So I have been on the rebuilding path for a while and I was just approved for a Wells Fargo Rewards card. I know its not a popular card because the rewards are lacking, but its my best approval to date. So my question is, is it time to cancel out my cards with low limits and annual fees?
if it has annual fee, i would cancel it right away.
if it doesn't, don't cancel it. just leave it in your sock drawer and let it close itself out due to inactivity.
Wells Fargo is conservative towards unsecured card approvals. You're making the right step in the right direction and a lot more better cards will be coming your way soon. Another plus side about wells fargo from my personal opinion. While the rewards are lackluster, they are pretty generous with CLIs (auto and customer initiated) and the lowest APR rates is easier to get.
Macys $1500 1 year
BrandSource/ Citi $2000 6 months
Kohls $500 3.5 years
Orchard Bank $300 3 years 59 annual fee
best buy reward zone mastercard $500 1.5 years 59 annual fee
Yeah I have banked with them for 7 years and I kept receiving "pre-qualified" offers so i finally just bit the bullet and they approved me for $4000. I was thinking it was somehting I could build on my path to better and I was too scared to apply for better lol.
Yeah, also should have said I was dumb and didnt know to request CLI's on any of the other cards.
No, I have only called the number on the back of the card and just get the "we are not granting CLI's during the transition". Would it even be worth while at this point?