02-25-2013 10:32 PM
Hello.Everyone .Is my first time post .I come from Singapore which a small Island in Southwest Asia I don't speak English very well ,but I'm big fan of credit card . So far i have :
Chase Southwest 5k
CHase Freedom 2.3K
Wells Fargo 1.4K
US bank 1K
Cap one 750
I think i have too much ,I need some useful cried card not some BS cards that i put in my drawer .So i decide closed some trash ........
the first thing coming to my mind was Cap one .I had this account 1.5 year .I only got 500 to 750.Since ever them denied my CI everytime and I don't think Cap one will be generous in the futrue so i called canceled ,then US bank credit card ,I don't used it very often with a high APR .I called canceled . then i think about Wells Fargo i have this card almost two years .but WF very stangy with Cl,I start with the College Reward card with $700,six months later i jump to$1000 6 months later ,Is jump to $1400 .But is take so long and so small amount of CI ,I'm tired and sick of it .Plus WF reward really sucks ,spent $1 per 1 penny such a joke . so i called canceled it .Later i googling ,i have no regreats cloesd my US bank and Cap one .But i saw something good point about Wells Fargo .So I have second thought ,I might need think about this .I called Wells Fargo ,but is was too late, Since the account is closed .There is no way to reopened it .I was wonder am i made a right chose to closed wells Fargo cc ????/Is a righdecide ？？？？Any thought ?????? THanks
02-25-2013 10:54 PM
What is done is done. You shouldn't feel bad that you closed your Wells Fargo card. I believe it's ideal to sock drawer the cards with no annual fee and run a charge through them once in a while, but if you weren't planning to ever use it then it was better to close it now then to have it closed later in life for inactivity. What was your second thought that made you want to keep your wf card open?
02-25-2013 10:58 PM
Thanks so you replying .i used to have WF college student card .but i did see some college studetn who said that card is good . that's the reason
02-25-2013 11:08 PM
Wells Fargo cards aren't good for their rewards.
If rewards is what you primarily are going for, they're not the card for u.
I personally like my Wells Fargo even though I don't swipe that card as much now.
They've been pretty generous with my auto CLIs, and the best part is their interests rate. They are giving me about 10% APR, which is the lowest I've gotten, though I only been charged interests once during the 6+ years I have the card.
02-25-2013 11:17 PM - edited 02-25-2013 11:19 PM
You have plenty of other good cards that offer the same (1% ) and better rewards than the wf card. Those college students who told you that the wf card is good (enough to keep open), most likely do not have amex, chase freedom, discover, and the other cards you have.
fwiw i'm not a fan of wf credit cards. however their online banking (interface) for checking accounts, is superior to chase and others imo.
02-25-2013 11:19 PM - edited 02-25-2013 11:23 PM
If I am not wrong, WF rewards is <1%
Right now its 13000 points for $100 cashback.
$1 = 1 point.
If u do the math, its below 1%.
So in terms of rewards, just consider them as non-existent with cards such as Slate, Simplicity, etc.
WF is a good card to have for low interest rates in general, not rewards. For rewards, Chase and AMEX are way better.
Wells Fargo CLI been pretty generous to me personally. I am guessing it is because I PIF, and swipe over 3k on that card each month on average. Might also be due to the money I have in my checking and savings since they're my primary checking/savings bank.
I want to get a CLI with chase, but apparently its a hard pull (according to phone rep), so I am holding that off.
I have CLI of 2k with chase, and I swipe over 4k and also PIF each month on average.
02-25-2013 11:24 PM
whoops. i actually have the wf cash back card for students which is 1% for every purchase. Not sure about wf rewards, so you might be correct.
02-25-2013 11:28 PM
I've never carry a balance ever on any of my CC . but since there is limit only $1400 and in order to keep good score i can not swich the all of $1400 ....that's sucks
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.