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Valued Member
elmolina74
Posts: 42
Registered: ‎03-29-2010

Wells Fargo said yes!!!

Ok have been re-building my credit for the past 7 years and it's paying off!! (from low 500's to high 600's now :smileywink: Applied for a Wells Fargo rewards card last week and got the 7-10 message, I figured I would be denied and was mad at myself for wasting an inquiry. Just called to check the status of the app and I was approved with an initial credit limit of $6,000!!! Hooray!!! I got approved for Discover back in February and I'm really loving the card, I use it and pay it off every month as the rewards are terrific. Now I have a question for the experts, should I close the credit cards I got when my credit wasn't great??? ie: Capital One $500 limit, Credit One $750 and HSBC $1,200 ... Or keep them open to show a longer credit history? Thoughts and inputs are appreciated :smileyhappy:

Moderator
pizzadude
Posts: 8,652
Registered: ‎01-28-2010

Re: Wells Fargo said yes!!!

[ Edited ]

elmolina74 wrote:

Ok have been re-building my credit for the past 7 years and it's paying off!! (from low 500's to high 600's now :smileywink: Applied for a Wells Fargo rewards card last week and got the 7-10 message, I figured I would be denied and was mad at myself for wasting an inquiry. Just called to check the status of the app and I was approved with an initial credit limit of $6,000!!! Hooray!!! I got approved for Discover back in February and I'm really loving the card, I use it and pay it off every month as the rewards are terrific. Now I have a question for the experts, should I close the credit cards I got when my credit wasn't great??? ie: Capital One $500 limit, Credit One $750 and HSBC $1,200 ... Or keep them open to show a longer credit history? Thoughts and inputs are appreciated :smileyhappy:



Congrats on the approval  !!   I wouldn't close your other cards unless they have an annual fee that you can't get them to waive....

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
Valued Member
elmolina74
Posts: 42
Registered: ‎03-29-2010

Re: Wells Fargo said yes!!!

Thanks!! I will close the HSBC card, don't want to continue to pay a $79 annual fee.

Established Contributor
TNTransplant
Posts: 772
Registered: ‎01-03-2012

Re: Wells Fargo said yes!!!

Congrats to you!  Great feeling, isn't it?  :smileyhappy:


Starting Score: Jan 2012: EQ - 659, TU08 - 670, EX - ???
Current Score:April 2014: EQ - 772, TU08 - 782, EX - 754
Last App:3/21/14

Valued Member
elmolina74
Posts: 42
Registered: ‎03-29-2010

Re: Wells Fargo said yes!!!

It is!! Seven years of re-building, hard work and responsible spending are paying off :smileywink:

Regular Contributor
ashkev89
Posts: 228
Registered: ‎07-21-2008

Re: Wells Fargo said yes!!!

Please, Please, Please......Close the cards with annual fees. :smileyvery-happy: You owe it to yourself for being so good with your progress. These accounts will be here for the next 10 years if they are in good standing of course, so they will age closed or open in my opinion.

 

Congrats on the approval


Starting Score: 475 09/2008
Current Score: 07/2012 EX:696 (BOFA & Amex Fico) EQ:707 (CU Pull) TU:708 (Walmart FIco)
Goal Score: To Be in the 800 Club!!!!!!


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FrugalRican
Posts: 2,876
Registered: ‎02-02-2012

Re: Wells Fargo said yes!!!

Congrats. When's the wedding?

Follow my financial journey: http://www.frugalrican.com


EQ FICO (01/16/2012): 656 - EQ FICO (02/16/2012): 743 - EQ (02/24/2012): 760 - EX (04/28/2012): 739 - GOAL 2013: 800+

AMEX BCE (0/10K) --- BOA 1-2-3 (0/15.9K) --- Discover More (0/6K) --- Chase Freedom Visa (0/1.4K) -- Hyatt Visa Sign. (0/5.8K) -- Barclay's NFL Card (0/7.5K) -- Chase Sapphire Preferred (0/5K)

Valued Member
elmolina74
Posts: 42
Registered: ‎03-29-2010

Re: Wells Fargo said yes!!!

Hahahahahahaha!!!!!!!! I'm dying right now!!! No date has been set just yet, let me get the card first, LOL!!

Moderator Emeritus
tinuviel
Posts: 4,877
Registered: ‎11-02-2010

Re: Wells Fargo said yes!!!

Congrats! Nice limit! :smileyhappy:


Current Scores: EQ 775 (03/04/2014), EX 756 (03/01/2014), TU 760 (03/01/2014)
Ruby Spade Garden Club Member - Last App: 03/04/2013 - No apps until 2014
Cards: Cap1 Venture 6.4k, Cap1 Quicksilver MC 1.75k, BankAmericard 1-2-3 Visa Signature - UCF Alumni Association 5k, Discover 7k, Citi Diamond Preferred MC 10.35k, Wells Fargo Rewards Visa 7k, Chase Freedom 5k, Chase Ink 7.5k, Amex Green NPSL, Dillard's Amex 7.5k, JC Penney 7.5k, Kay Jeweler's 5.1k
Valued Contributor
Crashem
Posts: 3,098
Registered: ‎01-26-2012

Re: Wells Fargo said yes!!!

Would have 3 cards open however.  Might consider a couple more replacement cards if you like before that Wells Fargo card hits your account.  Right now you are just taking the inquiry hit on your score.

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