Open123 wrote:In my estimation, you're better off with Discover.
I think Discover is a more leniant than Wells when it comes to approval. Discover has an infinitely superior rewards program. Wells Fargo has one of the least compelling rewards programs of any bank. Aside from their secured card or financing terms, I see no reason to apply for a Wells Fargo card that seems bereft of rewards when compared to their competitors.
I should have explained if I had to choose between the two cards, I would really prefer Discover More over WF, by a huge margin. I mentioned what I did regarding WF due to the relationship with them being established. Would I really use their card if I got it, probably not, but it would build history. I am not a huge fan of WF, I don't bank with them myself at all anymore.
Discover More is a much better card. Open123 is spot on about that. It's why I advised speaking with a supervisor at WF about what they MAY give you on a soft considering your a customer with decent deposits amounts and few other accounts before letting them do a HP for an application. You could talk to WF and find out what they'd offer but still apply for Discover More, 2 inq's won't hurt you, nor would 2 new accounts really (you have to start with something). If WF can't be rather sure they'd give you at least 3k to start (checking a SOFT pull if anything at the most), I'd probably skip them and go with Discover. If Discover didn't give you over 2k to start, you could always go back to WF and probably still get the 3k or more if you wanted but the 2 accounts will lower your AAoA (but any 2 accounts you get would age together so it's not all bad).
Depending on your location, there's a very good chance Discover will pull EQ if you apply, which is great for your AAoA showing and they will love your score there etc, WF may stick with TU for you, hard to say. Discover checked my TU last april then in Dec checked EQ.
The only issue I can spot is you have few accounts and the one I know of is a very low limit (Cap 1) and that could work against you. The thing WF has in their favor is they can see you're not in need of credit or having issues (people in that type of situation seldom have 3k in the bank, let alone 30k).
I also don't know what your main objective is, a higher initial CL or low interest and\or rewards. WF may offer you a higher initial CL because of reasons above but no real perks otherwise. Where as Discover More will probably start you with a lower CL than WF but with much better rewards (interest could be higher however).
Hope that helps a bit.
clojure wrote:When I hear "preapproval," my mind atuomatically translates it to "spam." It doesn't mean anything when it comes down to actually being approved. I must've gotten 4 more preapprovals from Discover after they denied me a few months ago when I applied through, you guessed it, a preapproval.
As far as rewards go, Discover More is certainly nice for their 5% categories when you use them, but the minimum cash back isn't great. Chase Freedom would be the card to look at, in my opinion.
Chase would beat the DM, but Mailak likely has a better chance at Discover More than anything with Chase from the info given IMHO.
Mailak wrote:RyVision - I'm in AZ but my WF account was a Wachovia from DC, so it says DC rules apply. I'm not sure if that affects which report they pull.
Also, I was wondering if after talking with them, essentially it's a computer program which makes the decision i.e. does it really matter if I apply in a branch or online? And how quick is it updated that I applied? I could try WF as well as Discover or any other in quick succession, I suppose, if I need to and it doesn't hurt me too much.
I very cautiously applied for the Macy's account last year to test the waters with a department charge card. I can close that whenever I want after I have another CC, to bring down total number of accounts, if needed. As it is,they don't report my $600 CL (I saw it in the statement), so it doesn't help me in utilization but at least, for now, it shows somebody gave me some credit.
When I said "speak with" I did mean an actual person at a branch, one you go into frequently. Your money is there, not at Wachovia unless I'm mistaken. If they can't talk to you as a human being and give you some insight without a HP, I'd find another place to store my cash, as another poster mentioned, a good local CU (nearly any of them are friendlier than a big bank in most cases).
If you reside, are a legal resident of AZ, those laws very much do apply to you and your account, no matter what the bank might say lol. Like I mentioned, I'm not a fan of WF and there are a few reasons why. If you can't speak to someone at your local branch, that's above a teller, about a loan product without them saying "well I can submit and application for you" and treating you like a valued customer, it's time to look elsewhere. They SHOULD say something along the line of "we can probably figure out an approximation without doing a hard pull of your report" and speak with you at their desk like your business MEANS something to them to at least some degree. Anyone can "submit an application" and get the results, that's not why you walk into the branch, let alone allow them to hold onto your cash.
Frankly, if they want to treat you like a Wachovia Step Child, you might want to seriously look at other financial institutions (like credit unions). A lot of banks that take over other banks and their accounts don't treat the "step children" that well.
We can still walk into our area WF and wait no longer than 5 minutes to speak with a "personal banker" in their office area privately. My DM still has a CC and HELOC there (rate's just too low to close those), but they know she pulled 6 figures out from under them after they mishandled investments.
As I said, go in, speak to someone with some authority (not just a teller) and politely ask about the product you're interested in (the CC) and their opinion based on a SOFT pull only. Thirty grand is still 30,000.00 in their bank and it means something. Even if you have to remind them of it. If the person you speak with says "I really can't tell you anything without doing a hard pull" you need to say "ah ok, thanks for your time, I spose I could inquire with a CU a friend told me to check with" and I bet they change their lazy tune REAL fast. 
People need to remember, don't treat these banks like you work for them, when you're in a good position and take care of your obligations, THEY work for YOU or fire them and move on.
{EDIT]: If you had an AMEX, you need to get an AMEX Zync and get it backdated as well, that's a new twist to everything really.
[EDIT 2]: Frankly, I'd probably want to get the AMEX Zync and get it backdated and wait until it updated on my reports as backdated THEN go for Discover or something. It would likely increase your AAoA quite a bit across all reports.
Mailak wrote:Hehe, I have a hard time knowing where my money is. It's a Wachovia account opened in DC. Now I'm in AZ and the account runs under the banner of WF legacy Wachovia account and it does say DC terms apply. This makes me think the account still belongs to the DC branch but I don't really think it matters much.
Okay, so, perhaps Discover after Amex. But did you also mean try Amex Zync before WF? I'm not a fan of WF or anything - I'm just hoping my existing relationship and deposits count for something in their decision process. If they give it to me, fine. Otherwise, I'm not married to WF. I can pull my money from them anytime they upset me (not giving me a CC when I keep 30k with them will likely upset me). I'll happily seek any other CC if I knew that there was a better chance of approval and decent CL.
I didn't get the Macy's Amex card when I applied for the Macy's account. Doesn't that mean I'm likely not going to get Amex if I apply separately? (Maybe the flavor of Amex might have an effect).
Btw, thanks everybody for chiming in and providing me with your opinion!
I'd get Zync first (easiest to get for one) considering you're already a member with AMEX (if you had a true AMEX account years ago, which I'm sure Optima was). The Macy AMEX isn't a true "AMEX" I don't believe, it's not issued by AMEX (Centurion Bank) that I know of in other words (others will correct me if I'm wrong there, believe me LOL). Macy's shouldn't have any effect on your approval chances for Zync really, unless it had a late or something, it may have put you back in AMEX's system though and you might already have offers in that system, dunno.
The reason I'd go for Zync first is once it backdated to your original Member Since date, it would no longer be seen as a totally new account (the inq would be at least on EX though), it would be an older account than your Cap 1 or anything younger than your original AMEX was (IF you have that old AMEX card or a statement with the account number, even a cancelled check with the acct number, you're ahead of the backdating game). It will add to your AAoA even though it will only show payment history from when you get the new card after it's backdated. Permanent membership is one of the best perks AMEX offers, no other card company does or can do it (let you keep your original membership date). That's why I tell younger people to get any true AMEX they can as early as possible, it keeps your credit history when other accounts allow it to fall off. Actually, I'm surprised your old AMEX isn't still showing up on any of your reports, mine did since 1989.
Discover and whoever else you apply for will see the backdated AMEX as an account that's proves you had credit long before your more recent accounts and that is very much in your favor (they know it's new, but it's when you actually first got AMEX that matters).
The part about you still being under Wachovia (Legacy) concerns me if WF pulled your CR in 2011 for anything other than a CC when you went to the branch in AZ. A soft pull I'd understand, a HP, I don't see the logic. According to them, you were "grandfathered in" under Wachovia and still are (yes DC rules apply to that account but so do AZ's now). You are in fact, from what you say, a "red-headed step child" to WF.
You should be an instant approval for Zync with your scores and clean reports. Probably Green as well, though the fee is much higher than Zync's 25 a year, I think Green is around 100 a year, I don't remember off hand (it's changed since I had it years ago).
If you check AMEX's site, there's a place to check to see if you have any offers from them, I had none when I applied and was instantly approved for a NPSL Zync last Sept. Then backdated to 1989 
