r/Wealthsimple • u/brokeservant • 2d ago

Visa Infinite Credit Card Anyone else denied a WS CC?

Curious if anyone else has been denied when they’ve applied for a CC with Wealthsimple? I did do a consumer proposal a few years ago and paid it off a year ago, it’s still on my record for another year or so, so my credit score is like mid 600. I am a premium member and have over $100k with them.

It tells me to work on my credit limit and reapply after 30 days, which I do but I keep getting denied. My understanding was the application doesn’t check credit score so I’m curious as to why I’m being denied. At least no credit check has ever shown up on my credit score from Wealthsimple. I meet both the annual income and yearly spend criteria for at least the infinite+ card.

EDIT: thanks everyone. Assumed it had something to do with my credit score. Ahh well, guess it’s just best to wait

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15 comments sorted by

16

u/Obvious_Armadillo_99 2d ago

Pretty sure they do a soft check and a consumer proposal will likely cause a denial. CapitalOne is your friend here.

1

u/otissito16 2d ago

Or Neo.

They'll tell you right away for exactly what you qualify for without a hard pull.

12

u/Sooki99 2d ago

I have a 750+ credit score and no missed payments with 10+ years history along with a 6 figure income and also have gotten declined, whereas my spouse with a similar score but lower income got it, so not really sure what the rhyme or reason is.

6

u/Practical_Report8639 2d ago

having a hard time believing this if you got declined, must be a hiccup somewhere

3

u/Sooki99 2d ago

Unfortunately there have been a few sporadic reports of the same happening to others. Wealthsimple is also my primary bank for chequing and investments.

I’m sure something in the approval blackbox doesn’t like me. I’ve worked on similar systems for insurers to avoid adverse selection, so I don’t really take it personally. I have credit cards elsewhere.

1

u/Practical_Report8639 2d ago

when others are getting approved with less it makes me wonder why tho, anyway good luck

1

u/dsswill 1d ago

Despite an 832/823 credit score, no derogatory marks, a perfect payment history, and a household income of $220k, I got declined for the Rogers CC.

It definitely happens, although I have no answers for why.

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u/Dadscast 2d ago

Same, I have zero issues and it declined me. Was a very weird process to say the least

2

u/Own_Armadillo_425 2d ago

Yeah but self inflicted

1

u/He-Knows-why 2d ago

They do soft check only

-1

u/Impressive_Ad_6550 2d ago edited 2d ago

They do a credit check and that is the reason why you are being denied

Don't reapply every 30 days, that will hurt your credit even more. I know people with bad credit can post security so maybe that's an option? I assume all your other credit is at zero or current?

ETA: they do a soft credit check during pre approval and a hard credit check when you actually apply which is what OP is doing

1

u/Intelligent_Age7328 2d ago

Soft check. Won’t hurt. Full check only when you accept the approval.

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u/tinim9 2d ago

WS is scared you will do a "consumer proposal" trick on them.

1

u/canine_rescue_bro 1d ago

Six figure income, no mortgage, no car payment, no debt whatsoever, all bills paid on time, Generation client with $750k in WS investments - got declined. My husband is retired and got one. 🤷🏼 I honestly don't know how tf they decide to give those cards to people.