03-18-2013 10:35 PM
Master ,I take your word .That's why i stop applying credit card and freeze my all of my credit report companys .My credit has been building since 2011 not too long .
03-18-2013 10:56 PM - edited 03-18-2013 10:59 PM
So you want to reopen the wells fargo card because it's your oldest tradeline (since 2011)? If that's the case, i wouldn't worry too much about it since there's no point in worrying over a card that's only 1-2 years old when it'll continue to report for 10 years. In 10 years your current cards will be 10+ and the wells fargo should be around 12, so it shouldn't affect your AAoA that much. Someone feel free to correct me if i'm wrong.
btw i got 2011 because you said you were building since 2011. if it's a card from let's say 1999 it will indeed impact your AAoA in 10 years when it falls off.
03-19-2013 10:42 AM
Just wonder why your file is just 2 year old. Did you just migrate to USA from somewhere?
03-19-2013 10:45 AM
Any new post please
What else are you looking for? If you called and asked if you could re-open your credit card and was told no, then there is your answer. WF is not cheating you. The person you spoke to at the branch didn't know what she was talking about - she probably know the checking and savings products better than the credit products. You have too many inquiries and a credit score that isn't that great. Your best bet is to wait a year to let those inquiries drop off, make sure you take care of the credit cards you currently have and get your score up. Then you will be in a better position to apply for credit cards that will work for you better.
03-19-2013 10:55 AM
I gotta agree with most people here than you should wait and let those inquiries fall off. I made the same mistake and till this day im kinda still paying for it. I have about 18 inuqiries now (had 27 at one time) on my EX report. Was trying to rush into credit fast. August was my last application on that report and till this day only have 1 (which was from Bank of America) just a few days ago. But i am wiser now (thanks to myfico and its members) about appying for too much credit. As for WF, it is different for everyone. I have a pretty good relationship with them Have checking/savings/investment/secured CC/mortgage/and even auto loan. Been with them for 10+ years. I know their CC products are not much to fall over but will not leave them just because of that. In your case if you are unhappy with them then im sure there are other banks/CU that will fit your needs.
03-19-2013 10:58 AM
Tanyasf, I just don't understand your whole point from the very beginning, I'm sorry.
You had your WF card that you decided to close a couple of weeks ago. From what I've read before, you were unhappy because of low limit on that card.
IMO, It's quite easy to judge if that decision was right or wrong:
- If you had an annual fee on that card with no decent rewards
- If you had other cards with more decent limits
- If you've already tried to ask for a CLI (credit line increase) or PC (product change to other card) and was declined
then, most likely, your decision to close the card was right and there was no real reason to keep it.
On the other hand:
- if you had no annual fee on that card
- if it was your largest (or even only) or oldest credit line available
- if you had no other credit cards
- if you had very poor credit history / score
then it might have been not the best decision and you would have better kept the card (maybe just putting it aside and not using it - something that is called SD (sock drawer) here)
In most cases closing card is an irreversible action, especially if it was customer initiated.
Now my question is why you really want to stick to WF? What other cards do you have? Do you have any "baddies" (late payments etc)? What is your income range?
The reason why I'm asking is that 2 years proper history supported by decent income in most cases is enough to get almost any card you want. At least my personal journey supports this...
BTW, what's your native language (sorry for asking)...
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO