topic Re: Wells Fargo Visa Signature - When should I apply? in Credit Card Applications

Wells Fargo Visa Signature - When should I apply?

okurosetta — Thu, 11 Mar 2021 01:59:33 GMT

I’m looking for advice on when to apply for the Wells Fargo Visa Signature, to pair with the Propel I already have. I could certainly ramble about it but basically my velocity was high in the second half of 2019 and all of 2020. I now have almost every card I want and am trying to be more calculated with my applications for the remaining few.

In other words, I’m in the garden - please tell me how long to stay Also, thank you in advance for any advice!

Wells Fargo History - both with 100% positive payment history

Mortgage since September 2017
Propel since December 2019 (SL $1500, one CLI to $1900 at one year mark - much lower than my other cards)
Pulled Experian for Propel application

Current Scores - Likely to increase, but not dramatically

EX FICO 8 - 748
TU FICO 8 - 744
EQ FICO Bankcard 8 - 738
EX FICO 9 - 762 (from Wells Fargo)
EQ FICO 9 - 803

Option 1 - Applying July 2021

Accounts - 11/24, 6/12, 1/6
Inquiries - 9/24, 1/12, 1/6 EX | 5/24, 3/12, 1/6 TU | 2/24, 1/12, 0/6 EQ

Option 2 - Applying October 2021

Accounts - 10/24, 5/12, 0/6
Inquiries - 7/24, 1/12, 0/6 EX | 3/24, 3/12, 0/6 TU | 1/24, 1/12, 0/6 EQ

Option 3 - Applying January 2022

Accounts - 7/24, 1/12, 0/6
Inquiries - 4/24, 1/12, 0/6 EX | 3/24, 1/12, 0/6 TU | 0/24, 0/12, 0/6 EQ

In addition to the above data, I do have 6 late payments between 2014-2016, including serious delinquency. No collections or other negatives. Oldest account is 15 years old, will be 16 in October.

I think July is a bit too risky and am currently leaning towards October, but if the consensus is that January is worth waiting for, I’ll wait.

Any feedback is much appreciated, thank you!

Re: Wells Fargo Visa Signature - When should I apply?

FinStar — Thu, 11 Mar 2021 02:26:38 GMT

IMO, I would lean toward Option 3. It's possible that Option 2 could work, but it's one of those things you'd have to evaluate the lending environment around that timeframe since things can shift direction for any particular lender, especially WF. This will give plenty of breathing room from any tradelines you've obtained in the past 12-24 months and allowing the lates to age further.

From experience, and based on a variety of DPs, their Visa Signature tends to be a bit tougher to qualify. But, it's a great card to have when paired up with Propel.

Re: Wells Fargo Visa Signature - When should I apply?

okurosetta — Thu, 11 Mar 2021 15:09:16 GMT

I appreciate the reply, thank you! I forgot to mention in my first post, but would there be any difference if I receive a community mailer specific to the card? Like, if I get one in October, should I be safe to go for it then?

Re: Wells Fargo Visa Signature - When should I apply?

FinStar — Thu, 11 Mar 2021 19:33:48 GMT

@okurosetta wrote:
I appreciate the reply, thank you! I forgot to mention in my first post, but would there be any difference if I receive a community mailer specific to the card? Like, if I get one in October, should I be safe to go for it then?

Sure, anytime.

Are you referring to something like an invitation to apply?

Btw, sometimes they can display offers online whenever you login (it'll be a splash page - can't miss it) and can be anything from balance transfer promotions, new checking/savings promotions, even pre-qualified credit products. So, be on the lookout for those as well.

Re: Wells Fargo Visa Signature - When should I apply?

cashorcharge — Thu, 11 Mar 2021 19:41:42 GMT

@FinStar wrote:
@okurosetta wrote:
I appreciate the reply, thank you! I forgot to mention in my first post, but would there be any difference if I receive a community mailer specific to the card? Like, if I get one in October, should I be safe to go for it then?
Sure, anytime.

Are you referring to something like an invitation to apply?

Btw, sometimes they can display offers online whenever you login (it'll be a splash page - can't miss it) and can be anything from balance transfer promotions, new checking/savings promotions, even pre-qualified credit products. So, be on the lookout for those as well.

Agreed and Agreed!

Option 3

And if you happen to get an offer, it's front and center on their website...not the same on the mobile app though....and their offers are solid.

Since they "lean" conservative and the baddies you mentioned would certain have me pause. They will HP EX for your Rewards card.

You didn't mention a banking relationship with them outside of your mortgage and Propel. If you went directly to them and they approved your Mortgage..Congrats...that will help...if you went to a broker or someone else and your loan got bought and is now serviced by Wells Fargo...that won't help as much as you'd think.

Re: Wells Fargo Visa Signature - When should I apply?

okurosetta — Sat, 13 Mar 2021 00:03:38 GMT

I really appreciate both of your input! I'm going to wait - next January at earliest, unless I see an offer in my account. My mortgage was through a broker and bought by Wells Fargo, so it's at least good to know that it doesn't help as much as I'd think.

I started stockpiling my Go Far Rewards a few months ago and will just continue to. While I'd like to have the Visa Sig earlier than later, there really isn't a need to rush, since it'll be over 4.5 years before they start expiring...

Will check back in closer to when I apply, but definitely appreciate the info for a general timeline. Cheers

Re: Wells Fargo Visa Signature - When should I apply?

okurosetta — Sun, 21 Mar 2021 19:19:28 GMT

@okurosetta wrote:
I started stockpiling my Go Far Rewards a few months ago and will just continue to. While I'd like to have the Visa Sig earlier than later, there really isn't a need to rush, since it'll be over 4.5 years before they start expiring...

With all the talk about the Propel being discontinued (DoC), this post - particularly this comment - hasn't aged well, and it hasn't even been 10 days