder numbers on the Chex System! As to insurance Wells uses Choice Systems to credit and etc backgrounding a potential client. Thanks I feel better now! MAD!!! If Wells ran their bank system without reference to greed as well as they constantly checked me out they would NOT have been in serious financial trouble...! I understand your relationship and it is NOT always easy to pack it in but, I was able to and did!
Comment 5 by colonative
Re: DENIED AFTER REVIEW on 2010-07-24
That is the stupidest thing I have heard in a long time. Denied for a SECURED card?? Denied for too short of a credit history??? What type of client are they looking for in regards to their secured card then?
I have always disliked Wells Fargo (and I have absolutely no reason why as I have never had any sort of account through them). I hate how big they have become-swallowing up other banks. I wonder how well Wells Fargo is going to fare in the east coast with the people who are losing Wachovia.
But to mirror was Thomas1 said; pay down those balances (19 with high balances, I can understand why some banks may be cautious) and try Capital One or a credit union.
on 2010-07-24 That is the stupidest thing I have heard in a long time. Denied for a SECURED card?? Denied for too short of a credit history??? What type of client are they looking for in regards to their secured card then?I have always disliked Wells Fargo (and I have absolutely no reason why as I have never had any sort of account through them). I hate how big they have become-swallowing up other banks. I wonder how well Wells Fargo is going to fare in the east coast with the people who are losing Wachovia.
But to mirror was Thomas1 said; pay down those balances (19 with high balances, I can understand why some banks may be cautious) and try Capital One or a credit union.
Comment 6 by kdb030609
Re: DENIED AFTER REVIEW on 2010-07-24
Well sorry to here they said no. They are one of the more conservative banks around. There are other secured cards out there if you still want one from a major bank. Sounds like they did you a favor. I never was very impressed with them when I banked with them in the past. I only banked with them 2-3 years they are very pushy. They ripped me off to the tune of almost 400 dollars. They're investgative department didn't do anything. After giving them all the information they said they didn't have enough info. Also customer service was the worst in my experience. In a similar note I banked with Wachovia back in the early 90's. I had a similar experience with them also. When they were a small regional N. C. Bank. Which was before First Union took them over and used there name because they had a worse reputation for customer service then Wachovia. Both banks seem to have the mentality that they can do o wrong. I've hardly ever heard any positive things about them that weren't taken back by the people who said them. Sorry to sound like bashing them. I'm just speaking from personnal experience. I think they did you a favor! It's just to bad it cost you a hard pull on your bureau. Sorry to all the Wells Fargo, Wachovia & former First Union customers.
Good Luck!!!
on 2010-07-24 Well sorry to here they said no. They are one of the more conservative banks around. There are other secured cards out there if you still want one from a major bank. Sounds like they did you a favor. I never was very impressed with them when I banked with them in the past. I only banked with them 2-3 years they are very pushy. They ripped me off to the tune of almost 400 dollars. They're investgative department didn't do anything. After giving them all the information they said they didn't have enough info. Also customer service was the worst in my experience. In a similar note I banked with Wachovia back in the early 90's. I had a similar experience with them also. When they were a small regional N. C. Bank. Which was before First Union took them over and used there name because they had a worse reputation for customer service then Wachovia. Both banks seem to have the mentality that they can do o wrong. I've hardly ever heard any positive things about them that weren't taken back by the people who said them. Sorry to sound like bashing them. I'm just speaking from personnal experience. I think they did you a favor! It's just to bad it cost you a hard pull on your bureau. Sorry to all the Wells Fargo, Wachovia & former First Union customers. Good Luck!!!
Comment 7 by rockin35
Re:DENIED AFTER REVIEW (Good Thing) on 2010-07-24
This is actually a good thing. It might not feel like it right now. But as mentioned in a previous post from another member, Wells Fargo are trimming the risk and taking less chances even on applicants such as yourself with a younger credit history but excellent applicant to extend an offer to.
Keep your current cards, pay them down and soon, your current creditors will increase your limits. Wells Fargo is in transition and making a truck load of changes. If they are turning down people like my brother who's 39, makes over 70K a year with a house note and 2 credit cards, no lates... Then honestly, they are making some VERY selective choices.
Good luck to you!
Rockin35
on 2010-07-24 This is actually a good thing. It might not feel like it right now. But as mentioned in a previous post from another member, Wells Fargo are trimming the risk and taking less chances even on applicants such as yourself with a younger credit history but excellent applicant to extend an offer to. Keep your current cards, pay them down and soon, your current creditors will increase your limits. Wells Fargo is in transition and making a truck load of changes. If they are turning down people like my brother who's 39, makes over 70K a year with a house note and 2 credit cards, no lates... Then honestly, they are making some VERY selective choices.
Good luck to you!
Rockin35
Comment 8 by pmarti8
Re: DENIED AFTER REVIEW on 2010-07-24
I'm not trying to pry but why at 19 do you need 5 credit cards?
I say focus on paying down and off the 4 you do have so when you want to make a major purchase (car/home) you will be able to demand the lowest payments and best interest rates.
Many people with less than stellar (okay downright horrible) credit often over extended themselves when they were very young.
Be patient, if you stick consistently to paying your bills on time you won't ever have to worry about a rejection again :)
on 2010-07-24 I'm not trying to pry but why at 19 do you need 5 credit cards? I say focus on paying down and off the 4 you do have so when you want to make a major purchase (car/home) you will be able to demand the lowest payments and best interest rates.
Many people with less than stellar (okay downright horrible) credit often over extended themselves when they were very young.
Be patient, if you stick consistently to paying your bills on time you won't ever have to worry about a rejection again :)
Comment 9 by gxc
Re: DENIED AFTER REVIEW on 2010-07-25
Thanks everyone for their comments. I wasn't surprised that I was denied by WF. I have heard previously that WF is a really conservative bank and difficult to deal with. I bank with them and I am satisfied, though I do have a commitment problem, I can't stay with a bank for too long.
I know, I should pay down my other cards, they have such low limits. (2 of which are $300, 1 of which is $500 [Nordstrom] and my Citi is $1,300). I only have $900 of a balance in total, it'll be paid off within the next two months.
Maybe I am addicted? Haha, not sure why I have an obsession with plastic? I think I'm just going to pay it off and not apply for any more cards for two years.
I also applied for the Bank of America Secured Card and I'm waiting for a response with that.
Thanks again everyone!
on 2010-07-25 Thanks everyone for their comments. I wasn't surprised that I was denied by WF. I have heard previously that WF is a really conservative bank and difficult to deal with. I bank with them and I am satisfied, though I do have a commitment problem, I can't stay with a bank for too long.I know, I should pay down my other cards, they have such low limits. (2 of which are $300, 1 of which is $500 [Nordstrom] and my Citi is $1,300). I only have $900 of a balance in total, it'll be paid off within the next two months.
Maybe I am addicted? Haha, not sure why I have an obsession with plastic? I think I'm just going to pay it off and not apply for any more cards for two years.
I also applied for the Bank of America Secured Card and I'm waiting for a response with that.
Thanks again everyone!
Comment 10 by joearg29
Re: DENIED AFTER REVIEW on 2010-08-15
Dont fret, Wells Fargo is most likely to loose the credit card war, with the other big banks. They have horrible customer service, you have to have a 800 it seems to get a stupid secured card. I would app for the Citi student forward, or BofA student, as both cards are generous when it comes to UTL and they wont give you a secured card. Have you tried Capital One?
on 2010-08-15 Dont fret, Wells Fargo is most likely to loose the credit card war, with the other big banks. They have horrible customer service, you have to have a 800 it seems to get a stupid secured card. I would app for the Citi student forward, or BofA student, as both cards are generous when it comes to UTL and they wont give you a secured card. Have you tried Capital One?
Comment 11 by eric330
Re: DENIED AFTER REVIEW on 2010-08-26
The breakdown for your FICO scores...
35% -----Payment History---make your payments on time... Saves you money and helps your credit score
30% -----Amount Owed (credit to debt ratio) want to keep below 60%, I suggest 40% or less
15% -----Length of Credit History
10% -----Type of Credit---you want more than just credit cards on your report... Mortgage, loans, HELOCs etc.
10% -----New Credit... Dont open a ton of new accounts at once, also all the inq will raise flags as well.
on 2010-08-26 The breakdown for your FICO scores...35% -----Payment History---make your payments on time... Saves you money and helps your credit score
30% -----Amount Owed (credit to debt ratio) want to keep below 60%, I suggest 40% or less
15% -----Length of Credit History
10% -----Type of Credit---you want more than just credit cards on your report... Mortgage, loans, HELOCs etc.
10% -----New Credit... Dont open a ton of new accounts at once, also all the inq will raise flags as well.
Comment 12 by sfrancis
Re: DENIED AFTER REVIEW on 2010-09-05
@JoeArg29... An 800 cs to get a SECURED card???? That's crazy...800 most likely will qualify you for a regular unsecured card. I'm glad you shared that because I was thinking about applying for a secured card with them since I bank at Wachovia (of course they swallowed them up too). What about Bank of America or Citibank secured cards? At least on a Citi secured it's now in a CD account so that you can gain interest...
on 2010-09-05 @JoeArg29... An 800 cs to get a SECURED card???? That's crazy...800 most likely will qualify you for a regular unsecured card. I'm glad you shared that because I was thinking about applying for a secured card with them since I bank at Wachovia (of course they swallowed them up too). What about Bank of America or Citibank secured cards? At least on a Citi secured it's now in a CD account so that you can gain interest...
Comment 13 by burningphoenixny
Re: DENIED AFTER REVIEW on 2011-08-23
I applied yesterday for a secured wells fargo credit card -- at 1st a month ago they told me that i can't apply unless i'm a member and have a checking and savings account. Well i opened an account and now i'm waiting for a reply. If i don't get approved, i will simply continue to bank with my Municipal Credit Union - b/c with them i have an Overdraft line of credit of 250 bucks -- a checking, a savings and a cd that i have.
If i do get approved for the secured card, i will still close the checking account and savings account b/c i don't need 2 checking accounts. I will call tomorrow, b/c i didn't know that they can tell you if you are denied or approved in 6 hours.
on 2011-08-23 I applied yesterday for a secured wells fargo credit card -- at 1st a month ago they told me that i can't apply unless i'm a member and have a checking and savings account. Well i opened an account and now i'm waiting for a reply. If i don't get approved, i will simply continue to bank with my Municipal Credit Union - b/c with them i have an Overdraft line of credit of 250 bucks -- a checking, a savings and a cd that i have. If i do get approved for the secured card, i will still close the checking account and savings account b/c i don't need 2 checking accounts. I will call tomorrow, b/c i didn't know that they can tell you if you are denied or approved in 6 hours.
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Disclaimer: This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Wells Fargo. Review content is powered by Finance Globe.
