"Wells Fargo Bad Experience So Far"

Comment 1 by colonative

Huh? on 2009-03-26

They wanted you to apply for a savings account in addition to the secured Visa? Or the "savings account" is what backs the Visa?

I have never heard of anybody being declined for a regular savings account(but these days I guess it shouldn't surprise me). They might have declined your for the secured card (with the savings being what secures it).

Sounds like you have applied for a few things recentlty as well. You might need to give it a year for some of those inquiries to fall off. Your scores are pretty good too actually, you might try for an unsecured card within a year. Once your Citibank becomes unsecured (11 more months) they typically will give you a CLI.

Comment 2 by jerica

Curious About Citi Secured on 2009-03-26

Hi, I am interested in a Citi secured Visa, do you need an account with Citi for this card, and does it show up secured on the credit reports. thanks for any information

Comment 3 by adamhamdy

For Jerica Citi Card Question on 2009-03-26

Yes, it shows up as a secured card... Process was a breeze though... Very good customer service... You earn about 4% on the CD so, you get almost your annual fees... The card is excellent but the only downside they take about 18 months before you get the unsecured... Unless anybody got the unsecured before 18 months, please, let us know...

Comment 4 by adamhamdy

For Colonative on 2009-03-26

Thanks for your answer... I did not want to bore anybody with details, but here they are...

if you go to wells fargo online... You can not open an account online unless you have a saving or a checking acct with them,... It says that if you do not have an acct with them you have to print the PDF and apply, my printer is down, so I called them to send an application and they told that it is not gonna work and I have to open an acct first(i felt they were trying to sell me an acct, I told myself why not(i have tons of wachovia bank around me and they are coming soon)

anyway, I gave my info and my debit card about 12 days ago,I did not receive anything in mail, so,I called today the same customer rep and he apologized that they did not have enough staff last week!!!

he took the info again today and about 2 hours later I received an e mail says I was denied and they will send me a letter...

(i am guessing may I am from pa and they are not big here... Who knows...

i can not wait to talk to that cus rep again...

Comment 5 by colonative

Strange on 2009-03-27

Still seems very odd. I guess you are *lucky* to have found out about them before you did business with them. Does PNC offer a secured card?

Anyway, with your scores you shouldn't have to deal with a secured card at all. If you don't already have a Capital One card you may try that, otherwise, maybe just take it easy for a while.

Thanks for the explaination!

Comment 6 by wildrage2

Denied Bank Account on 2009-03-27

You can and will be denied a bank account if you have a negative Chex Systems consumer report. If you let your bank account overdraft too much, they will red flag you on this report, and you won't be able to open a bank account for 7 years.

Comment 7 by wanderer

Secured Credit Cards on 2009-03-27

Point of order... Wells Fargo requires a paper application if you are not a customer (savings/checking) with a check or bank check to open (12 month secure time period). They do a hard pull credit check and if they don't like the results, they deny your app and will not let you deposit funds. They secured their cards with a savings deposit. Bank of America uses a savings deposit to secure their secured cards (12 month secured time period) and they do a hard pull credit check. Citi Bank secures their cards with an 18 month Certificate of Deposit and they do a hard pull credit check. Every bank has their own criteria for approval and today Wells Fargo has fallen on hard times, previously Citi Bank and Bank of America. The credit world continues to be fluid and strange. Note, Wells Fargo Bank NA has been a much more conservative bank even in the good times and are solid once you are established. Who knows, next year you might be prime to them It is very strange credit world.

Comment 8 by colonative

Wildrage on 2009-03-28

Good to know. I knew that banks would deny a checking account if someone had bad checks floating around but I did not know that it could effect a savings account as well.

Comment 9 by interjack

Re:Wildrage on 2009-03-29

A savings acct has the same withdrawal abilities as a checking acct to an extent. A savings acct has a routing number and account number just like a checking account, however, a savings account has a limit on the number of withdrawals that can be done in a specific period. They may have denied the savings acct because of something caught up in chex systems.

Comment 10 by egmartin

Reason For Denial on 2009-03-30

There's a good chance the denial is a result of low-priority, understaffed secured department. Or it could be that you are in ChexSystems for past derogatory checking/savings account history with another bank (last five years). Or maybe you defaulted on a past debt obligation for a financial institution that wells fargo has taken over in the last decade.

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