Consumer complaint received 2022-12-16
Company: WELLS FARGO & COMPANY
State: NC
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Other features, terms, or problems
Sub-issue: Other problem

Complaint:
People rely on the credit decisions of major banking institutions when making financial decisions. On Saturday XX/XX/XXXX I contacted Wells Fargo about increasing the credit limit on my XXXX  Card ending in XXXX from {$5000.00} to {$10000.00}. My complaint is that the customer representative lied to me. He told me that my request to increase the credit limit to {$10000.00} had been APPROVED. However, I later received a letter from Wells Fargo explaining that the credit limit was only increased by a mere {$1300.00} to {$6300.00}. I want a transcript of these recorded phone conversations with an explanation as to why the bank LIED to me on the phone. 

Here is a summary of the major facts : 1 ) I originally requested an increase in my credit limit from {$5000.00} to {$10000.00}, The bank offered to increase my credit limit to {$6300.00}. This did not feel right but I accepted. However, I voiced my concern to the Wells Fargo banking professional. I explained that I i ) had a high income ii ) owned my own residential house with no mortgage, iii ) owned two cars iv ) had no student loans, and v ) no credit card debt. When I expressed my concern that discrimination played a role in the lower credit limit, the Wells Fargo representative indicated that I could be transferred to another department at the bank to request this additional increase in my credit limit. The decision to accept the original {$1300.00} increase did NOT preclude me from asking for the larger increase from {$5000.00} to {$10000.00}. 

2 ) The 2nd representative indicated that the previous decision to increase my credit limit {$1300.00} was done without pulling my credit report. I was told that there would be a significant wait for the results, However, I am a patient person and decided to be placed on hold for an extended period of time. At the end long hold, the Wells Fargo representative confirmed that I had been APPROVED for a {$10000.00} credit limit. I had him repeat this statement and he indicated that the additional credit limit would be available the next day. 

Unfortunately, Wells Fargo is DISHONEST and never increased the credit limit to {$10000.00}. I received a letter on XX/XX/XXXX indicating that this request for additional credit had been denied, The letter was dated XX/XX/XXXX. As a result, the Wells Fargo representative knew that my request to increase the credit limit had been denied. However, he did not tell the truth, He lied to me. We will never know why Wells Fargo couldn't increase the credit limit for someone with a high income, a good credit score, and no debt. However, the consumer financial protection bureau should request these phone transcripts and penalize the bank for being dishonest. The government should not tolerate large banks lying to customers, Wells Fargo wants to pretend that the original {$1300.00} increase in the credit limit precluded me from requesting another increase in the credit limit. However, the 1st Wells Fargo employee indicated that she was surprised my credit limit increase was not granted She transferred me to the second representative who knew about this earlier increase in the credit limit. However, no one indicated that this earlier increase precluded me from requesting a larger increase based on an actual credit report. Wells Fargo continues to mislead customers, It's unethical the make verbal statements on the phone that are *immediately* contradicted by a letter that is dated the SAME DAY,

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