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Regular Contributor
YoungMoney06
Posts: 116
Registered: ‎06-26-2011
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Wells Fargo Approved...Adding Addt'l Lines

I recently applied for a college student credit card through Wells Fargo and was approved for $1,200. This is an exciting time for me because since I had my very first credit card in 2006, when I first turned 18, and learned the hard way, I've became MUCH MORE financially conscious about what I spend and am in the process of rebuilding my credit.

 

I do have satisfactory installment loans on my credit report, however, I'm trying to mix a healthy portion of revolving credit. On that note, I am wanting to apply for maybe 1 or 2 more credit cards, but am a bit worried about being denied because I don't want my score to take a hit because of the hard inquiry. I have about four hard inquiries, two which are fresh, one for the WF card, another for a Sprint account I just opened.

 

So my question is, should I apply for any additional cards, and if so, which ones would be good. I was thinking a Dept card, and I was eyeing CareCredit, simply because I'm needing some dental work done. Any advice is helpful! :smileyhappy:

My Wallet: WF College Card ($1.7k); GE Wal-Mart ($1.3k); GE Amazon ($1.9k); Chase Freedom ($1k); Citi Simplicity ($2k); Discover IT ($2k); CareCredit ($1.5k); GE Lowes ($2.5k) -- In The Garden 'Til 08/2014

Current Scores: EQ 716; TU 683; EX: 709; TU(08): 723 - As of April 21, 2014
Goal Score: 700 Across the Board (TU, EQ, EX)


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Revelate
Posts: 9,547
Registered: ‎12-30-2011
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Re: Wells Fargo Approved...Adding Addt'l Lines

In your case when it comes to building, it really doesn't matter that much as long as you get another 1-2 cards that report to all three bureaus.

 

If you're a student, I would simply recommend getting another student card from BOFA and/or Citi.  Otherwise a secured card might be beneficial but typically if you can clear WF's underwriting most other lenders should be similar I believe on a student card.

 

The department store cards aren't that handy unless you shop there, Walmart possibly excepted if you want to track your TU '08 FICO score for free.  GE-backed cards (of which Walmart is one) often will grow in limit over time as well.   That said, they do nothing that a national lender card won't do for you, and from a relationship building perspective they're non-starters.

 

Care credit is an interesting animal, I would look into the underwriting on that card before applying for it in your case, but hopefully others with more familiarity with the underwriting criteria can post on that.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
Cadillac-XTS
Posts: 1,837
Registered: ‎08-20-2012
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Re: Wells Fargo Approved...Adding Addt'l Lines

Congrats on your approval

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tinuviel
Posts: 4,877
Registered: ‎11-02-2010
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Re: Wells Fargo Approved...Adding Addt'l Lines


Revelate wrote:

In your case when it comes to building, it really doesn't matter that much as long as you get another 1-2 cards that report to all three bureaus.

 

If you're a student, I would simply recommend getting another student card from BOFA and/or Citi.  Otherwise a secured card might be beneficial but typically if you can clear WF's underwriting most other lenders should be similar I believe on a student card.

 

The department store cards aren't that handy unless you shop there, Walmart possibly excepted if you want to track your TU '08 FICO score for free.  GE-backed cards (of which Walmart is one) often will grow in limit over time as well.   That said, they do nothing that a national lender card won't do for you, and from a relationship building perspective they're non-starters.

 

Care credit is an interesting animal, I would look into the underwriting on that card before applying for it in your case, but hopefully others with more familiarity with the underwriting criteria can post on that.



YMMV, but here's what I know about it. My DH applied for it when his credit was in the toilet; this was back in Feb of 2011. He had no open CCs in his name and a couple of COs. He was able to get a BBRZMC in his name with a $300 CL, but it hadn't yet appeared on his report when he apped for Care Credit. They approved him with a $500 CL. This spring, he was able to get them to increase him to a $2100 CL. It was a HP to increase the limit, but we both feel that it was worth it.

 

From what I've read elsewhere, Care Credit has been known to approve with scores in the low 600s. Since the OP would be able to make use of it, it might well be worth a shot.


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Established Contributor
CruzImperial
Posts: 867
Registered: ‎07-04-2012
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Re: Wells Fargo Approved...Adding Addt'l Lines

Care credit can be gotten in the 680s and they use to give 3k cls if you have cards with similar limits or no derrrogs.
It was sp for us from 3k to 5.5k cl in 5 seconds on the automated system so ymmv.
It's either a good card or bad card, no between.
Fico Scores: . Walmart TU 748 . Garden 8/19 2014 .

Cap One Journey 500 | Discover IT 500 | GE Home Design 5.6k | GE HHGREGG 5k | Amex Zync NPSL | Amex BCE 6k | Citi Forward 4.2k | Citi Dividend 3k | GE BrandsMart 1k | GE Lowes 8.5k | Discover Walmart 7.5k | Barclays Apple 2.5k | BoA CR 2.7k | CSP 7.2k | Platinum Prestige 5k | IT Chrome 4k | Slate 2.3k |
Regular Contributor
YoungMoney06
Posts: 116
Registered: ‎06-26-2011
0

Re: Wells Fargo Approved...Adding Addt'l Lines

I just did apply for the Wal-Mart credit card (non-Discover) and got the typical "7-10 days for approval" message. Any way I could possibly expedite the process? Additionally, when it asked for my income annually, I screwed up and put my NET income, not GROSS. Sure this may make a bit of difference so I need to reiterate it a bit.

 

Does anyone suggest calling the backdoor number, and how long do I wait before calling? I just did apply for it about an hour ago.

My Wallet: WF College Card ($1.7k); GE Wal-Mart ($1.3k); GE Amazon ($1.9k); Chase Freedom ($1k); Citi Simplicity ($2k); Discover IT ($2k); CareCredit ($1.5k); GE Lowes ($2.5k) -- In The Garden 'Til 08/2014

Current Scores: EQ 716; TU 683; EX: 709; TU(08): 723 - As of April 21, 2014
Goal Score: 700 Across the Board (TU, EQ, EX)


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