Consumer complaint received 2021-04-15
Company: WELLS FARGO & COMPANY
State: WA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Getting a credit card
Sub-issue: Application denied

Complaint:
Wells Fargo Bank apparently is using nonfinancial, and probably illegally obtained and applied, data and criteria, to deny me a credit card, and is probably committing these illegal practices industry-wide. 

Despite telling that, by its own standards, it regarded me as an " excellent '' credit risk, Wells Fargo, where I have banked for over 12 years, denied a credit card to me on the vague grounds of an unspecified ratio regarding credit bureau trades and number of revolving bankcards. Wells Fargo nonsensically offered my credit counseling to improve my credit score of XXXX out of 850 points. 

Despite asking for a re-evaluation and an EXPLANATION of what these vague bases meant and how they trumped by other excellent credit history over more than thirty years, and despite pointing out that there is absolutely no derogatory information in my credit report to even hint I could not or would not pay off its credit card, Wells Fargo has steadfastly maintained, without any further data or explanation, that it made the correct decision. This absolute refusal by Wells Fargo to explain how those two arbitrary, technical numbers have any relevance to my credit risk or ability to pay off its credit card, or how or why my otherwise spotless, decades old credit history is trumped by these unexlained numbers, and the bank 's stubborn insistence, without explanation that its decision was correct, leads inescapbably to the conclusion that Wells Fargo is using some unrevealed, and illegal, set of metrics, data or criteria in its lending decisions. 

I short, since there is no rational, explainable, financial reason for Wells Fargo 's decision, and since the bank refuses to even try to explain its decision, it obviously is concealing something in its decision process that it does not want the public or regulators to know. 

My initial application was in XX/XX/XXXX, application number XXXX. It was denied by letter dated XX/XX/XXXX, in which it was stated that by credit score was XXXX out of 850, but I could counseling to improve it! I asked for reconsideration XX/XX/XXXX, which was denied by a second letter on the same grounds. I had an online chat about XX/XX/XXXX with Wells Fargo, in which they could not or refused to explain their decision, and opened a complaint for me only after I threatened to withdraw my funds. That complaint resulted in a call from XXXX XXXX in the Executive Offices. She knew nothing about the reason for the denial, could not explain it, and could not fix it. She referred me to underwriting to talk to the underwriter responsible for personally reviewing my application and denying it a second time. I was not allowed to speak to that underwriter, however, and the person I did speak to in underwriting knew nothing about the reasons for denial and could not explain them. He opened a new complaint for me though (! ) which resulted in another call from the Executive Offices ( one " XXXX '' ) who also knew nothing about the stated reasons for the denial and could not explain them. 

I continually was advised to contact the credit bureau which provided Wells Fargo with the excellent credit rating, with no explanation why I should do so or what I would complain to the credit bureau about. I eventually did so, and found absolutely nothing derogatory in my credit report. 

In the meantime, at the repeated urging of Wells Fargo, I arranged a meeting with a banker at my local office in XXXX, Washington. Just before that meeting, on XX/XX/XXXX, I received yet another communication from the Executive Offices, again standing by the decision to deny credit, and still refusing to provide any further explanation. At the meeting with my personal banker on XX/XX/XXXX, I found that he, too, knew nothing about the reasons for the denial and could not explain them. He tried to suggest the denial was based on my debt/income ration, but that is not and never has been Wells Fargo 's stated reason for denying me credit. He opened still another complaint for me, assuring me of a better response. 

On XX/XX/XXXX, I received still another letter from Wells Fargo, still obstinately refusing to explain its decision, but insisting it was correct. On XX/XX/XXXX, I wrote to XXXX XXXX XXXX, Senior Executive VPf for consumer lending, XXXX XXXX, Senior Executive VP and COO, and Wells Fargo 's Credit Card Services, demanding an explanation. I In response, I received still another letter from Wells Fargo 's Executive Offices, insisting, without explanation, that its unexplained denial was sound and correct and would not be changed. 

During this entire, up to this very moment, Wells Fargo itself says I have, by its own evaluation standards, " Excellent '' credit. I even have a {$10000.00} credit line with the bank! 

It seems inescapable that Wells Fargo has an undisclosed reason for denying me a credit card. Its utterly intransigent refusal to explain it inexplicable basis for denial, and it insistence that it's unexplained and unjustifiable reasons are correct, simple prove that it has reasons it is not disclosing and does not want revealed to the public or to regulators. These reasons likely are illegal and inappropriate. Given Wells Fargo 's history of improper and illegal activity, this is not an unreasonable conclusion. 

Please keep in mind, I have no need of a Wells Fargo credit card. But I do have a need to a lawful, financially justifiable, rational basis and explanation for the denial. Wells Fargo simply, utterly refuses to explain its decision, and by that refusal plainly indicates it has made it decision on some improper and most likely illegal basis. It seems likely that it is making similar unlawful decisions, using undisclosed and illegal criteria and data, in all its lending practices.

Company public response: Company has responded to the consumer and the CFPB and chooses not to provide a public response
Company response to consumer: Closed with explanation