DoingHomework wrote:What does this have to do with credit cards? Well, it's a relatively simple to matter to apply the same risk models to credit cards. I'm not sure if that is what they are doing but I suspect they are. If so, it will be extremely difficult to get WF to extend credit to risky borrowers regardless of what they did in the past. It's just not worth it to them.
Don't get me wrong, I admire the way they do business. They reward customers who have money in savings and have good credit; the way it should be. If more banks would have been strict, maybe we would not have gotten into this much trouble. Considering Wells Fargo is one of the Big 4 banks, they issue the least amount of credit cards. They did hurt themselves with the Wachovia merger because Wachovia had purchased Golden West (did business as World Savings). Golden West had a ton of toxic mortgages. I figured it served WF right because they swooped in a stole Wachovia from Citibank. I think Wachovia would have totally crippled Citibank, so WF did them a favor. Up until the Wachovia deal, WF was sitting pretty.
I have never even done business with WF, they just rub me the wrong way for some reason. And I really don't care for their outdated logo and those 70s colors (orange, yellow, red).