topic WF Autograph w/ BK Ch7 in Credit Card Applications

WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 00:24:15 GMT

What's up everyone!

I've been prepping for a WF app since last year.

I opened a checking and savings account w/ WF last year and have about 11k sitting in the account atm (my way of establishing a banking relationship). However, I'm not too familiar with how much of an effect the bankruptcy will have on the application. My history and current score are in the signature below.

Please share your thoughts; thanks!

Re: WF Autograph w/ BK Ch7

LADave — Fri, 10 Mar 2023 01:00:00 GMT

@StephenH wrote:
What's up everyone!

I've been prepping for a WF app since last year.

I opened a checking and savings account w/ WF last year and have about 11k sitting in the account atm (my way of establishing a banking relationship). However, I'm not too familiar with how much of an effect the bankruptcy will have on the application. My history and current score are in the signature below.

Please share your thoughts; thanks!

Which Wells Fargo card are you interested in applying for?

WF has a reputation of being a conservative bank, and your Equifax and TU FICO 8 scores are kind of low at 668 and 652. However, your Experian score of 683 is within the range of where I was at when I was approved for the Active Cash card with a $4500 limit, back in the fall of '21. They only pulled my Experian, I'm not sure if that's true for everyone else.

I'm sure they'll like that you have $11K parked there, and that's almost certainly a point in your favor.

Your bankruptcy was in March of 2021, and I think that will probably limit the amount you get approved for, if it doesn't disqualify you. If they pull your Experian instead of Eq or TU, you probably have a good shot. If it was me, I'd wait until at least April when your bankruptcy is 2 years and 1 month in the rear view mirror to give it the best odds.

You can also try their pre-qualification page, but I'm not sure how accurate it is. I have 2 cards with them, and I didn't use it before either application.

I would also wait to hear from others who are more familiar with DPs about getting WF cards after a Chapter 7.

Re: WF Autograph w/ BK Ch7

jmcmillan — Fri, 10 Mar 2023 04:09:11 GMT

My scores are similar to yours, with a December 2021 chapter 7 discharge, and Wells Fargo quickly denied me last month for an active cash. We may have to wait a little longer.

Re: WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 06:13:42 GMT

Thanks for your response, @LADave!

I'm interested in the Autograph card, but I've read through a few threads on Active Cash approvals and it appears the UW criteria may be less strict in comparison. So, I figured I can PC later if that's how I'm able to get my foot in the door w/ WF.

I've been checking the prequal page but no offers atm. I'm happy to wait it out though, and I definitely agree that I should let my bk age further.

Realistically, I was aiming for August or maybe September. I will be at 0 inquires across all 3 CBs, well beyond 2yrs post bk, and I'm sure my scores will have improved a bit too.

Re: WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 06:16:35 GMT

Hey @jmcmillan! Thanks for your response and I'm sorry to hear about your denial. I hope your rebuild is going well otherwise.

Can you please provide us with some more DPs? What did they cite as the reasons?

Re: WF Autograph w/ BK Ch7

Jeffster1 — Fri, 10 Mar 2023 07:06:48 GMT

Here's my personal experience:

I filed a 13 in April 2017. I got my DC in January 2021. I IIB my WF CC, but maintained my WF checking and savings with relatively low amounts as I transferred much of my money to BofA.

I got no preapprovals from WF for credit cards. I assumed they hated me. Nevertheless, I applied for the WF BILT in November 2022. I got an instant approval with a SL of $30,000.

WF was known for being conservative. I still don't know what made them want to take another chance with me. I was very happy they did so.

Re: WF Autograph w/ BK Ch7

TRC_WA — Fri, 10 Mar 2023 07:40:23 GMT

@StephenH

I was approved for the WF Platinum in April 2020 and the Reflect in November 2021. My Ch 13 was filed in Feb 2017 and was discharged in March 2022.

My scores were in the 670-680 range when I was approved for both... and at the time I was also a WF checking/savings account holder.

I applied for the Active Cash at the same time I applied for the Reflect... and was only approved for the Reflect. My baddies will be falling off my reports in the coming months and once clean I plan on applying for the Active Cash or Autograph. I'm still under the 21 month 0% Reflect offer and I know when you get a SUB on a card you are ineligible for another for a certain period. It might be 6 months or maybe a year... not sure. Either way I'm waiting till my reports are clean before any more apps.

Re: WF Autograph w/ BK Ch7

LADave — Fri, 10 Mar 2023 18:38:20 GMT

@StephenH wrote:
Thanks for your response, @LADave!

I'm interested in the Autograph card, but I've read through a few threads on Active Cash approvals and it appears the UW criteria may be less strict in comparison. So, I figured I can PC later if that's how I'm able to get my foot in the door w/ WF.

I've been checking the prequal page but no offers atm. I'm happy to wait it out though, and I definitely agree that I should let my bk age further.

Realistically, I was aiming for August or maybe September. I will be at 0 inquires across all 3 CBs, well beyond 2yrs post bk, and I'm sure my scores will have improved a bit too.

Oops - you did mention in the subject line that you're interested in the Autograph. 😂

I don't know if their UW is more strict for Autograph than Active Cash, but the bonus is now the same on both cards (although I think I saw a link a month ago that still worked for the old Autograph SUB of 30,000 points, or $300). Normally I'd say you might need to wait 6 months or 1 year to PC, but the 0% intro APR period is longer for Active Cash than Autograph (15 months vs 12), so they might want you to wait at least that long.

Last I heard, they haven't offered PCs from Reflect to any other card yet - and that card has a 0% APR period of up to 21 months - longer than the card has been around.

In the meantime, Active Cash is a solid 2% cash back card, so there's a good chance you'll be happy with it - and getting that card would get you in the door with Wells Fargo.

Re: WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 17:52:31 GMT

Thanks for sharing the DP @Jeffster1! And congratulations on a stellar SL. Hopefully, I can get an approval in the not too distant future.

Re: WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 17:57:38 GMT

Thanks sharing the DPs @TRC_WA!

I've seen a few approvals in the 680-700 score range despite a consensus or general rule of 700 or higher for WF cards. Which is why I decided to pursue WF over Penfed; initially I was interested in the Active Cash card similar to Penfed's 2% PCR, but atm Autograph definitely fits my needs better since I get 2x back with Venture.

Please keep us updated and good luck!

Re: WF Autograph w/ BK Ch7

StephenH — Fri, 10 Mar 2023 18:03:45 GMT

I found a two promo emails in my inbox with invite codes for Bilt Rewards and Autograph from a couple of months ago. So maybe I at least meet general criteria aside from the BK? (Not putting any stock in this regardless). However, the autograph email did say it's a 20k SUB.

I honestly don't think I will go for the Reflect. If all else fails, I think I will change direction and go with Penfed PCR.

Re: WF Autograph w/ BK Ch7

StephenH — Wed, 15 Mar 2023 13:35:18 GMT

Update: I got a mailer yesterday for the autograph! BUT not a pre-qualification or pre-approval. The APR wasn't solid either; in any case, I will consider this good news and continue to wait.

Re: WF Autograph w/ BK Ch7

IrritatedAvians — Mon, 26 Jun 2023 09:20:03 GMT

Wanted to share my DP's of applying for a WF Autograph with a BK7 on my reports since I didn't see many people chime in. Quick rundown of my rebuild up to applying for the Autogtaph below. Also threw in the PenFed PCR info since looks like you are eyeing that also.

BK7 Filed October 2019.

BK7 DC'd February 2020.

Mission Lane - November 2020 - $750 SL

Cap One Plat - May 2021 - $1,000 SL (PC to QS December 2021)

NFCU cashRewards - June 2021 - $5,000 SL

NFCU Flagship - December 2021 - $12,500 SL

Apple Card - December 2021 - $5,000 SL

WF Autograph - July 2022 - $11,000 SL

PenFed PCR - July 2022 - $6,000 SL

For the Autograph, they pulled EX9 at 677. Instant approval. Prior relationship with WF with a checking account. Income reported on app was $133K. WF not IIB.

For the PenFed PCR, they pulled EQ. Not sure which model. Instant approval. Cold apped for the PCR same day as opening checking/savings with PenFed. This was three days after the Autograph approval. Only put $50 in checking to initially fund the account when I applied.

Re: WF Autograph w/ BK Ch7

StephenH — Mon, 26 Jun 2023 14:59:02 GMT

Thank you for sharing! I really appreciate it. I got a little impatient after seeing @LADave's approval and decided to run the penfed prequal lol. I was pre approved for $6500, but figured I should wait a bit longer, specially after reading recent forum posts about penfed.

I am pre approved for all three of their cards at 29.99%, can you share what your apr is? I think I will apply in August once my last two inquiries age out.

Re: WF Autograph w/ BK Ch7

IrritatedAvians — Mon, 26 Jun 2023 16:22:35 GMT

@StephenH wrote:
Thank you for sharing! I really appreciate it. I got a little impatient after seeing @LADave's approval and decided to run the penfed prequal lol. I was pre approved for $6500, but figured I should wait a bit longer, specially after reading recent forum posts about penfed.

I am pre approved for all three of their cards at 29.99%, can you share what your apr is? I think I will apply in August once my last two inquiries age out.

You're welcome! The WF approval came as a bit of a surprise when I applied since like many others I'd always considered WF to be a conservative lender.

My APR for the WF Autograph at approval was 26.49% after an introductory 0% APR for 12 months. There have been a few fed rate hikes since so I think it is higher now but strangely my statements don't show the regular purchase APR while I'm still in the intro 0% APR period. Statement says cash advance APR is 29.99% but that is usually a bit higher than regular purchase APR.

My APR at approval for the PenFed PCR was 17.99% and is still there. Also went on an app spree March 2023 and was approved for a PenFed Pathfinder with a $10,000 SL and also got a CLI for an additional $4,000 on my PCR all with the same HP. Prior to the CLI on the PCR I'd run a couple hundred of spend through the card per month since opening and have parked $500 in PenFed's free checking account to maintain Honors Advantage status with them.

Re: WF Autograph w/ BK Ch7

LADave — Mon, 26 Jun 2023 16:28:28 GMT

@StephenH wrote:
Thank you for sharing! I really appreciate it. I got a little impatient after seeing @LADave's approval and decided to run the penfed prequal lol. I was pre approved for $6500, but figured I should wait a bit longer, specially after reading recent forum posts about penfed.

I am pre approved for all three of their cards at 29.99%, can you share what your apr is? I think I will apply in August once my last two inquiries age out.

Hi @StephenH, did you mean Wells Fargo or PenFed? I believe the current ceiling on PenFed cards is 17.99% and that's the APR on my PenFed Gold and Pathfinder cards. The APR on my Wells Fargo Autograph and Active Cash is 29.99%.

I would only pay credit card interest in a worst-case scenario, so I wouldn't necessarily wait if the only reason for that is to get a lower APR.

Re: WF Autograph w/ BK Ch7

StephenH — Mon, 26 Jun 2023 16:52:37 GMT

Thank you! Did you go through WF pre approval/mailer or cold app?

That's awesome with Penfed! I happy to see the growth in CLs. I checked Apple just earlier after seeing it on your list and the preapproval came in at $4500. I've also been getting US Bank mailers. So maybe I can go on a mini spree in a month or two.

Re: WF Autograph w/ BK Ch7

StephenH — Mon, 26 Jun 2023 16:59:26 GMT

@LADave wrote:
@StephenH wrote:
Thank you for sharing! I really appreciate it. I got a little impatient after seeing @LADave's approval and decided to run the penfed prequal lol. I was pre approved for $6500, but figured I should wait a bit longer, specially after reading recent forum posts about penfed.

I am pre approved for all three of their cards at 29.99%, can you share what your apr is? I think I will apply in August once my last two inquiries age out.
Hi @StephenH, did you mean Wells Fargo or PenFed? I believe the current ceiling on PenFed cards is 17.99% and that's the APR on my PenFed Gold and Pathfinder cards. The APR on my Wells Fargo Autograph and Active Cash is 29.99%.

I would only pay credit card interest in a worst-case scenario, so I wouldn't necessarily wait if the only reason for that is to get a lower APR.

Hi @LADave, it was for WF. I figured if I see a mid tier APR as opposed to 29.99%, I would have better odds of being approved. I saw a recent forum post that said someone was denied after applying through preapproval; they were able to recon and get approved, but I don't think there were any derogs on their profile.

I'm waiting for my inquiries to age out which will be next month, so I'm prepping for a mini app spree lol

Re: WF Autograph w/ BK Ch7

IrritatedAvians — Mon, 26 Jun 2023 17:23:59 GMT

@StephenH wrote:
Thank you! Did you go through WF pre approval/mailer or cold app?

That's awesome with Penfed! I happy to see the growth in CLs. I checked Apple just earlier after seeing it on your list and the preapproval came in at $4500. I've also been getting US Bank mailers. So maybe I can go on a mini spree in a month or two.

Actually, I stand corrected. Was looking back at old information and my Apple Card started at $4,500. Forgot I was approved for a $500 CLI in July 2022. $5,000 is the current limit on the Apple Card.

The WF Autograph was just done as a cold app on their website. This was within a month of when the Autograph first came out so not sure if that had any influence on the approval or not. Basically Googled WF Autograph and ended up at their page promoting the new card and that it came with a 30,000 bonus points SUB on $1,500 spend in the first 3 months plus 0% APR for 12 months and just clicked apply. No preapproval codes or mailers or anything.

You can surprisingly get a lot of love from PenFed with a single HP. I've been pretty happy with them. US Bank is on my radar for April/May of 2025 once all my inquiries have dropped off since I read they are inquiry sensitive. I've also read that you can't get approved for unsecured lines of credit with US Bank until 5+ years after BK unless there are recent DP's to the contrary I've missed.

Re: WF Autograph w/ BK Ch7

LADave — Mon, 26 Jun 2023 18:39:19 GMT

@StephenH wrote:
@LADave wrote:
@StephenH wrote:
Thank you for sharing! I really appreciate it. I got a little impatient after seeing @LADave's approval and decided to run the penfed prequal lol. I was pre approved for $6500, but figured I should wait a bit longer, specially after reading recent forum posts about penfed.

I am pre approved for all three of their cards at 29.99%, can you share what your apr is? I think I will apply in August once my last two inquiries age out.
Hi @StephenH, did you mean Wells Fargo or PenFed? I believe the current ceiling on PenFed cards is 17.99% and that's the APR on my PenFed Gold and Pathfinder cards. The APR on my Wells Fargo Autograph and Active Cash is 29.99%.

I would only pay credit card interest in a worst-case scenario, so I wouldn't necessarily wait if the only reason for that is to get a lower APR.
Hi @LADave, it was for WF. I figured if I see a mid tier APR as opposed to 29.99%, I would have better odds of being approved. I saw a recent forum post that said someone was denied after applying through preapproval; they were able to recon and get approved, but I don't think there were any derogs on their profile.

I'm waiting for my inquiries to age out which will be next month, so I'm prepping for a mini app spree lol

In my experience Wells Fargo isn't that inquiry-sensitive. However - I was approved for the Autograph on the day it launched in July 2022 but with only a $1000 SL. I moved $700 in credit from my Active Cash card to make it $1700.

I was 4/12 on new cards and - perhaps more crucially - carrying a balance on my Active Cash, since it was still in the 0% interest period. Wells Fargo later bumped my Autograph limit to $5100 shortly after I paid off the Autograph. (I had requested it go to $5100 shortly before then, but was denied for that increase at the time I made it.)

Wells Fargo will sometimes give low account balances as a reason for denying CLIs, but in my experience they will often overlook that if you're good about using and paying off their cards.

US Bank and Citi seem way more inquiry-sensitive. At some point I want to apply for a couple of US Bank cards, but I've been having way too much fun racking up inquiries. 😇