Wells Fargo Secured Card criteria?

[shane82388]

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@Brusilov wrote:

When I was approved for mine years ago my profile was in sad shape indeed: 550-575 FICO, 2 unpaid collections, no open credit lines.  I think you will be just fine!

Have you looked at getting a secured card through BofA or elsewhere instead?  YMMV but from what I've seen of forum experiences they graduate with greater regularity than WF.

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OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

[Brusilov]

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@shane82388 wrote:

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@Brusilov wrote:

When I was approved for mine years ago my profile was in sad shape indeed: 550-575 FICO, 2 unpaid collections, no open credit lines.  I think you will be just fine!

Have you looked at getting a secured card through BofA or elsewhere instead?  YMMV but from what I've seen of forum experiences they graduate with greater regularity than WF.

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OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

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Lots of store cards, GE-backed cards, Cap One (just to name a few) would probably approve you for unsecured cards with a 650 FICO.

[Poki]

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@shane82388 wrote:

OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

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I should probably confess, its not just my score rather I have midish/high utilization (I'm thinking 50%, most cards at 0-15%). I've decided to hold out on applying, instead I'm going to pay down my current CC debt.

Anyhow, I received an eMail from Wells Fargo today. They are mailing me my ATM card!! I was hoping their savings account came with a card. Wells Fargo, if you are listening, you should probably mention online that your savings account comes with a convenience/ATM card, because I almost choose a different bank over you.

[SunriseEarth]

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@shane82388 wrote:

OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

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+1   I was wondering the same thing. 

[sjt]

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@Poki wrote:

Just wondering if anyone has insight at what Wells Fargo looks for when applying for their secured credit card?

My credit profile isn't great, but not "bad"; 650 FICO, no collection/charge-offs/baddies other than two 30 day late payments (01/2011 and 01/2008... oops).

I was thinking about opening a checking savings account with them, so I can have a local place to deposit cash (my banks are out of state).

I was approved for a car loan (Wells Fargo Dealer Services) back in June 2013; positive payments since. Probably doesn't have any leverage.

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Like the other posters stated I think you may qualify for an unseaured card.

From my understanding the main approval criteria is: 1) if you have a BK, it must be one year since discharge and 2) no outstanding liens.