topic Re: Wells Fargo Propel/Discover Approval Odds - Thin File in Credit Card Applications

Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Fri, 28 Jun 2019 16:04:54 GMT

I’m wanting to apply for a discover cash back card and Wells Fargo propel card, I’m looking to get everyone’s input on my approval odds. Right now i have 711 EX, 712 EQ, 721 TU, no collections or anything bad on my report, 3 inquiries in the past year.

The oldest account I have is 9 months from an installment loan. Im about to be an authorized user on a 10 year chase card with a $2,500 limit too. I also make 65k-70k a year to give everyone an idea on my income.

What do you guys think my chances are on getting these two cards? Thank you in advance!

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Fri, 28 Jun 2019 16:21:32 GMT

Disco I would just check the prequals. If you have one, go for it. Disco tends to really like thin files because it tells them they’re going to get a lot of swipes and an installment loan shows your ability to consistently pay so I imagine it helps more than if you had a 9 month old credit card instead.

Wells Fargo I really don’t know. There have been some surprising approvals for Propel and some shocking denials as well.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Fri, 28 Jun 2019 21:41:02 GMT

No prequals on Discover unfortunately I’ve been doing a lot of research on here the past two weeks and i think I’ll be pulling the trigger on disco for sure once the 10yr authorized user account shows on my report. I’m looking for a higher limit and hoping they will give me that. I looked on Amex prequals and had the delta gold and BCE pop up, but i have a feeling I’d get yet another 1k limit from them.

Propel is interesting me because of everything you can get 3x points for, I’m definitely a reward chaser and feel like that card will certainly grow in time. Plus it looks really cool

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Andypanda — Fri, 28 Jun 2019 21:49:57 GMT

If you have a relationship with WF it would help your chances.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Remedios — Fri, 28 Jun 2019 22:16:11 GMT

Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

CreditCuriosity — Sat, 29 Jun 2019 19:34:15 GMT

Wells Fargo is hard to figure out.. applied about 7 months ago with a 780ish score and denied. Granted they don't like alot of new credit which i certainly have, but scores really dont mean that much to then either... kinda like cap1 if not alot of cards recently can get get even with meh scores. If you do have alot of cards then banking relationship certainly probably could help. They are kinda all over the place imo parked some money their and waiting for a pre-qual/approval then ill take it unti lthen no more wasted pulls

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Sat, 29 Jun 2019 02:58:17 GMT

I think i might apply for both on the same day just to see....might as well i don’t have too many inquiries and that would be it for me for awhile!

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Meanmchine — Mon, 01 Jul 2019 00:29:36 GMT

@Remedios wrote:
Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Never heard that one before.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Mon, 01 Jul 2019 19:03:09 GMT

Wells Fargo denied me for having a redeemed repo (which is a mistake) from 3 years ago which is only reporting to TU which is who they use. For some reason TU wont remove it even though the other bureaus have. Go figure. I have banked with them for 12 years and am probably going to move to NFCU because of this.

As for Discover, I got approved recently with the score in my sig, they pulled EQ, and 1 baddie reporting. I did have a prequal and got a SL of 1k so YMMV.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Remedios — Mon, 01 Jul 2019 19:42:57 GMT

@Meanmchine wrote:
@Remedios wrote:
Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Never heard that one before.

Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Meanmchine — Mon, 01 Jul 2019 20:57:06 GMT

@Remedios wrote:
@Meanmchine wrote:
@Remedios wrote:
Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Never heard that one before.
Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago

NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for that reason

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

FinStar — Mon, 01 Jul 2019 21:24:48 GMT

@Meanmchine wrote:
@Remedios wrote:
@Meanmchine wrote:
@Remedios wrote:
Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Never heard that one before.
Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago

NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for that reason

I think it's important to understand that @Remedios was providing some relative DPs based on what individuals have reported or experienced with WF whenever any present or past relationship was assessed as part of the UW criteria. While it wouldn't be the sole reason that one could be declined if an individual has a WF relationship, the low average balance (or other elements) can be cited as one of those reasons. Someone parking $100, for example, with no activity on that account for a set period in the hopes of securing an approval (all other things considered) isn't really going to sway the pendulum in a favorable way.

And, while having a WF relationship is not a requirement for any of their products, having one definitely gets evaluated as part of an internal behavioral or relationship score in addition to other factors with an individual's overall profile.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

kdm31091 — Mon, 01 Jul 2019 22:32:41 GMT

WF has always been relationship based. They really prefer to approve people for CCs who also have checking/savings with them. They have relaxed on this somewhat in recent times, but it still seems to tip the scales in many people's favor. It's not required, as you can get the Propel without a banking relationship, but it does seem to make a difference. Just how their underwriting works.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

UncleB — Sat, 06 Jul 2019 09:29:20 GMT

@FinStar wrote:
@Meanmchine wrote:
@Remedios wrote:
@Meanmchine wrote:
@Remedios wrote:
Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers.

Never heard that one before.
Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago

NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for that reason

I think it's important to understand that @Remedios was providing some relative DPs based on what individuals have reported or experienced with WF whenever any present or past relationship was assessed as part of the UW criteria. While it wouldn't be the sole reason that one could be declined if an individual has a WF relationship, the low average balance (or other elements) can be cited as one of those reasons. Someone parking $100, for example, with no activity on that account for a set period in the hopes of securing an approval (all other things considered) isn't really going to sway the pendulum in a favorable way.

And, while having a WF relationship is not a requirement for any of their products, having one definitely gets evaluated as part of an internal behavioral or relationship score in addition to other factors with an individual's overall profile.

Here's a recent thread/post with a data point that supports this: https://ficoforums.myfico.com/t5/Credit-Card-Applications/Hmmm-to-app-or-not-to-app-Wells-Fargo/m-p/5600131#M228669

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

AverageJoesCredit — Sat, 06 Jul 2019 14:02:41 GMT

It is possible to get a cc from WF without relationship or money in bank. Lol im living proof. The most concerning thing i see working against op is the thin file. It might be better to get a different WF cc build a year of history, like i did, then go for it. Your income is fine. Def try for Disco to help boost your profile

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

UncleB — Sat, 06 Jul 2019 17:35:56 GMT

@AverageJoesCredit wrote:
It is possible to get a cc from WF without relationship or money in bank. Lol im living proof. The most concerning thing i see working against op is the thin file. It might be better to get a different WF cc build a year of history, like i did, then go for it. Your income is fine. Def try for Disco to help boost your profile

Absolutely... many have done so. (And some more than once!)

I think the main point @Remedios and @FinStar were making (and I was chiming in on) was that even if one does have deposit accounts with WF it might not help and in some cases might even work against you even if the deposit account has a 'clean' history.

This is counter-intuitive to how most people would expect things to work, since a reasonable person would think that a small relationship would be better than no relationship at all. WF seems to march to the beat of their own drum, though.

As @CreditCuriosity mentioned up-thread WF seems to be all-over-the-place with approvals - even some with thick files and strong scores are denied at times - so with a thin file like our OP has it could really go either way. I realize this doesn't give a lot of guidance to @Anonymous, but if the card (and bonus) is a good enough fit for him/her it might be advisable to give it a shot.

I'll also chime-in that based on what I've seen (and experienced personally) their pre-approvals seem to be solid. If you dig around enough you'll likely find a counter-point to that, but for the majority it holds.

Side note: I had to call WF on Thursday about my Propel (fraud block) and the rep I got was fantastic. He volunteered that they are making some minor design changes to the card to make the numbers on the back easier to read. I didn't get a date (shame on me) but it will be a welcome adjustment for those of us with less than 20/20 vision.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

vic6string — Sat, 06 Jul 2019 16:31:27 GMT

For reference, I got my Discover card with even lower scores than you (at the time I was mid 600's), and my oldest card showing on a report was just about 10 months (had two cards at that point, a Cap One Platinum with 4k and a brand new Cap One Savor One with 5k...total utilization was at about 4%). I also had a BK13 showing that was still just under 5 years from filing date. I never tried to pre-qual on line that I can remember, but I jumped on a paper-mail preapproved offer. They only gave my 1k SL, but that was fine for now (I will absolutely try to get a CLI soon, however, since the last quarter 5% bonus category is Amazon, Target, and Walmart.com so most of my Christmas shopping will be done on that card). Good luck.

@Anonymous wrote:
I’m wanting to apply for a discover cash back card and Wells Fargo propel card, I’m looking to get everyone’s input on my approval odds. Right now i have 711 EX, 712 EQ, 721 TU, no collections or anything bad on my report, 3 inquiries in the past year.

The oldest account I have is 9 months from an installment loan. Im about to be an authorized user on a 10 year chase card with a $2,500 limit too. I also make 65k-70k a year to give everyone an idea on my income.

What do you guys think my chances are on getting these two cards? Thank you in advance!

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Sat, 06 Jul 2019 22:35:28 GMT

Yes I have no relationship with WF at all, my scores have actually increased as well to the 730-740 range since this post (pretty stoked about that). I want to apply once the 10yr old Chase card shows up on my report, so it makes me look better lol, but I’m worried about getting a hard pull for no reason. The benefits/rewards of the card would definitely fit my spending and I see it as completely worth it. I think I’ll be going for it soon

As for discover, i just recently did a prequal about 2 days ago actually and nothing showed up. Not even a secured card? With my scores/income I feel like something should’ve came up for me. I know prequals aren’t 100% all the time but it still makes me feel a little uneasy about applying. And then again, i have most people telling me that Discover likes profiles like mine and i should just go for it. It’s truly a battle in my mind haha.

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Anonymous — Sun, 07 Jul 2019 04:31:48 GMT

Any advice on which one I should apply for first? Or is it just my preference?

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

dogmeat — Sun, 07 Jul 2019 06:05:15 GMT

I would suggest you don't discount the Amex Pre-qual due to a $1000 SL. You didn't state if you already have an Amex - if you don't, I'd strongly suggest you go for it. Even if you do, it's worth considering. A very likely SP 3x CLI in 61 days, then 181 days, then 181 days means a 1k SL is a 27K tradeline in ~15 months (you can do that with 1 card at a time only). If you already have an Amex, that 1k SL will very possibly be a SP (as will future CLIs). Amex also is very easy to re-allocate limits between cards (also SP) - you're not stuck with a useless 27k limit card in 2 years if your rewards focus or purchasing habits change, just move a chunk of the limit to a card you use.

You also say you expect the WF Propel to grow with you - and it might, but I believe WF is usually hard pulls for CLIs, so you'll be paying for those with INQs.

If you don't plan on apping other cards for a while, go for all three. The INQs will be a year old before you know it.