Wells Fargo is the ONLY company that pulled a hard credit check on me in more than 3 years. I applied for 2 store credit cards last October and was approved for both.
Yet only the one that was financed through Wells Fargo indicated a hard credit check had occurred. Yesterday I was helping my brother get an auto loan and bounced through about 10 lenders and the ONLY one that used a hard credit check was Wells Fargo. Even when Wells Fargo is even contacted regarding a loan they will still damage your credit even if the information was incomplete or even when it is improved. Two scenarios of a customer's reaction will lead to them accepting the loan, even if the consumer finds it to be a bad deal, because they will not want to damage their credit by applying to another company.
They could believe that further damage is ahead and will accept a less favorable option. Another possible implication is the consumer goes to another lender and finds the credit damage, so they go to another lender and are stuck with the credit damage. I am most similar to the latter. Last year about 6000 employees were fired because of fictitious accounts and those are often created using chunks of data that were from real people.
One of my sisters has been complaining about getting a bad loan on her boat for years. Wells Fargo is not a trustworthy, fair, reputable or potentially sustainable business. What is the best way to deal with Wells Fargo?
Protect yourself and don't. Save yourself the trouble of getting a bad loan, don't waste your time with a business that will cause credit damage and make sure that Wells Fargo has nothing to do with you next creditor or face the consequences.
Product or Service Mentioned: Wells Fargo Loan.
Reason of review: Credit Sabotage only Wells Fargo does.
Monetary Loss: $10.
Preferred solution: Warn consumers know that Wells Fargo will damage their credit, regardless of their application. Fix the 5 points off of my credit score and possibly the one from 2017. Change the scam type policy. I plan to cancel the card from 2017..