topic Wells Fargo Credit cards? in Credit Cards

Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 17:55:41 GMT

Hello Fam.

I've read the WF credit cards are not the best but out all of them which one is the best? Also which is known to be the easiest to get approved?

Thanks in advance.

Re: Wells Fargo Credit cards?

M_Smart007 — Tue, 19 May 2020 18:00:49 GMT

@ddamage wrote:
Hello Fam.

I've read the WF credit cards are not the best but out all of them which one is the best? Also which is known to be the easiest to get approved?

Thanks in advance.

@ddamage, WF is on the conservative side of lenders ..IMO

I like the Propel the best .. probably not the easiest card to get.

I do not know what their UW is like for different cards, but MHO is, the Propel is a little more tough.

What are your EX and EQ Scores like?

Many new cards/Inqs ..in the last 12 months?

AAoA?

Any derogs?

Re: Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 18:16:25 GMT

@M_Smart007 wrote:
@ddamage wrote:
Hello Fam.

I've read the WF credit cards are not the best but out all of them which one is the best? Also which is known to be the easiest to get approved?

Thanks in advance.
@ddamage, WF is on the conservative side of lenders ..IMO
I like the Propel the best .. probably not the easiest card to get.
I do not know what their UW is like for different cards, but MHO is, the Propel is a little more tough.

What are your EX and EQ Scores like?
Many new cards/Inqs ..in the last 12 months?
AAoA?
Any derogs?

EX-667 EQ 678 as of right now. 22% uti overall with one card Penfed at 66% uti because I transfered my other balances this past week to my penfed 17.5k cc for 0% apr for 12 months. 4 new cards 0 balance last 12 months.

Re: Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 18:17:24 GMT

I dont know how you guys get the AAoA.

Re: Wells Fargo Credit cards?

M_Smart007 — Tue, 19 May 2020 18:29:20 GMT

@ddamage wrote:
@M_Smart007 wrote:
@ddamage wrote:
Hello Fam.

I've read the WF credit cards are not the best but out all of them which one is the best? Also which is known to be the easiest to get approved?

Thanks in advance.
@ddamage, WF is on the conservative side of lenders ..IMO
I like the Propel the best .. probably not the easiest card to get.
I do not know what their UW is like for different cards, but MHO is, the Propel is a little more tough.

What are your EX and EQ Scores like?
Many new cards/Inqs ..in the last 12 months?
AAoA?
Any derogs?
EX-667 EQ 678 as of right now. 22% uti overall with one card Penfed at 66% uti because I transfered my other balances this past week to my penfed 17.5k cc for 0% apr for 12 months. 4 new cards 0 balance last 12 months.

@ddamage, I will be real honest with you, your score would probably yield a denial or low starting limit.

I feel the big kicker is 66% on Penfed, and being at 22% overall Util.

Mostly because WF UW is very conservative. ( I have spoken with them on the phone )

I am not an expert here, just giving my honest opinion,

and you may wait to see what others have to say?

Re: Wells Fargo Credit cards?

Gmood1 — Tue, 19 May 2020 18:55:50 GMT

Yeah, I agree with @M_Smart007 .

He likes them a lot more than I do 😂

But I believe he's on point.

I'd rank them the most conservative of any major bank I've dealt with.

HSBC is probably a close 2nd but I don't have a CC with them.

How's your EQ5 score @ddamage ?

You looking for a travel card?

Re: Wells Fargo Credit cards?

Anonymous — Tue, 19 May 2020 18:56:31 GMT

@M_Smart007 wrote:
@ddamage wrote:
@M_Smart007 wrote:
@ddamage wrote:
Hello Fam.

I've read the WF credit cards are not the best but out all of them which one is the best? Also which is known to be the easiest to get approved?

Thanks in advance.
@ddamage, WF is on the conservative side of lenders ..IMO
I like the Propel the best .. probably not the easiest card to get.
I do not know what their UW is like for different cards, but MHO is, the Propel is a little more tough.

What are your EX and EQ Scores like?
Many new cards/Inqs ..in the last 12 months?
AAoA?
Any derogs?
EX-667 EQ 678 as of right now. 22% uti overall with one card Penfed at 66% uti because I transfered my other balances this past week to my penfed 17.5k cc for 0% apr for 12 months. 4 new cards 0 balance last 12 months.
@ddamage, I will be real honest with you, your score would probably yield a denial or low starting limit.
I feel the big kicker is 66% on Penfed, and being at 22% overall Util.
Mostly because WF UW is very conservative. ( I have spoken with them on the phone )

I am not an expert here, just giving my honest opinion,
and you may wait to see what others have to say?

They are very conservative, even with a banking relationship with WF. They hit me with a denial for high DTI. I even had utilization of less than 10%.

Re: Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 19:00:43 GMT

@Gmood1 wrote:
Yeah, I agree with @M_Smart007 .
He likes them a lot more than I do 😂
But I believe he's on point.
I'd rank them the most conservative of any major bank I've dealt with.
HSBC is probably a close 2nd but I don't have a CC with them.
How's your EQ5 score @ddamage ?

You looking for a travel card?

Thank you all. My Fico 5 scores as May 14th when I pulled my monthly report are not good. EQ- my highest at 666 welp EX 606. TU forget bout it lol. I think another month or two when my other cards show up as 0 balance and only showing Penfed at 66% my score may jump a few points. Also I will have one baddie fall off within 60 days. Also I had 4 cards that were closed with balances that will soon report. One did and boost my score 6 points. I still have 3 left to report. Also my goal is to get a PLOC with Penfed so I plan on paying those balance transfers within 9 months. Im am starting something called Velocity banking and using my Penfed CC at the moment with hopes of being a PLOC one day.

Re: Wells Fargo Credit cards?

Shooting-For-800 — Tue, 19 May 2020 20:12:01 GMT

I have a $4400 Propel and a $3100 Platinum from Wells Fargo.

Now look at the other cards in my signature.

Why Wells Fargo?

Re: Wells Fargo Credit cards?

Anonymous — Tue, 19 May 2020 20:15:06 GMT

@Shooting-For-800 wrote:
I have a $4400 Propel and a $3100 Platinum from Wells Fargo.
Now look at the other cards in my signature.
Why Wells Fargo?

Because you make Wells Fargo Credit Cards work for you!!!

Re: Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 20:18:26 GMT

@Shooting-For-800 wrote:
I have a $4400 Propel and a $3100 Platinum from Wells Fargo.
Now look at the other cards in my signature.
Why Wells Fargo?

Wow very nice. My thought process was that I had FICO 8 scores of 678 EQ and 667 EX and maybe had a shot since WF pulled those two. My TU is sitting at 644. I was looking for lending products that pull EQ and EX since they are my highest at the moment. I guess getting approved for Penfed last month for 17.5k cc with that 678 score I thought maybe I could qualify for other cards. There are several I can't apply for like Chase/NFCU? and others because they were included in my CH7 02/2013.

Re: Wells Fargo Credit cards?

Shooting-For-800 — Tue, 19 May 2020 20:21:51 GMT

@Anonymous wrote:
@Shooting-For-800 wrote:
I have a $4400 Propel and a $3100 Platinum from Wells Fargo.
Now look at the other cards in my signature.
Why Wells Fargo?
Because you make Wells Fargo Credit Cards work for you!!!

Bingo! LOL

Re: Wells Fargo Credit cards?

MrDisco99 — Tue, 19 May 2020 21:17:17 GMT

I tried to get a CashWise a couple years ago just to grab a $200 bonus and got denied. Never tried again.

They just don't seem to have anything I want badly enough to risk a HP.

Re: Wells Fargo Credit cards?

Anonymous — Tue, 19 May 2020 21:45:31 GMT

Will echo what others have said here, they're super conservative. I applied the Propel back in November and got it at the current $2,500.00 CL. I need to call them up and try to get it increased sometime but with the wait time on the phones I'll have to pick a day and do it. The Propel fits a lot of my spend perfectly (a little less with our current situation) but if another lender had a card that was all in one and comparable to the Propel I'd probably have went with them.

Re: Wells Fargo Credit cards?

Anonymous — Tue, 19 May 2020 22:22:25 GMT

As others said, they are conservative, but that covers a lot of ground! They denied me for their Visa Sig, with a 850 FICO, because I had too many accounts with balances in the last 6 months. These were all tiny balances just from reporting before PIF (utilization under 1%) but that apparently is one thing they look at (so one case where AZEO, with the same card each time, is justified). The second reason was too many accounts on credit report. It's not huge by MyFico standards (~20 open, 30 closed items) but I can see not normal.

Re: Wells Fargo Credit cards?

JR_TX — Tue, 19 May 2020 22:48:36 GMT

Sad to say OP you're gonna get your heart broken by WF with your current profile!
They did that to me twice in the last 4 years! With all my scores in the 700+!
With WF Propel you want to be at no more than EX 3/24 max both HP and new acct. with an aggregate UTIL of 9% or less and F9 of 720+.

And even that is not a guarantee!! Best of Luck!

Re: Wells Fargo Credit cards?

ddamage — Tue, 19 May 2020 22:50:02 GMT

@JR_TX wrote:
Sad to say OP you're gonna get your heart broken by WF with your current profile!
They did that to me twice in the last 4 years! With all my scores in the 700+!
With WF Propel you want to be at no more than EX 3/24 max both HP and new acct. with an aggregate UTIL of 9% or less and F9 of 720+.
And even that is not a guarantee!! Best of Luck!

Ok thank you. I will continue to wait.

Re: Wells Fargo Credit cards?

CreditCuriosity — Tue, 19 May 2020 23:29:34 GMT

Many better fish in the sea. Others eluded to that though already.

Re: Wells Fargo Credit cards?

Anonymous — Wed, 20 May 2020 02:04:56 GMT

The Propel is a very good card. Your profile makes it a long shot for you right now. They are conservative, and one downside regarding travel is the card does not have trip cancellation coverage. I thought it did, and found out recently with trips being canceled.

But with this pandemic, it wasn't a big deal for me. Airlines and hotels refunded anyway. For refundable travel purchases, it's a good card.

Re: Wells Fargo Credit cards?

Aim_High — Wed, 20 May 2020 02:56:48 GMT

@ddamage wrote:
I dont know how you guys get the AAoA.

I don't think anyone answered this question but you got some spot-on answers about Wells Fargo.

There's a couple of ways to do it. The easy way is to set up a free account on Credit Karma and they will give you an AAoA as part of your credit factors. The downside is that is a Vantage Score and the way they calculate it is based on only your open accounts. But FICO and FICO Bankcard scores used by lenders are usually based on (ALL) your accounts on your credit report, whether open or closed. And closed accounts may stay on your report normally for about ten years. So here is how you'd calculate it more precisely, taking into account closed cards.

First, convert all account ages into months. (For example, if your Capital One Quicksilver card was opened 01/01/2017 and today is 05/19/2020, that is 3 years, 4 months and some odd days. 3x12 = 36 + 4 = 40 months.)

Then do that for all the other cards on your report, either open or closed.

Then add up all the total months.

Then divide by the number of cards.

That will give you Average Age of Accounts (AAoA) in months.

Then solve back to years and months by dividing by 12.