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Regular Contributor
doc101
Posts: 177
Registered: ‎11-27-2011

Re: Wells Fargo or Bank of Am

Thanks  for the info. Since I already bank with WF, I may try them first. Then again, I may try BoA


Starting Score:Equifax 543
Current Score:EQ658 TU 655 EXP627 updated 5/30/2014
Goal Score: 650


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Frequent Contributor
GaTech
Posts: 374
Registered: ‎02-10-2013

Re: Wells Fargo or Bank of Am


doc101 wrote:

Thanks  for the info. Since I already bank with WF, I may try them first. Then again, I may try BoA


I have a Wells Fargo credit card (and I have a checking account with them). I've had nothing but good service from them. Treat Wells Fargo good and they'll extend the same courtesy.

As of 1/10/2014 EX FICO - 748. EQ FICO - 728. Trans FICO - 755

WellsFargo - $3,000 AMEX BCE - $18,000 Chase Freedom - $4,000



Moderator
Revelate
Posts: 8,394
Registered: ‎12-30-2011

Re: Wells Fargo or Bank of Am

[ Edited ]

goosedog wrote:

doc101 wrote:

Can anyone apply for the card from SDFCU?


Don't bother with them. Tryin to even get membership is like tryin to jump through hoopes on fire from a 30,000 foot skydive. They want your whole life story before  they approve you. I got an email from them last week asking for the following

Copy of drivers license

copy of social security card

copy of permament resident card or passport

copy of recent utility bill in your name

copy of mortgage or rental lease

 

Than they pull your credit score and report and make the determination if they will approve your membership. I eventually told them forget it. They said they take verification very seriously so if i could not send them the info, than i was more than welcome to walk into a branch (they only have them in the great DC area) and talk to a banker.

 

You are better off with BOA because WF may deny it. You can also look at US BANK secured cards. They do offer rewards for their members and discounts on rental cards and their cards unsecure in as little as 12 months. I had one back in 2001 that unsecured after 9 months.


This wasn't my experience with SDFCU at all for membership nor their secured card application.

 

Regardless, BOFA is the best secured card nearly hands down, with the exception if you need non-trivial forex purchases in which case SDFCU is better (3% on BOFA's card is harsh).  For reference, BOFA's secured card with the exception of the AF is effectively equivalent to an Amex BCE, and obtainable somewhere 120 or more FICO points below from an underwriting perspective.

 

Really for establishing positive payment history, one should acquire two (or maybe 3, debatable) cards anyway.  If I had to do it all over again, I would've gone BOFA secured, SDFCU secured, and ignored everything else until I was able to pull a trigger for my eventual Amex charge card and Chase Freedom (relationship) and subsequently stepping into a backdated Amex revolver for limit chasing.

 

Plenty of paths though, and with good habits they all lead to where we want to go eventually, really when establishing positive history *any* secured card which reports is ideal.  Optimal rewards or credit report reindeer games can be pursued later.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012

Re: Wells Fargo or Bank of Am

I used to have Wells Fargo checking. I just finish paid auto loan with them never late. They won't give me a CC. They offered secured. I lol and move my business to chase and the rest is history.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
New Contributor
mcf
Posts: 355
Registered: ‎02-25-2013

Re: Wells Fargo or Bank of Am

+1000 Wells Fargo is insane! They denied me offered a secure card, which ive banked with them for a while.. my thought, they access my direct deposited funds before i do lol.. But, now BofA whom i have no checking, no savings, and no IRA with, extends their gracious hand out and call me and say "come my son here is 7k line of credit on our signature card." Hope this helps your view. I will be switching banks soon i do believe.. Why stay at a bank that doesnt work with own customers...

Starting Score:Walmart TU 686, MyFico EQ 630, Credit Sesame 649, CK 636Current Score: 689 TU/Walmart CK 645 Goal Score:700 CLUB
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Moderator
Revelate
Posts: 8,394
Registered: ‎12-30-2011

Re: Wells Fargo or Bank of Am


mcf wrote:

+1000 Wells Fargo is insane! They denied me offered a secure card, which ive banked with them for a while.. my thought, they access my direct deposited funds before i do lol.. But, now BofA whom i have no checking, no savings, and no IRA with, extends their gracious hand out and call me and say "come my son here is 7k line of credit on our signature card." Hope this helps your view. I will be switching banks soon i do believe.. Why stay at a bank that doesnt work with own customers...


Sadly WF focuses on their mortgage business and much of the rest of their portfolio is an afterthought.  Wells cards are utterly bland and nothing to write home about, and personally I think anyone armed with information found on this forum should really look other options than WF for cards.  As far as checking accounts go I've not heard any complaints from my associates that use them, and for business checking I think they're near the top from what little I've heard, but for cards, go elsewhere is my recommendation.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Super Contributor
enharu
Posts: 6,889
Registered: ‎02-27-2013

Re: Wells Fargo or Bank of Am

Personally I like Wells Fargo a lot. Service has been really good and any problems I had were resolved easily and quickly, including problems with CRAs.

That being said, their credit cards are indeed lackluster. I would recommend people to apply for them only if they already happen to have a banking relationship with Wells Fargo and are trying to establish their credit.

However, for people who are trying to RE-build or are interested in getting their secured cards, I definitely do not recommend it at all. Wells Fargo isn't an ideal bank for one to rebuild credit with. They are extremely conservative, to the extent it may seem to be paranoid or just fussy. They do not seem to be as willing to graduate people to unsecured, and they are very tough on approvals as well. If you can get approved for a Wells Fargo unsecured, you probably will have no issues getting approved for the lower to mid tier chase or citi cards as well.
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).
Regular Contributor
goosedog
Posts: 327
Registered: ‎05-28-2013

Re: Wells Fargo or Bank of Am


Revelate wrote:

goosedog wrote:

doc101 wrote:

Can anyone apply for the card from SDFCU?


Don't bother with them. Tryin to even get membership is like tryin to jump through hoopes on fire from a 30,000 foot skydive. They want your whole life story before  they approve you. I got an email from them last week asking for the following

Copy of drivers license

copy of social security card

copy of permament resident card or passport

copy of recent utility bill in your name

copy of mortgage or rental lease

 

Than they pull your credit score and report and make the determination if they will approve your membership. I eventually told them forget it. They said they take verification very seriously so if i could not send them the info, than i was more than welcome to walk into a branch (they only have them in the great DC area) and talk to a banker.

 

You are better off with BOA because WF may deny it. You can also look at US BANK secured cards. They do offer rewards for their members and discounts on rental cards and their cards unsecure in as little as 12 months. I had one back in 2001 that unsecured after 9 months.


This wasn't my experience with SDFCU at all for membership nor their secured card application.

 

Regardless, BOFA is the best secured card nearly hands down, with the exception if you need non-trivial forex purchases

 



Whats a non trivial forex purchase?


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