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Chances with Chase or Wells Fargo

Member

Chances with Chase or Wells Fargo

Just a quick question to get the opinion of the folks here.

My current TU score is 717 and EQ is 798, however, I have 2 last negative items on my credit report.  One an AMEX charge off for $4,120 that will be removed in January and a collection account with Midland that has a drop off date of 2012...ugh.

 

Anway, my  question is whether or not you guys think I can get approved for a bank credit card that is not HSBC?  I currently have a Dillards card with a $1200 limit (I've had forever) and an HSBC card with an $1100 limit.  I would like to get a card with either Chase (I bank with them) or perhaps Wells Fargo - but I'm not sure how stringent they are on requirements.  Obviously I think my scores are fine, and my utilization is decent ($65 on my dillards and just over $200 on hsbc) but I'm concerned if they will see the AMEX charge off and deny me straight away. 

 

Thanks for your input,

 

Message 1 of 13
12 REPLIES
Moderator Emerita

Re: Chances with Chase or Wells Fargo

Well, the question I always ask is, why can't this wait the approximately 41 days for the AmEx CO to fall off? Smiley Happy (assuming that it's gone on Jan 1.)

 

You may well be approved with it still there, and I'll leave that for others to predict. But IMO, you should always wait until things are as shined up as possible on your reports, so as to increase the chances of approval, get the best APR, and the highest CL.

 

It's like going out on a first date. You want to have on clean clothes and nice breath. Smiley Wink Just a thought.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 2 of 13
Epic Contributor

Re: Chances with Chase or Wells Fargo

Since you are 2 months away from amex dropping off, I would wait, then you should be good for both I would think.

Message 3 of 13
Epic Contributor

Re: Chances with Chase or Wells Fargo


haulingthescoreup wrote:

Well, the question I always ask is, why can't this wait the approximately 41 days for the AmEx CO to fall off? Smiley Happy (assuming that it's gone on Jan 1.)

 

You may well be approved with it still there, and I'll leave that for others to predict. But IMO, you should always wait until things are as shined up as possible on your reports, so as to increase the chances of approval, get the best APR, and the highest CL.

 

It's like going out on a first date. You want to have on clean clothes and nice breath. Smiley Wink Just a thought.


Beat me +1!

Message 4 of 13
Member

Re: Chances with Chase or Wells Fargo

@everyone -  waiting until January is also what I think would be 'best case scenario' and I'm more than willing to wait until then.  But, I was hoping to open an account now so that in April or so when I would like to start mortgage shopping that the new cc account would be 6 months old rather than 3 months old. 

 

So - I can wait, was just wondering if anyone thought I stood a chance at being approved - thanks though for the replies!

Message 5 of 13
Moderator Emerita

Re: Chances with Chase or Wells Fargo

OK, well, that does spin it a bit. Smiley Very Happy

 

Are you just looking for one more card in general, so that you'll have three open revolving TL's, or one from Chase or WF specifically? For instance, you might be able to get a card from a credit union at this point. And in fact, it's possible that you can get a card from one of those two as well, although it seems from recent posts that Chase is currently in one of its picky-picky stages.

 

Opening the floor back up to CC qualification speculation!

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 6 of 13
Member

Re: Chances with Chase or Wells Fargo

Yes - just to have another open tradeline.  That way I will have 2 bank cards, 1 store card and an installment loan for my car.  And I just picked those two because they are big banks, have a lot of card options and they're frickin' everywhere!  I'd be more than willing to go to a credit union instead although I would need to open an account with one (I already have accounts with the other two).

 

thanks for the reply!

Message 7 of 13
Senior Contributor

Re: Chances with Chase or Wells Fargo

Chase (though they may still have some good rewards cards if you like chasing rewards) and WeFee would be dead last on my list of mjr bank card issuers to deal with as far as CS, CLI, fees, generally lack luster products, record of AA and so on. 

 

Why not check out US Bank?

                                    

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: AFCU, Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover
Message 8 of 13
Frequent Contributor

Re: Chances with Chase or Wells Fargo

I had scores lower than yours and was approved for a Wells Fargo card with an 11L CL.  I back with Wachovia, which was bought out by WF, so that might have helped.  I had some baddies, including a charge off, but it was instant approval.  I checked with whogavemecredit.com and saw they usually pulled TU, my highest score.

 

Good Luck!



Starting Score: TU 672 EQ 654 10/20/09
Current Score: TU 775 EQ 783 EX 799 (PLUS)
AMEX Delta Platinum $35K, NFCU Visa Signature $30K, HHonors Reserve Visa $35K, WF $13.5K, IHG Rewards Club MC $25K
Message 9 of 13
Member

Re: Chances with Chase or Wells Fargo

@score_buidling I didn't even think of US Bank - I don't think we have any in my area, so it was an out of sight out of mind deal.  Do you deal with them and have you been happy?

Message 10 of 13