Consumer complaint received 2023-08-24
Company: WELLS FARGO & COMPANY
State: WA
Product: Credit card or prepaid card
Sub-product: General-purpose credit card or charge card
Issue: Advertising and marketing, including promotional offers
Sub-issue: Confusing or misleading advertising about the credit card

Complaint:
A friend told me about the XXXX mastercard ( Wells Fargo ). The whole premise of the credit card is it is the first credit card you can pay rent on with no fees and that it is a great way to build credit. This is fully what the card is advertised and marketed for all over the web site. In the application process you have to submit what you pay for rent. While you are given an interest rate, you are not given a limit until you submit your application. I did so and received a limit that was only XXXX $ less than my cost of rent. I Immediately called XXXX and they said not to worry, They could adjust your credit once I've received the physical card in the mail, that it was likely an error and shouldn't be an issue. Once I received the card, I called and quickly realized the only option was to ask for a credit increase on a brand new credit card. I explained my situation and was told my complaint would be submitted to the " executive office '' and I would receive a letter in the mail with a decision. I was told there is no phone number for the executive office and when I asked to speak to a manager, I was told they would be in meetings all day. The writings on the wall would say, being denied access to management and waiting for a letter in the mail is a bad sign. I said, I found this to be poor business, it feels intentional and unethical. Explained to the person I didn't blame them personally but I don't care to support this business in any capacity. She assured me after I receive my letter from the Executive Office, I can submit to close the account and they can remove the inquiry altogether so that the closure won't affect my credit and it will appear as if the inquiry never occured and I can apply elsewhere. I was very surprised but happy with that response, I asked multiple questions and even asked if they were sure for reassurance. ( This along with all conversations were recorded ). My letter came and they were unable to approve the XXXX $ increase and didn't address the complaint. Today I received a phone call from the Executive Office needing to again make me aware that the increase for rent was denied. They assured me to use the credit card for other types of purchases and to re-apply for credit down the line after I've used it. I told them advertising a credit card to build credit with rent and giving a limit just below rent is offensive, gross conduct and I feel backed into a corner. I stated I don't want to support the bank and would like to option the removal of the inquiry altogether that I was told about before. She told me my option was to use the credit card for other purposes and apply for an increase later on or to close the account which would likely affect my credit many times over. I replied that I had a long in depth conversation in which specifically pertaining to the removal of the inquiry of the credit card which was recorded and likely attached to my claim. She then said that person " misspoke '' and gave me her two options again. I asked to speak to her manager who was again not available and would be no help because " she knows nothing about my case ''. I said I wanted to file another complaint and was told it would " do nothing for me '', I replied " I don't care ''. I was placed on hold and once taken off I had but had to get back to work so they are supposed to be calling me back tomorrow. It feels in all instances thus far representatives are saying whatever they have to factual or not to get me to shut up and hope that I won't keep pursuing and that's unfortunately what I'm planning to expect going forward. 

The advertising of this card led me to believe this is a great easy way to build good credit. It is a the first of its kind and the whole draw is your building credit paying rent. A critical expense that has to be paid so why not build credit while doing so. I presume they draw people in, short the limit so they don't have to put up the high expense of rent and force customers ( likely inexperienced ) to use the credit card for simpler, cheaper purchases. I've never had a late credit card payment in all of my years, I have good credit and am financially reliable and stable, If this is happening to me I find it is likely happening to many others I'm curious to know if they do have the capability to close the account as if the inquiry never happend or if they were just saying it to appease me in the moment? 

Thank you for your work here and all that you do, there is some comfort in knowing that I can document and report gross misconduct of such a behemoth corporation With Gratitude

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