Wells Fargo & Company Complaint - Denies Application For A SECURED Credit Card Claiming I Do Not Make Enough Money To Qualify
SAN FRANCISCO, CALIFORNIA -- A few weeks ago I went to my local Wachovia branch for a consultation about starting a credit history and I was told that the best way to start would be to have a secured credit card, the way it would work being that a "collateral account" would be created and the amount placed into it would be my credit limit, and the funds in the collateral account would be released after one year. Since this was a secured card, there would be minimal requirements for qualification.
The Financial Specialist recommended that I go onto the Wells Fargo website and apply for the Wells Fargo Secured Card, as he was unable to do it in his office as Wachovia and Wells Fargo had not yet integrated. I did so, checking to ensure that all information on the form was accurate, including that money to secure the card was to be withdrawn from an existing checking account that I had with Wachovia.
A week later I got a letter of denial, stating that the reason was that I did not make a high enough income to qualify! I was flabbergasted!
Firstly, why the heck would there be income requirement for a secured card?! It's a SECURED card with existing money held as collateral with no risk to the bank! Secondly, I've had the same job for at least a year and it pays very well especially considering the economic conditions. (So I must reiterate, how do I not meet an income requirement for a secured card?)
Update: After I went back to the financial specialist, he learned about the income requirement for himself. He called Wells Fargo internally and had the application updated to reflect the correct income as I had underreported my income accidentally.
A couple weeks later I got another denial letter. Not only was the income reason still there, they could also no longer confirm the existence of my Wachovia account to secure the funds against, nor my social security number. Again I went to the branch to have the problem corrected. The financial specialist called the credit card devision again, and when I talked to them I determined that the representative that we talked to the previous time did not actually correct the application. It is obvious that an error had occurred since my social security number had not changed. Also they advised me to send a check since the Wachovia and Wells Fargo systems have not integrated so they couldn't take the money from it.
Then I got another denial letter requesting more information. The financial specialist faxed the information. Now the card was finally approved.