Consumer complaint received 2023-12-17
Product: Payday loan, title loan, personal loan, or advance loan — Personal line of credit
Issue: Getting a line of credit — 
Company: WELLS FARGO & COMPANY (CA)

I was pre approved for a personal loan up to XXXX, and a couple credit card offers. Now I was just doing soft inquires to see what my rates and limits would be for these credit cards. After being denied a personal loan and reviewing my credit I noticed I went from a XXXX to a XXXX. This is due to the XXXX hard inquires Wells Fargo/XXXX had performed on each one of these credit cards I was reviewing for rates. Now when I applied for my personal unsecured loan Wells Fargo denied me. I was shocked I didnt even receive a counter offer and here Im being denied something i know I qualify for. My income is going to be XXXX this year depending on size of my bonus, I meet all requires on website for loan to be approved and I feel that Im way more then qualified to receive. Ive pulled my credit report through the Wells Fargo app all information that follows is directly through their app and Ive screen shorted all information for documentation. At the time of this loan request my credit score had dropped from a XXXX to a XXXX. Which would still makes me qualified for this loan. My payment history rating is exceptional with 100 % on time payments, the wf app says this is 35 % of your score. My debts which is 30 % of your score has an exceptional rating and is at 1 % utilization with a balance of {$39.00}. Types of credit which is 10 % of score has a very good rating. This has 6 revolving accounts ( all credit cards with {$0.00} balance except 1 ) and 10 installment loans all 10 of these loans have been paid off early. Two of these 10 are unsecured loans XXXX for $ XXXX the other for XXXX both where paid off early. 3 of these loans are mortgages, the other 5 are auto loans. Every loan has been paid off early. The last factor on the wf credit close up section is new credit applications. Mine has 12 hard inquires, with only about 2 of them being approved by me for the hard inquire, as I was under the impression it was going to be a soft pull. The underwriter had called me and asking about the purpose of the loan and what my assets where. I have over XXXX + assets. The purpose of this loan was to buy a dump trailer I needed it cash so I can get a better deal. The dump trailer is a personal asset that could even at one point be held as collateral. The other purpose is for my personal content creating pages. I stream on twitch and a couple other platforms I could use some of those funds to really help me get to the next level. Now with all these false hardinquires it is affects my ability to get a loan and continue pursuing my personal affairs. I did a soft inquire with XXXX to try and get approved for a & XXXX loan, I have been denied and wont even be able to receive a counter offer. Ive called both companys to dispute these hard inquires of my credit and neither one of them are willing to help. Ive called XXXX who refers me to talk to the companys and then the company referred me to talk to the reporting agency, after calling and calling I decided to take it to the executive branch and file formal complaints. Ive reached out multiple times for the reasons of my denial and have not yet been provided a reasonably clear factor in the decision of this denial. If these hard inquires are not removed and if Wells Fargo denies my appeal this mistake will have a huge negative impact on my ability to secure funding by utilizing my amazing credit that took me 12 years to establish. Right now is a critical time for me to secure funding due to future business move I plan on making. I have a sole proprietorship business that is also gon na be drastically negatively affected by me not being able to utilize my credit due to false hard inquiries I didnt not approve of. Everyday that goes by is a day I can no longer utilize my credit and a day my business is going to be negatively affected. If you have any questions please reach out at XXXX.