Wells Fargo Secured Card criteria?

Poki · ‎09-02-2013

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.

"Neither a Borrower Nor a Lender Be"

enharu · ‎09-02-2013

@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 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.

when you are opening your checking account, ask your banker about the secured card too. Wells Fargo branch bankers can sometimes "help" you get approved for certain credit products as long as the request itself isn't too unreasonable.

nevertheless, I think your odds are good.

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).

Poki · ‎09-02-2013

ok! I just may consider WF oops, I meant savings account.

"Neither a Borrower Nor a Lender Be"

Give_Me_Credit_Please · ‎09-02-2013

I opened a secured WF cc about 8 months ago and my score was around 620, I have a tax lien and one collection account. I do have a WF checking account though. Based on your profile, you shouldn't have a problem at all. If you open a checking account with them that would help alot. Good luck and keep us udated.

Poki · ‎09-02-2013

hmm... savings account, I'm not too interested in their checking account (fees).

"Neither a Borrower Nor a Lender Be"

Poki · ‎09-02-2013

Just opened up a savings account (online).

"Neither a Borrower Nor a Lender Be"

myjourney · ‎09-02-2013

Looking at your profile you shouldn't have a problem ......Good luck

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Poki · ‎09-02-2013

@myjourney wrote:
Looking at your profile you shouldn't have a problem ......Good luck

you pulled my credit report?

"Neither a Borrower Nor a Lender Be"

myjourney · ‎09-02-2013

@Poki wrote:
@myjourney wrote:
Looking at your profile you shouldn't have a problem ......Good luck
you pulled my credit report?

Lol

No CO's Baddies,

2 lates only negative

Mid 650 scores

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?

Brusilov · ‎09-02-2013

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.