topic Re: Chances with Chase or Wells Fargo in Credit Cards

Chances with Chase or Wells Fargo

lmgood — Thu, 21 Oct 2010 19:41:13 GMT

Just a quick question to get the opinion of the folks here.

My current TU score is 717 and EQ is 798, however, I have 2 last negative items on my credit report. One an AMEX charge off for $4,120 that will be removed in January and a collection account with Midland that has a drop off date of 2012...ugh.

Anway, my question is whether or not you guys think I can get approved for a bank credit card that is not HSBC? I currently have a Dillards card with a $1200 limit (I've had forever) and an HSBC card with an $1100 limit. I would like to get a card with either Chase (I bank with them) or perhaps Wells Fargo - but I'm not sure how stringent they are on requirements. Obviously I think my scores are fine, and my utilization is decent ($65 on my dillards and just over $200 on hsbc) but I'm concerned if they will see the AMEX charge off and deny me straight away.

Thanks for your input,

Re: Chances with Chase or Wells Fargo

haulingthescoreup — Thu, 21 Oct 2010 19:53:43 GMT

Well, the question I always ask is, why can't this wait the approximately 41 days for the AmEx CO to fall off? (assuming that it's gone on Jan 1.)

You may well be approved with it still there, and I'll leave that for others to predict. But IMO, you should always wait until things are as shined up as possible on your reports, so as to increase the chances of approval, get the best APR, and the highest CL.

It's like going out on a first date. You want to have on clean clothes and nice breath. Just a thought.

Re: Chances with Chase or Wells Fargo

Creditaddict — Thu, 21 Oct 2010 19:53:55 GMT

Since you are 2 months away from amex dropping off, I would wait, then you should be good for both I would think.

Re: Chances with Chase or Wells Fargo

Creditaddict — Thu, 21 Oct 2010 19:55:07 GMT

@haulingthescoreup wrote:
Well, the question I always ask is, why can't this wait the approximately 41 days for the AmEx CO to fall off? (assuming that it's gone on Jan 1.)

You may well be approved with it still there, and I'll leave that for others to predict. But IMO, you should always wait until things are as shined up as possible on your reports, so as to increase the chances of approval, get the best APR, and the highest CL.

It's like going out on a first date. You want to have on clean clothes and nice breath. Just a thought.

Beat me +1!

Re: Chances with Chase or Wells Fargo

lmgood — Thu, 21 Oct 2010 20:00:57 GMT

@everyone - waiting until January is also what I think would be 'best case scenario' and I'm more than willing to wait until then. But, I was hoping to open an account now so that in April or so when I would like to start mortgage shopping that the new cc account would be 6 months old rather than 3 months old.

So - I can wait, was just wondering if anyone thought I stood a chance at being approved - thanks though for the replies!

Re: Chances with Chase or Wells Fargo

haulingthescoreup — Thu, 21 Oct 2010 20:04:05 GMT

OK, well, that does spin it a bit.

Are you just looking for one more card in general, so that you'll have three open revolving TL's, or one from Chase or WF specifically? For instance, you might be able to get a card from a credit union at this point. And in fact, it's possible that you can get a card from one of those two as well, although it seems from recent posts that Chase is currently in one of its picky-picky stages.

Opening the floor back up to CC qualification speculation!

Re: Chances with Chase or Wells Fargo

lmgood — Thu, 21 Oct 2010 20:08:34 GMT

Yes - just to have another open tradeline. That way I will have 2 bank cards, 1 store card and an installment loan for my car. And I just picked those two because they are big banks, have a lot of card options and they're frickin' everywhere! I'd be more than willing to go to a credit union instead although I would need to open an account with one (I already have accounts with the other two).

thanks for the reply!

Re: Chances with Chase or Wells Fargo

score_building — Thu, 21 Oct 2010 20:32:33 GMT

Chase (though they may still have some good rewards cards if you like chasing rewards) and WeFee would be dead last on my list of mjr bank card issuers to deal with as far as CS, CLI, fees, generally lack luster products, record of AA and so on.

Why not check out US Bank?

Re: Chances with Chase or Wells Fargo

DrJim — Thu, 21 Oct 2010 20:47:59 GMT

I had scores lower than yours and was approved for a Wells Fargo card with an 11L CL. I back with Wachovia, which was bought out by WF, so that might have helped. I had some baddies, including a charge off, but it was instant approval. I checked with whogavemecredit.com and saw they usually pulled TU, my highest score.

Good Luck!

Re: Chances with Chase or Wells Fargo

lmgood — Thu, 21 Oct 2010 20:54:07 GMT

@score_buidling I didn't even think of US Bank - I don't think we have any in my area, so it was an out of sight out of mind deal. Do you deal with them and have you been happy?

Re: Chances with Chase or Wells Fargo

lmgood — Thu, 21 Oct 2010 20:56:24 GMT

@DrJim - thanks for the info on WF. Interestingly enough, when I pulled my credit reports - I showed their inquiries for opening checking accounts on my EX but not TU or EQ. Weird.

Re: Chances with Chase or Wells Fargo

Anonymous — Thu, 21 Oct 2010 21:43:32 GMT

@lmgood wrote:
@Anonymous_buidling I didn't even think of US Bank - I don't think we have any in my area, so it was an out of sight out of mind deal. Do you deal with them and have you been happy?

I could be wrong, but my understanding is that if US Bank doesn't have a branch in your state, they won't allow you to have one of their cards. So.... do you know if there is at least one in your STATE??

Re: Chances with Chase or Wells Fargo

score_building — Thu, 21 Oct 2010 23:23:48 GMT

@Anonymous wrote:
@lmgood wrote:
@Anonymous_buidling I didn't even think of US Bank - I don't think we have any in my area, so it was an out of sight out of mind deal. Do you deal with them and have you been happy?
I could be wrong, but my understanding is that if US Bank doesn't have a branch in your state, they won't allow you to have one of their cards. So.... do you know if there is at least one in your STATE??

QTIP you are right AFAIK- I was denied for a regular USB for something like 'out of service area'.

Imgood I don't have any branches here either, a work around is to app a USB co-branded cc product (IIRC there are several), and they're not limited to states with branches...linux fund and american humane society us bank cc for eg. also generally have terms that are a bit better than the vanilla offerings direct from USB,

so for me it was a win/win: US Bank rocks and got in with slightly better terms than they generally offer (at the time I applied: 12 mos. no fee BT and 8.99 reg APR), even though out of area