Consumer complaint received 2025-01-15 00:00:00
Product: Credit card — General-purpose credit card or charge card
Issue: Getting a credit card — Application denied
Company: WELLS FARGO & COMPANY
State: NY

Complaint narrative:
I recently discovered that my XXXX XXXX, that had for many years been paying 2 % cash back on every purchase, reduced that number to 1.5 % some months ago without fanfare. So I did some research to see if there was another 2 % card out there, and found this one from Wells Fargo. I subsequently came across their ads on TV as well. After applying via an online form ( application # XXXX ), I received a letter from the bank dated XX/XX/XXXX, requesting that I mail or fax a copy of my tax return from the past two years, in order to verify my income. So I did just that. But on XX/XX/XXXX I received an email from Wells Fargo, telling me that my credit card application had been rejected. A letter would follow in the mail, explaining the reason ( s ) why.

I did indeed receive that letter, which stated : After a careful review, we are unable to approve your request for the following reasons : Income provided cant be verified.

Our decision was based in whole or in part on information in a credit report from the consumer reporting agency below. 

That would be XXXX. This letter was intended to explain why my application was rejected. But it just left me scratching my head. I sent the 1040 Forms that quoted both my taxable and tax-exempt income, so why the statement that my income cant be verified? As for XXXX, it deems my XXXX XXXX XXXX of XXXX, to be exceptional. Additionally, XXXX XXXX quotes my XXXX XXXX to be XXXX. XXXX quotes a XXXX XXXX of XXXX. So why am I being denied credit at this particular time, from this particular bank? What is the point of any of it, these numbers, if they are rendered meaningless? Im registered at XXXX, and under the menu item How do lenders see me?, XXXX writes, Currently lenders may see you as extremely reliable. Heres why : Exceptional Credit Rating.

Low Credit Usage.

Excellent Payment History.

Exceptional Credit History Length.

Low Estimated Debt-to-income. '' So what gives? I never had a problem acquiring a new line of credit, until now. And I dont have a problem with the rejection per se, as much as I do the inadequacy of the explanation.

So I called the Wells Fargo Credit Departments customer service line, provided to field questions. I stated all of the above to the rep, and speculated as to whether my recent history as a victim of identity theft may have influenced the banks decision. Well yes, she saidbecause I had placed an Alert on my account at the 3 credit rating agencies, warning any potential lender to verify my identity before extending a new line of credit. It would have been helpful, made sense to me, if Wells Fargo had stated that in their explanatory letter. But no matter ; the rep said it hadnt been a hard rejection. And this call would serve as proof of my identity. She would refile my application and didnt anticipate any problems. 

But on XX/XX/XXXX I received a 2nd rejection via email, with the same promise of a letter to follow, by way of explanation. And I did indeed receive that letter. It was an exact replica of the first : After a careful review, we are unable to approve your request for the following reasons : Income provided cant be verified.

Our decision was based in whole or in part on information in a credit report from the consumer reporting agency below.

Thank you Wells Fargo. That was helpful.

I called the customer service line again. Had a brainstorming session with the rep, trying to make sense of the banks action. I mentioned that Id only sent the 1st page of my XXXX & XXXX Form 1040, as they contained the relevant info requested vis-a-vis my income, and I assumed that would suffice. In this day and age, and especially in light of my recent harrowing experience with identity theft, Im judicious about sending out sensitive info via mail or cyberspace, beyond what is necessary. But the rep told me, the bank needed a copy of my entire tax return, including all schedules. Why I do not know ; they are irrelevant to the purported question of my income. And why didnt the rejection letter specify such, by way of clarification? I also mentioned to the rep that Id blacked out my SSN on the 1040 Forms I sent. A prudent move, I thought. But no, the rep said, that would be a second reason for the rejection of my tax forms as submitted. They can not be altered or redacted in any way.

What? Everyone knows by now, its the wild west out there. Were taught to be careful with the information we share, and for good reason. Can I legitimately be denied a line of credit because I redacted my SSN from a requested document? And does Wells Fargo not owe me a true explanation, one that makes sense, for why my application was denied?

After another bank allowed over {$430000.00} to be fraudulently drained from my bank account, in a shocking 2-week crime spree that raised no red flags within the banks security apparatusIve learned that every step a bank takes that involves the disclosure of sensitive information needs to be questioned and considered. If Wells Fargo were to provide a specific, cogent explanation for their actions re my application, I would be reassured that they were looking to work with me in good faith. Their vague, inexplicable explanation as to why they decided to deny me credit, is more the stuff of XXXX XXXX or XXXX XXXX.

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