Congratulate me. I just got declined by Wells Fargo for a SECURED CARD!!! They don't even trust me with my own money now. No credit involved, my $500 deposit would have equaled my $500 credit line. Declined. So much for credit repair. FICO=603 2 years after a CH13 Discharge, no derogs since.
Don't know reason yet - supposedly the letter is in the mail. I got suspicious when the account deposit wasn't taken from my bank account that I have with Wells fargo. called, told was declined, letter in mail. Guess if they don't trust me with my own money why should I trust THEM with it?
Re: You KNOW you have bad credit wh After that, I wouldn't care if I trust them with my money, I wouldn't let them make any profit off it. I say TAKE IT ALL OUT! ChrisB
Why don't you see if you can be DENIED for a CD loan too... Some have had that happen too!!! THE LOGIC OF BANKS!!!
TALK ABOUT BANK STUPIDITY... I had an INCOMING EFT DEPOSIT...they "HELD" that deposit for 48 hours!!! If I had not called...THEY MAY HAVE "HELD" IT FOR 5 DAYS!!! THEY SAID IT WAS AN ERROR...THEY WOULD CREDIT ANY NSF FEES...(I DON'T WRITE CHECKS UNTIL I CONFIRM THE "AVAILABLE BALANCE") EFT DEPOSITS ARE ALWAYS~~SAME AS A CASH DEPOSIT (NEVER A HOLD)
I was also denied by Wells Fargo secured card about one year ago. They do not take you at all if you have a previous Bankruptcy on your report. $300 deposit = $300 credit line. Also annual fee. Hmmm let me see. NO!!! Denied. I think they pay only like 0-2 % on the interest for the deposit and charge like 18% on a balance. The Wells Fargo secured card must be a PRIME card. LOL !!!
lol you just gotta pick em better what happened to the good ole crap 1 secured card. that was the shiznit. $99 for $500 limit. That was my first card and i still have it although i have no idea where the card is. its a $3200 gold card 9.9% fixed no annual fee card. now i have like $190K in amex/visa/mc i forgot about the good ole crap 1 card that got me started years ago!
Now comes the fun part - Wells Fargo says they rejected me because the banker used an obsolete form, but the actual rejection letter (which arrived yesterday) cites "bankruptcy and delinquency". Hey, I know about that, that's why I'm applying for a SECURED card in the first place. I spoke with a WF CSR today, and was told they will reject for a BK less than 1 year post discharge (mine is almost 2 years out), chargeoffs within the past year (none, but Arrow Financial is trying to re-age a debt that was discharged in BK, that's another story and a lawsuit coming). Guess I can't be trusted with my own money. And guess I'll just have to sue Arrow Financial for $1000 to make me feel better.
Re: Re: You KNOW you have bad credit when.. That's good info, Flyingifr. Sorry you had to be the lab rat for this little experiment, though wajaba
Re: Re: Re: You KNOW you have bad credit when.. Don't feel bad, my DH was declined for Wells Fargo secured, even sent a cashiers check so they would KNOW the check was A-ok... they gave the same reasons for decline one might expect for an unsecured application (derogatory info on your credit report, blah, blah...) we have vowed never to do business with them again.
Re: Re: Re: You KNOW you have bad c ... when you get turned down for a pre-approved Household Bank card w/ the reason listed as: presence of serious delinquencies. Duh - if I didn't have serious delinquencies, would I be applying for a subprime card???? ;-)
Re: Re: Re: Re: You KNOW you have bad c Yeah, like someone with a 750 FICO would even consider a secured card. What the heck do they expect?
Re: Re: Re: Re: You KNOW you have bad c By "popular request", I have been asked to comment on why Wells Fargo declines a secured card EVEN when we know that we will have security with collected funds. I know Wells Fargo's (and BofA for that matter) approval guidelines for secured cards are stricter than most secured cards offered. The approval criteria that I know of is that the last negative information reported should be over 1 year old. (Don't know if BK is any different - shouldn't as far as I remember.) Why is this a big issue? I don't know. In the US, it's pretty easy to stay within your credit limit and send in payments on time. However, Wells Fargo has had abuse of secured accounts before - because it's an OPEN CREDIT LINE. I had a guy out in a foreign country charge OVER $8,000 on his $300 secured card! Yes, $8k! I don't know if it has anything to do with credit card networks overseas or what. All are legitimate charges, yet if the card was in the US, there would've been no way they would've been approved through the network. Okay, let the REAL DISCUSSION begin!
