topic Re: Is the wells fargo active cash cc bankrupt friendly? in Credit Cards

Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Wed, 17 Nov 2021 17:28:38 GMT

Experian keeps matching me with this card as the top choice with their card match.

Re: Is the wells fargo active cash cc bankrupt friendly?

CreditAggie — Wed, 17 Nov 2021 17:53:11 GMT

@SUPERSQUID wrote:
Experian keeps matching me with this card as the top choice with their card match.

I am not certain if Wells Fargo is BK friendly or not, but I will note that Experian "matches" are all marketing and are not an indicator of your chances of approval.

Re: Is the wells fargo active cash cc bankrupt friendly?

FinStar — Wed, 17 Nov 2021 20:02:08 GMT

@SUPERSQUID wrote:
Experian keeps matching me with this card as the top choice with their card match.

Was WF included in any prior BK?

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Wed, 17 Nov 2021 20:43:12 GMT

@FinStar wrote:
@SUPERSQUID wrote:
Experian keeps matching me with this card as the top choice with their card match.
Was WF included in any prior BK?

No, not iibk. I never dealt with wells fargo

Re: Is the wells fargo active cash cc bankrupt friendly?

Loquat — Wed, 17 Nov 2021 21:01:05 GMT

I mentioned in a previous post recently that I've had success with Wells Fargo with a BK13 on my file. Things could have certainly changed but in the not so distant past, they were BK friendly.

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Wed, 17 Nov 2021 21:08:21 GMT

I read some posts on the forum that said they are inq and new acct sensitive. but they were old posts. this card didnt exist back then plus this card has a wide range of introductory rates from low to pretty high which kind of tells me they can collar you with one of those high interest ones.

Re: Is the wells fargo active cash cc bankrupt friendly?

Hex — Thu, 18 Nov 2021 11:45:18 GMT

I was able to get a Propel card 3 years and 2 months after my chapter 7 was filed. I never burned Wells Fargo. Actually I'd never had any relationship with them. No deposit accounts either. initial limit was $4K and I'm up to $9.5K after several increase requests.

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Thu, 18 Nov 2021 12:01:57 GMT

@Hex wrote:
I was able to get a Propel card 3 years and 2 months after my chapter 7 was filed. I never burned Wells Fargo. Actually I'd never had any relationship with them. No deposit accounts either. initial limit was $4K and I'm up to $9.5K after several increase requests.

Thank you, thats very helpful info.

I also never burned wf or had any relationship with them.

its a card to consider for me once i get my inqs down.

Re: Is the wells fargo active cash cc bankrupt friendly?

NoMoreE46 — Fri, 19 Nov 2021 00:06:15 GMT

I got my Propel in 2018 and Active Cash a few months ago.

My BK was in 2013 and WF was not IIB.

I started my relationship with WF via a car dealership auto loan in 2017.

Re: Is the wells fargo active cash cc bankrupt friendly?

Oops_I_Did_It_Again — Sat, 20 Nov 2021 15:24:22 GMT

@CreditAggie wrote:
I am not certain if Wells Fargo is BK friendly or not, but I will note that Experian "matches" are all marketing and are not an indicator of your chances of approval.

Hi @CreditAggie

Just my 2 cents & not intending to hijack the thread...

+1 in the sense that EX is making money from "referral links" which biases recommendations...but... the card matching tool has some subtlety and might be able to determine if a BK on file would be disqualifying for certain lenders. I wouldn't write off the OPs taking away something from Experian recommending the WF Active Cash card.

I've used this service for a couple years, and I think the service does a good job of applying the 'rules' that lenders have and consistently presents only those cards where one wouldn't be shot down immediately by UW rules.

I agree completely Experian's matching tool isn't providing pre-screened offers on behalf of the CC lender. It's just presenting 'cultivated collection' of CC referral links from the small set of banks with which it contracts, i.e., options that are 'somewhere in the ballpark' based on the user's credit report.

Re: Is the wells fargo active cash cc bankrupt friendly?

Oops_I_Did_It_Again — Sat, 20 Nov 2021 16:12:32 GMT

@SUPERSQUID wrote:
I read some posts on the forum that said they are inq and new acct sensitive. but they were old posts. this card didnt exist back then plus this card has a wide range of introductory rates from low to pretty high which kind of tells me they can collar you with one of those high interest ones.

Have you tried the on-line pre-screen? Others have reported being denied even with approvals from the pre-screener, and/or pre-selected to apply mail, but if you are approved that provides some further confirmation beyond Experian's recommendation. I think opening a savings / checking account before applying might be helpful for your approval odds also, but I understand most people don't want to bother with that, just to get a credit card.

Re: Is the wells fargo active cash cc bankrupt friendly?

Hex — Sat, 20 Nov 2021 18:51:04 GMT

I've read posts here from people with deposit accounts at Wells Fargo who have said they were denied credit cards from them because their deposit accounts didn't have large enough balances. I never opened a checking account with them (despite nice SUB's) because I didn't want to park a bunch money there. I think this is something to consider before opening a deposit account with them to build a relationship.

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Sat, 20 Nov 2021 20:11:20 GMT

@Hex wrote:
I've read posts here from people with deposit accounts at Wells Fargo who have said they were denied credit cards from them because their deposit accounts didn't have large enough balances. I never opened a checking account with them (despite nice SUB's) because I didn't want to park a bunch money there. I think this is something to consider before opening a deposit account with them to build a relationship.

I'm just poking around looking at various cards for one reason or the other gradually upgrading my portfolio. I have gotten to the point in my rebuild that i am only interested in rewards cards. lately i've been getting pretty nice cards with respectable sl's, disco, savor one are 2 good examples. the savor one is a world elite card. i recently was preapproved for a comenty rwards mastercard with a 100 sub. the first time i got a card with a sub.

my reports are unremarkable but slowly getting respectable. that bk7 will be there for 8 more years like an anchor but i work hard at doing the right thing.

Re: Is the wells fargo active cash cc bankrupt friendly?

jmcmillan — Sun, 21 Nov 2021 12:38:54 GMT

If you apply, would you mind reporting back on your results?

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Sun, 21 Nov 2021 13:26:18 GMT

I tried the wf pequal, no cards listed so experian must show me that card for marketing.

Re: Is the wells fargo active cash cc bankrupt friendly?

jmcmillan — Sun, 21 Nov 2021 14:08:33 GMT

I think you should just apply. Take one for the team

I would do it, but I have some student loan baddies which will likely cause me to get denied. I'm working on getting those erased.

Re: Is the wells fargo active cash cc bankrupt friendly?

collics — Sun, 21 Nov 2021 16:35:34 GMT

Just adding a bit of data in case it helps someone else.

A relative filed BK in 2018 and got the wf secured card (back when it was offered) soon after. It graduated to the platinum card (no rewards). Yesterday, they converted the plat to the active cash.

Re: Is the wells fargo active cash cc bankrupt friendly?

Remedios — Sun, 21 Nov 2021 16:56:42 GMT

I wouldn't be "taking one for the team", you already did that with BoA denial.

All your cards were acquired post BK, and that's a lot of cards.

You may not want to hear it (this is the part where everyone gets mad at me), you need to stop applying and work with what you got. If you got cards you don't need or use, that's a lesson in itself.

Don't let Cap1 and Disco approvals lull you into thinking it's time for 'spree", you happened to be their target demographic.

"Spree" isn't just about same day apps, it's really a period of 1 to 2 years since that's look back period for most lenders.

I do understand completely wantig to rebuild quickly after BK, but when one over does it, it halts the rebuild and potential approvals. You need positive payment history more than you need cards, if we are talking about planning for the future.

I also understand you got myFico itch, it happens when people find this forum.

People arrive with couple of cards, a few months later they have rocks in a backpack while trying to float in the water while putting Chase/US Bank cards as goal cards, when reality is, they won't be eligible for years.

There will be rewards cards in your future if you stop on time before myFicocitits takes full effect.

Instead of focusing on approvals (selective reading), browse through applications and you'll see plenty of "I got denied with 800!!!! Why? I only got 10 cards this year"

While there are a few who can get away with that, most of us cannot. They tend to have businesses, lots of spend, lengthy history (clean or aged negative).

Garden, use cards, pay, wash, rinse, repeat. If you base your rebuild on being a DP for the community, you'll also become a cautionary tale.

Re: Is the wells fargo active cash cc bankrupt friendly?

SUPERSQUID — Sun, 21 Nov 2021 17:50:33 GMT

I am not mad about advise, i use what i deem usable or prudent. Actually i am very slow and methodical even if it doesnt appear so lately. I am actually quite conservative and very plan oriented except lately when i got an itch after receiving a cli from cap 1 of 1500, approval for savor world elite no af 3k sl , and commenity mastercard no af, 1.5 cb, and 100 sub.

the majority of the cards in my siggy i had long before i posted on this forum.

I waited 9-10 months post bk7 dc to apply for any credit.

I took easily attainable low sl cards as many as in could in sept/oct 2020 with the following thoughts.

My scores were in the toilet so there was no such thing as doing something wrong at that point.

I wanted to get as many cards in a short period of time so that all those hp's would fall off at the same time.

I wanted to raise thhe number of accts paid satisfactorally so i flooded the zone.

in may i started getting invites for better cards and i took some so i have another batch of hp's from may, ot as many as 2020.

Recently i was offered 3 cards which are even a tier higher than anything i had previously, zero int bt, zero int for 12 mos, rewards, and subs, so for this and my recent BOA i have a few new hp's but only a few and for way better cards.

After just over a year of rebuild my tu9 is 698 and most of my fico's are in the good range 670's-680's.

my initial bunch of hp's are past 1 year and by next summer the second group are past 1 year and then by fall a bunch of hp's dissapear

EDIT - PS - I have an inquisitive mind, i ask lots of questions. I dont always act on info, im just curious. sometimes i post failures such as the BOA prequal to aid other people.

Re: Is the wells fargo active cash cc bankrupt friendly?

FinStar — Sun, 21 Nov 2021 19:42:08 GMT

@Remedios wrote:

I also understand you got myFico itch, it happens when people find this forum.
People arrive with couple of cards, a few months later they have rocks in a backpack while trying to float in the water while putting Chase/US Bank cards as goal cards, when reality is, they won't be eligible for years.
There will be rewards cards in your future if you stop on time before myFicocitits takes full effect.

Instead of focusing on approvals (selective reading), browse through applications and you'll see plenty of "I got denied with 800!!!! Why? I only got 10 cards this year"
While there are a few who can get away with that, most of us cannot. They tend to have businesses, lots of spend, lengthy history (clean or aged negative).

Garden, use cards, pay, wash, rinse, repeat. If you base your rebuild on being a DP for the community, you'll also become a cautionary tale.

Very valid points!

I just have a ? about that specific disorder. Although, I thought it was Ficocitis? The one you mentioned may be more... ummmmm...a different one...ok well, anywho 😜 Is it treatable and/or curable? 🥴

Asking for a friend