topic Re: Wells Fargo Amex new propel card / with Data! in Credit Card Approvals

Wells Fargo Amex new propel card / with Data!

risingup2day — Thu, 19 Jul 2018 02:37:38 GMT

Hello all,

FYI, I enjoy reading people success stories and more details the better the read. I have included some fine details so if you are like me. Come in, relax, pull up a chair, your choice of drink and I hope you enjoy it. If you don’t like to read scroll to the bottom, where I have listed my details in terms of data. In the event you are on the fence. Maybe this will help you gauge your chances of a successful app.

Since I saw this card last week and heard it was coming out on Monday the 16th, I have been debating applying for the last few days. The categories for the 3 PT’s where right up my alley and the $300 bonus wasn’t too bad either. Research the heck out of this card and Wells Fargo too. Heard they are a very conservative bank, which added to my dilemma because of my profile - BK7 in 2014. Plus I don’t have a relationship with Wells Fargo. Well, on my way to vitamin shoppe, I saw a Wells Fargo and decided to go in to talk to one of the bankers with some of these concerns - plus I thought it would give me some inclination on the odds of my approval.

After 30 to 45 minutes talking with the banker. I expressed areas of concerns.

1. Lack of relationship with WF. (This plays a huge role in your application or so I have read)

2. Some cards are offered only to members again relationships play a factor. In this article I read a day ago, the person reported that a WF corp person stated this card was going to be opened to the public. In simple terms, I looked at this from a logically point of view. WF needs apps to make money. Typically, it could go either way. Come out loose to get some numbers, then tighten up. Or come out tight and if the numbers not there, loosen up a bit. Based off the current data I found it was tight. Not a lot of success stories to date. The ones I have seen profiles were much better than mine.

3. Years ago I had banked with WF and couldn’t remember if I left on bad terms with them. Which I knew they could check - some sort of risk assessment something that he stated was like Chex systems, but checks WF internal records Not sure if this is true, but sounds legit.

4. My BK7 - which WF was not included, but being labeled “conservative” weighs heavy.

5. Since this card came out, what was the success rate of applications? I even called the CSR over the phone and the rate was not good. One rep stated opening day, he took several apps and only one was a instant approval. Most went pending. And a hand full were denials.

6. Those approved, what was the SL? Were they toy limits and something that was workable to obtain the bonus. The banker didn’t want to talk about this. No numbers atleast. But he did say the few approvals he saw the SL he saw were “decent”. Phone CSR stated the only instant person got $30k, but has been with WF for years!

So data equaled up to leaning towards denial and I told him this. He laughed and told me, “if you were not wearing your work uniform, I would have guessed your were in financing or a banker!” Lol I told him I read a lot of forums, mainly my Fico - we both had a laugh. After spending sometime with him and built a good rapport because we talked about things in life things too, casual things. It came down to the final question. “ Would you like to apply?” I decided sure. My chances were not going to change. I am going to see if a relationship is important, if the BK7 was a factor. It wouldnt change regardless when I app for it, But if the pull and I was able to recon it, just maybe I could get in. Started the process and standard questions. He told me that based off my BK7 less than four years ago, this hurts my chances. On the other side, when it came to my job and length of time (15 years) may have helped a little because it shows stability according to him. Income is 60k.

Going through the app process. Asking some questions here and there. After a few minutes of silence minus his typing - he must have picked up on this because he looked at me and replied “I am writing what we discussed and your concerns - lack there of relationship with us, BK7 and so forth- in your application, more or less a little story about your background.” I thought this was odd, but hey whatever, I guess. This may come in handy if I recon this app. After completing the app and printing the T&C’s of the card - on the pad to my left popped up the agreement that I have received the T&C’s and signing it you agree. I signed it. A few seconds later, another screen popped up for pull of my credit aka the moment of truth. “If you agree to all the terms and wish to proceed with your credit check please select, yes.” I did

After a few minutes, app shows pending He said, “still processing”. After a few more minutes, he said, “okay the application has been submitted, but no reply yet. This is pretty common and my take up to 7 days to see what happens.” I thought great, just what I thought “Denied!” He continues talking about the length of time, decisions and may be in my favor if it goes manual review and he said let me again. Refreshed page and ...

“Oh! Well, your decision came back and..... (with a shocked look on his face)

“Congratulations, Mr. Risingup2day, your application was APPROVED!” I think I said something to the effect, “Don’t play around!” He laughed and said, “I’m not joking. You were approved and your SL is $3500. Congratulations, whatever you have done since your BK7, it would appear WF likes your profile!” He then at the time told me he apped for a Cc and loan with WF and was denied with a score of 730. No baddies, but he had a few inquiries from car shopping. He went through the dealers instead of his bank. His denial was “due to too many inquiries” I told him, “if you would have said that in the beginning, I would not have apped for the card, as I am sitting around 9 to 13 inquires depending on which bureau was pulled.” He laughed and said, “Well, if I did tell you, you would have walked out not knowing but only thinking you would not get it. So in a strange way, “your welcome!” 😂
I couldn’t help but laugh and shook his hand! Thanked him for the long time he spent with me and apologized. His reply was, “no need to apologize, it was a pleasure meeting and talking with you. I enjoyed our conversation. In this business, everything seems to always be about business, but every now and again I have an enjoyable conversations like ours always lightens the day. Thank you! And thank you for your successful app and story you gave me to tell other people that might be in your shoes”.

Time for the juicy details of data.

Utilization is 11%
Average age is about 2 years
Bk7 2014
FILED 8/14
Discharge 12/14
Scores range 675 +/-5 across
Inquiries range 9 to 13
No new accounts in 6-7 months
DTI 9% (I thought I would add this because he asked about it)
They typically pull EX however, in my case oddly they pulled TU according to my alert.
I asked which Fico mode they score, he didn’t know.
My income is 60K
Interest - won’t find out for a few days.

So if there is anything that I did not cover, ask away. The SL is not bad, easy for me to obtain the $300. We will see how this grows in the future.

Good luck all!

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 02:48:16 GMT

Good stuff there, rising! Thank you for the thoughtful data-filled post.

Re: Wells Fargo Amex new propel card / with Data!

Pikaboo-icu — Thu, 19 Jul 2018 03:01:06 GMT

Good for you!

Thanks for sharing...

Congrats!

Re: Wells Fargo Amex new propel card / with Data!

19eighty5 — Thu, 19 Jul 2018 03:02:21 GMT

Congratulations and thank you for sharing your story and data points!

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 03:13:27 GMT

Congrats on the approval!

Re: Wells Fargo Amex new propel card / with Data!

risingup2day — Thu, 19 Jul 2018 03:19:52 GMT

Thank you,
Xiang182838
19eighty5
Pikaboo-icu
James_A

Re: Wells Fargo Amex new propel card / with Data!

Gmood1 — Thu, 19 Jul 2018 03:25:20 GMT

Congrats on the stellar approval..I'm waiting on this pretty CC to show up in the mail!

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 03:47:52 GMT

Wow Congrats! I tempted want to apply now! haha

Re: Wells Fargo Amex new propel card / with Data!

credit_endurance — Thu, 19 Jul 2018 03:58:06 GMT

Big Congrats on your WF approval! And much appreciated data points indeed!😁

Re: Wells Fargo Amex new propel card / with Data!

risingup2day — Thu, 19 Jul 2018 04:05:42 GMT

Thank you, Gmood1!
I was reading a link on the revamp page and saw your approval! Big congrats to you!!! Got a real nice SL too! Are you going to recon for more when you get your card? I’m super excited to get that clean looking card too!

Thank you, Alohawinn!
If your profile is better than mine, then dive in! Provided some good data points and if your profile is closer to to Gmood1 then that equal great SL! Keep us posted if you apply.

Re: Wells Fargo Amex new propel card / with Data!

WowCool — Thu, 19 Jul 2018 04:19:12 GMT

Wow cool story and happy ending! Congratulations!!

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 04:49:49 GMT

Congrats on approval , love your data points , also you got nice SL !!!!!!!

Re: Wells Fargo Amex new propel card / with Data!

issac2x — Thu, 19 Jul 2018 04:58:12 GMT

Congrats OP and thanks for the DPs.

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 06:03:14 GMT

Congrats on the approval. Thanks for the data points.

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 08:43:48 GMT

Super Congrats and nice SCL

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 13:40:04 GMT

Congrats on the aprroval and a nice SL.

Re: Wells Fargo Amex new propel card / with Data!

AverageJoesCredit — Thu, 19 Jul 2018 13:58:39 GMT

Big congrats. What's a data point?

Awesome story . Youd think after all WF's problems they'd want to open up more to the public not try and be exclusive . I'm at point that credit scores dont matter I might try for this just to test the waters

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 14:19:31 GMT

Congratulations on the approval! Your story made the best seller list! Kidding aside. Thank you for sharing, and for the data points.

And speaking off exclusivity with some Prime banks, someone should start a thread with data on lenders that will only approve if you have an existing relationship based on banking or any type of loan. There maybe a few that follow this rule strictly. But it will be a huge help to anyone looking to build a relationship with a certain bank and apply for credit.

Re: Wells Fargo Amex new propel card / with Data!

risingup2day — Thu, 19 Jul 2018 14:37:34 GMT

Thank you, Wow cool!
Thank you, Voltronm!
Thank you, Issac2x!
Thank you, 4theloveofpoints!
Thank you, Whattickawhat!
Thank you, Ccdoctor!
Thank you, AJC and Clark_d_shark -

LOL love the “Best seller!” statement! Some coffee came out, while reading your comment! Now I’ll be smelling the scent of coffee and slight burning feeling all day😂🤣. I couldn’t agree with you both more! Not sure how or why I got in, considering it’s WF. I have read a lot of people getting turned down for credit with so much better profiles than mine, but I’m stoked!

Btw AJC - if you dive in, drop a line and keep us in the loop.

Re: Wells Fargo Amex new propel card / with Data!

Anonymous — Thu, 19 Jul 2018 14:46:23 GMT

Awesome story and congrats on the approval! I've only ever applied for one card through a person and it was awkward and uncomfortable so I'm glad you had such a terrific experience!