topic Re: WF CC, Harley Loans, and the challenge I have. in Credit Cards

WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 19:16:17 GMT

This is gonna be a long story, and I’ll do my best to keep it short. But, I need some advice.

Current scores (Both Wife and me): Tr: around 710 Eq: around 700 Ex: around 680.

Wife has a WF CC with a 0% interest promotional rate that is due to expire next month. In addition, we are going to purchase two Harleys at around $30K total either in January or February (more than likely.).

Once the 0% interest promotion expires, she wants to get a rewards card through WF. She went into the branch and asked if she could transfer the card from the 0% interest to the rewards card, and the banker told her that she would need to apply for a new card. But, we really don’t want to apply for a new card at this time because we will be applying for the bike loans and we don’t want it to look like we are trying to get more credit than what we need.

So, questions I have. Should she go ahead and apply for the WF card, hope that she gets approved, and move forward? Should we wait until after getting the bikes to apply for the card? How will applying for the card before and after the Harleys affect our scores?

Thanks in advance!!!

Re: WF CC, Harley Loans, and the challenge I have.

Harvey26 — Tue, 24 Dec 2019 19:40:42 GMT

@Anonymous wrote:
This is gonna be a long story, and I’ll do my best to keep it short. But, I need some advice.

Current scores (Both Wife and me): Tr: around 710 Eq: around 700 Ex: around 680.

Wife has a WF CC with a 0% interest promotional rate that is due to expire next month. In addition, we are going to purchase two Harleys at around $30K total either in January or February (more than likely.).

Once the 0% interest promotion expires, she wants to get a rewards card through WF. She went into the branch and asked if she could transfer the card from the 0% interest to the rewards card, and the banker told her that she would need to apply for a new card. But, we really don’t want to apply for a new card at this time because we will be applying for the bike loans and we don’t want it to look like we are trying to get more credit than what we need.

So, questions I have. Should she go ahead and apply for the WF card, hope that she gets approved, and move forward? Should we wait until after getting the bikes to apply for the card? How will applying for the card before and after the Harleys affect our scores?

Thanks in advance!!!

Pretty sure she can call up the credit card dept and ask for product change which would be no HP

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 19:46:47 GMT

Ok. Thank you for your input!!!

Re: WF CC, Harley Loans, and the challenge I have.

M_Smart007 — Tue, 24 Dec 2019 19:49:14 GMT

WF is not known for a regular product change. they usually close one card and HP you for a new card.

you also take the AAoA & AoYA hit to your scores.

use extreme caution on a WF so called product change.

Re: WF CC, Harley Loans, and the challenge I have.

Harvey26 — Tue, 24 Dec 2019 20:01:10 GMT

@M_Smart007 wrote:
WF is not known for a regular product change. they usually close one card and HP you for a new card.
you also take the AAoA & AoYA hit to your scores.

use extreme caution on a WF so called product change.

I personally PC'd a Platnium Card to Cash Wise. Kept the same credit limit, same account open date and no hard pull. They only give you certain products that you can change too. Not sure where you got that infotmation from but this is my personal experience. OP I would just double check with rep when doing the product change and ask if everything will remain the same. Just to give you a peace of mind.

Re: WF CC, Harley Loans, and the challenge I have.

M_Smart007 — Tue, 24 Dec 2019 20:06:50 GMT

@Harvey26 wrote:
@M_Smart007 wrote:
WF is not known for a regular product change. they usually close one card and HP you for a new card.
you also take the AAoA & AoYA hit to your scores.

use extreme caution on a WF so called product change.
I personally PC'd a Platnium Card to Cash Wise. Kept the same credit limit, same account open date and no hard pull. They only give you certain products that you can change too. Not sure where you got that infotmation from but this is my personal experience. OP I would just double check with rep when doing the product change and ask if everything will remain the same. Just to give you a peace of mind.

I am glad you were so fortunate, I was not. personal experience.

they were also very rude about the process once I found out what happened.

Re: WF CC, Harley Loans, and the challenge I have.

Harvey26 — Tue, 24 Dec 2019 20:29:03 GMT

@M_Smart007 wrote:
@Harvey26 wrote:
@M_Smart007 wrote:
WF is not known for a regular product change. they usually close one card and HP you for a new card.
you also take the AAoA & AoYA hit to your scores.

use extreme caution on a WF so called product change.
I personally PC'd a Platnium Card to Cash Wise. Kept the same credit limit, same account open date and no hard pull. They only give you certain products that you can change too. Not sure where you got that infotmation from but this is my personal experience. OP I would just double check with rep when doing the product change and ask if everything will remain the same. Just to give you a peace of mind.
I am glad you were so fortunate, I was not. personal experience.
they were also very rude about the process once I found out what happened.

Yeah they are not the most upstanding bank in the world. Sorry that happened to you.

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 20:36:02 GMT

When was this?

I wonder if wells improved their practice in the last few years.

Re: WF CC, Harley Loans, and the challenge I have.

M_Smart007 — Tue, 24 Dec 2019 20:42:24 GMT

@Anonymous wrote:
When was this?

I wonder if wells improved their practice in the last few years.

about 2 years ago.

I did learn a valuable lesson, and ask many questions before any PC I do now.

Somehow I guess it came back to Me in another way, as an "outlier",

I was able to close a Citi Simplicity and get the CL moved to one of my two Citi DC cards.

Happy Holidays to ALL!!!.

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 21:48:46 GMT

We’ve had WF for over 20 years. That’s why we have banked with them and never change.

If they are gonna do a HP and move my scores down, I may wait a couple of months before changing products or applying for another credit card so we can get the best rate on the Harleys.

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 21:50:13 GMT

My wife went into a branch and spoke to a “banker.” That was the info that she got. I questioned it as well. Just didn’t sound right and he was gonna be lazy.

Thanks!

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 21:51:29 GMT

I’ve encountered some rude WF tellers and bankers in my time as well. But, usually once they see how long I’ve been with them, the tune changes.

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 22:16:55 GMT

You want 0% and rewards? Well both Wells rewards cards come with 12 months 0%. Best of both worlds. Plus SUB’s.

Honestly automotive lenders are not going to care about one hard pull. Debt to income is the most important thing to them. Can you make the payments, basically. Now if you got
the new card and went nuts with spending that would raise some eyebrows.

You need to double check with Wells but I am fairly certain that if you product change from the 0% card to one of the rewards cards you do not get the 12 months 0% or the SUB.

Re: WF CC, Harley Loans, and the challenge I have.

M_Smart007 — Tue, 24 Dec 2019 22:24:29 GMT

@Anonymous wrote:
You want 0% and rewards? Well both Wells rewards cards come with 12 months 0%. Best of both worlds. Plus SUB’s.

Honestly automotive lenders are not going to care about one hard pull. Debt to income is the most important thing to them. Can you make the payments, basically. Now if you got
the new card and went nuts with spending that would raise some eyebrows.

You need to double check with Wells but I am fairly certain that if you product change from the 0% card to one of the rewards cards you do not get the 12 months 0% or the SUB.

This^^^^^^^^^^^^

is 100% spot on!

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Tue, 24 Dec 2019 22:31:34 GMT

I don't recall any major bank offers decent SUB for pc. Most good subs are for new card.

Amex does offer some reduced sub, but usually a new card comes with at least 2x the SUB than a pc.

Re: WF CC, Harley Loans, and the challenge I have.

Trudy — Tue, 24 Dec 2019 23:29:55 GMT

@Harvey26 wrote:
@M_Smart007 wrote:
WF is not known for a regular product change. they usually close one card and HP you for a new card.
you also take the AAoA & AoYA hit to your scores.

use extreme caution on a WF so called product change.
I personally PC'd a Platinum Card to Cash Wise. Kept the same credit limit, same account open date and no hard pull. They only give you certain products that you can change too. Not sure where you got that information from but this is my personal experience. OP I would just double check with rep when doing the product change and ask if everything will remain the same. Just to give you a peace of mind.

I had the same experience as M_Smart007. I have several products with WF, all over 14 years with the exception of the new card (Cash Wise) I got last year. I've called each year for the past 4 -5 years to see if WF changed their policy regarding PC's that would cause a new open date. No HP needed or CL changed but a new open date. I'd been wanting to PC the Platinum for quite some time. Each year they stated, not yet but call back next year as this may change. So instead of setting up myself to eventually lose the age of the Platinum I just applied for the CashWise as I hadn't applied for a card in over a decade at that time. Wasn't concerned about age or scores considering where I was at the time. I asked a plethora of questions before doing so as I kept notes on each call from past years. Before I bit I did get someone who said I could. As I always do when I'm not quite sure about the information I receive, particularly when it's different from what I received in the past, I call again to get another rep to see if they have the same information considering each call in years past and the call the day before said otherwise. That call resulted in what I'd been told several times. I learned the branch is no help as the CC department is not part of the branch and that you get better or more information by calling the CC department although you may need to talk to several different CS reps . The branch rep even stated that. Said they just call the CC department too.

Now if this has changed since last year I will try again. However, from all of my questioning I found I was able to add the 1% cash back feature to the Platinum at that time. They stated there had to be an option to do so noted on your account.

Congrats on getting a different result than many. Should have bought a lottery ticket that day

Re: WF CC, Harley Loans, and the challenge I have.

Remedios — Wed, 25 Dec 2019 19:48:31 GMT

OP, I'm not sure how come no one brought it up but your scores (or wife's) are indicative of either high utilization or presence of negatives. High 600s and very low 700s mean something is keeping them down.
Whatever that something is will have more impact on your loan rates than an application for a credit card.
CC may affect your rate by points loss due to HP and lowering AAoA. It's profile specific how much. I haven't lost a single point with the last three apps, but my AAoA is already trashed and I had so many HPs, i haven't lost a single point because maximum penalty was already in place.

If you're worried about your rate, and rightfully so on a large purchase, I suggest you address whatever is holding your scores down.

Re: WF CC, Harley Loans, and the challenge I have.

Anonymous — Wed, 25 Dec 2019 21:07:14 GMT

OK. Thank you for the advice. I’ll look into this.