Consumer complaint received 2022-08-21
Company: WELLS FARGO & COMPANY
State: MD
Product: Payday loan, title loan, or personal loan
Sub-product: Personal line of credit
Issue: Getting a line of credit

Complaint:
To whom it may concern, I am reaching out due to me being denied a debt consolidation loan on XXXX separate occasions. I will carefully explain each scenario and provide as much context as possible regarding each unjust denial. 

I initially applied for my first debt consolidation loan in XXXX of XXXX, I walked into a Wells Fargo Bank branch located in the XXXX XXXX area of Maryland, at the time I applied I was not a customer and was informed by the banker that me becoming a customer with the bank would better my chances at getting approved for the personal loan. 

I then applied to become a Wells Fargo customer, under the terms of having a discounted repayment plan with auto deductions from my XXXX Checking account is what the banker promised me along with any initial denial would be followed with a counter offer. I opened the account and immediately had direct deposits from my salary going in the account. One week later I received a letter in the mail stating that my loan application was denied for three reasons : 1. Credit score- now at the time I applied for this loan my credit score was XXXX and there are no delinquencies on my credit report, all my bills are paid on time with no history of late payments. 

2. None Customer - I was told by the banker that me becoming a Wells Fargo customer at the origination of the loan would have no impact to me applying for this loan. When I received the notice this was the driving factor of them denying my loan now this was concerning because it was one the questions I asked the banker at the time of me applying for the loan and was told that was not an issue. 

3. No deposits to a Wells Fargo Checking Account - This reason brings me back to reason # 2 why had this information been provided to me up front by the banker? Instead she allowed my Credit to be dinged applying for a loan she ultimately knew I did not meet the qualifications that are set by Wells Fargo. 

I immediately escalated this with the mediation department with Wells Fargo and provided them with this information and details surrounding me applying for the loan. My case was assigned to a specialist by the name of XXXX XXXX who reviewed the information provided and agreed that there was an unfair business practice by falsely coercing me to open an account to be approved for a loan with Wells Fargo. 

XXXX XXXX informed me that the bank would offer me a payment for {$1600.00} for this inconvenience, he then encouraged me to apply for the same loan 6 months later and would then have better approval odds. 

I then applied as instructed in XXXX and was denied for the same reasons up above minus not being a Wells Fargo customer and I recently applied in XXXX of XXXX and was denied for unjustifiable reasons as well. 

Please review and provide any assistance with getting this resolved my credit score is being impacted by each time I apply and no one seems to care!

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