Wells Fargo & Co. recently declined granting a credit card to one of its customers who applied four months after opening a bank account. One of the leading reasons for being declined was due to length of time in banking with the financial institution. Wells Fargo only grants credit cards to its customers with a checking account.
The bank does not mention how long after establishing an account with them would a customer have to wait before applying for a credit card. The customer who was declined had applied three consecutive months in a row and was not granted a credit card due to the length in time of opening the bank account.
A Wells Fargo's customer service representative mentioned that the length of time was for 'security purposes,' and when asked to speak with a supervisor for additional information, the representative would refuse to transfer the line to a supervisor.
If Well's Fargo had released the information to the customer who was declined, it would not have had an impact on the customer's credit report. The secret length of banking time time that the institution has for granting credit can destroy a customer's credit history and score with too many inquiries after being declined application after application for a credit card.
