New offer from Wells Fargo??

[Meanmchine]

Saw this today. $200 for $1k / 90 day spend.  Used to be $150.  If it wasnt for the fact they use Fico 2 Bankkcard, id jump on this

Good luck everyone

https://creditcards.wf.com/cash-wise-visa-card?product_code=CC&subproduct_code=CW&vendor_code=LS&sub...

[Anonymous]

Do they use Bankcard 2 for everything? If so I'm in excellent shape I have a 788 Bankcard 2 FICO which only translates to 730 FICO 8

[AverageJoesCredit]

Thats an awesome Fico2 bankcard Matt4200.

[DaveInAZ]

Hmmm, tempting, I do love nice spend bonuses. But . . .  Wells Fargo, I've never had a single positive experience with them. I took a look a credit pulls, looks like they usually pull EX and high 600s Fico08 as a minimum score. .

[happypill]

A $200 sign-on bonus for a no-AF card is nothing to sneeze at, but otherwise the card looks pretty much to be a 1.5% card and in the current market, 1.5% is no longer competitive so not really worth using.  Get this if the $200 sign-on is worth a HP to you, but there are a lot of other options with better initial bonuses.

[Anonymous]

Where does one get a Fico 2?

[trant3]

Ive read they're INQ sensitive. After being denied for the FNBO Amex, I'm now denial sensitive LOL

[CreditDunce]

EX FICO 2 is another name for EX-98.  It is one of the FICO scores used for mortgages.  NASA, PSECU and several other FCU's provide it for free to their members. 

WFs uses the bank card enhanced version of EX-98 for credit card account reviews (ARs).  I have heard that they use other models for other loan types.  Supposedly, the FICO score model you are shown in their app depends on the type of loan you have with WF.

[DaveInAZ]

Wells Fargo has also raised the spend bonus for their Rewards Visa to $200 - https://www.wellsfargo.com/credit-cards/rewards/

I saw the offer when accessing my WF checking online (not a pre-approval, just product promo). The intro offer is 20k reward points for $1k 90 day spend, plus  5x points on gas, grocery, drugstore purchases for the first 6 months, and 0% APR for 12 months. But beyond the intro promos this looks like a surprisingly bad card - only 1 pt. per $1, points can be redeemed for merchandise or travel, but if you want cash you need a WF checking account or request a paper check. And the APR???? Starts at 17.9% and goes as high as 26.74!!! It almost seems like WF is targeting this card for those with less than stellar credit, which is not typical of WF. It looks to me like a "take the $$$$ and run" CC, which of course is not a wise credit move.

[heyryan]

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@Anonymous wrote:
Do they use Bankcard 2 for everything? If so I'm in excellent shape I have a 788 Bankcard 2 FICO which only translates to 730 FICO 8

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That's really interesting your scores are reversed from mine like that. My FICO 8 is 774, but Bankcard 2 is 708. It seems extremely sensitive to new accounts/inquiries. It took a 30+ point dip with a new account, and just recently bounced back to where it had been before.

It's taught me to always ask which model a lender uses since my EX scores have a 70 point swing, EQ is nearly 80 (705 Auto Score 5-781 Bankcard score 8), and TU is 50 (722 FICO 4-772 Auto 8). My FICO 8 scores are all in the 740-780 range, but most places seem to use older models that are lower :\