topic Re: Wells Fargo Secured Card criteria? in Credit Cards

Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 03:18:41 GMT

Just wondering if anyone has insight at what Wells Fargo looks for when applying for their secured credit card?

My credit profile isn't great, but not "bad"; 650 FICO, no collection/charge-offs/baddies other than two 30 day late payments (01/2011 and 01/2008... oops).

I was thinking about opening a ~~checking~~ savings account with them, so I can have a local place to deposit cash (my banks are out of state).

I was approved for a car loan (Wells Fargo Dealer Services) back in June 2013; positive payments since. Probably doesn't have any leverage.

Re: Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 03:03:34 GMT

@Anonymous wrote:
Just wondering if anyone has insight at what Wells Fargo looks for when applying for their secured credit card?

My credit profile isn't great, but not "bad"; 650 FICO, no collection/charge-offs/baddies other than two 30 day late payments (01/2011 and 01/2008... oops).

I was thinking about opening a checking account with them, so I can have a local place to deposit cash (my banks are out of state).
I was approved for a car loan (Wells Fargo Dealer Services) back in June 2013; positive payments since. Probably doesn't have any leverage.

when you are opening your checking account, ask your banker about the secured card too. Wells Fargo branch bankers can sometimes "help" you get approved for certain credit products as long as the request itself isn't too unreasonable.

nevertheless, I think your odds are good.

Re: Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 03:18:14 GMT

ok! I just may consider WF oops, I meant savings account.

Re: Wells Fargo Secured Card criteria?

Give_Me_Credit_Please — Tue, 03 Sep 2013 03:26:53 GMT

I opened a secured WF cc about 8 months ago and my score was around 620, I have a tax lien and one collection account. I do have a WF checking account though. Based on your profile, you shouldn't have a problem at all. If you open a checking account with them that would help alot. Good luck and keep us udated.

Re: Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 03:50:58 GMT

hmm... savings account, I'm not too interested in their checking account (fees).

Re: Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 04:46:31 GMT

Just opened up a savings account (online).

Re: Wells Fargo Secured Card criteria?

myjourney — Tue, 03 Sep 2013 04:59:11 GMT

Looking at your profile you shouldn't have a problem ......Good luck

Re: Wells Fargo Secured Card criteria?

Anonymous — Tue, 03 Sep 2013 05:39:00 GMT

@myjourney wrote:
Looking at your profile you shouldn't have a problem ......Good luck

you pulled my credit report?

Re: Wells Fargo Secured Card criteria?

myjourney — Tue, 03 Sep 2013 05:45:40 GMT

@Anonymous wrote:
@myjourney wrote:
Looking at your profile you shouldn't have a problem ......Good luck
you pulled my credit report?

Lol

No CO's Baddies,

2 lates only negative

Mid 650 scores

Re: Wells Fargo Secured Card criteria?

Brusilov — Tue, 03 Sep 2013 06:06:35 GMT

When I was approved for mine years ago my profile was in sad shape indeed: 550-575 FICO, 2 unpaid collections, no open credit lines. I think you will be just fine!

Have you looked at getting a secured card through BofA or elsewhere instead? YMMV but from what I've seen of forum experiences they graduate with greater regularity than WF.

Re: Wells Fargo Secured Card criteria?

shane82388 — Tue, 03 Sep 2013 06:35:16 GMT

@Brusilov wrote:
When I was approved for mine years ago my profile was in sad shape indeed: 550-575 FICO, 2 unpaid collections, no open credit lines. I think you will be just fine!

Have you looked at getting a secured card through BofA or elsewhere instead? YMMV but from what I've seen of forum experiences they graduate with greater regularity than WF.

OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

Re: Wells Fargo Secured Card criteria?

Brusilov — Tue, 03 Sep 2013 06:44:31 GMT

@shane82388 wrote:
@Brusilov wrote:
When I was approved for mine years ago my profile was in sad shape indeed: 550-575 FICO, 2 unpaid collections, no open credit lines. I think you will be just fine!

Have you looked at getting a secured card through BofA or elsewhere instead? YMMV but from what I've seen of forum experiences they graduate with greater regularity than WF.
OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

Lots of store cards, GE-backed cards, Cap One (just to name a few) would probably approve you for unsecured cards with a 650 FICO.

Re: Wells Fargo Secured Card criteria?

Anonymous — Fri, 06 Sep 2013 08:30:10 GMT

@shane82388 wrote:
OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

I should probably confess, its not just my score rather I have midish/high utilization (I'm thinking 50%, most cards at 0-15%). I've decided to hold out on applying, instead I'm going to pay down my current CC debt.

Anyhow, I received an eMail from Wells Fargo today. They are mailing me my ATM card!! I was hoping their savings account came with a card. Wells Fargo, if you are listening, you should probably mention online that your savings account comes with a convenience/ATM card, because I almost choose a different bank over you.

Re: Wells Fargo Secured Card criteria?

SunriseEarth — Fri, 06 Sep 2013 09:30:20 GMT

@shane82388 wrote:
OP, Is it just me or you having mid 600's scores and not a ton of negative factors...couldnt you just get some kind of non-secured card?

+1 I was wondering the same thing.

Re: Wells Fargo Secured Card criteria?

sjt — Sun, 08 Sep 2013 22:01:53 GMT

@Anonymous wrote:
Just wondering if anyone has insight at what Wells Fargo looks for when applying for their secured credit card?

My credit profile isn't great, but not "bad"; 650 FICO, no collection/charge-offs/baddies other than two 30 day late payments (01/2011 and 01/2008... oops).

I was thinking about opening a ~~checking~~ savings account with them, so I can have a local place to deposit cash (my banks are out of state).
I was approved for a car loan (Wells Fargo Dealer Services) back in June 2013; positive payments since. Probably doesn't have any leverage.

Like the other posters stated I think you may qualify for an unseaured card.

From my understanding the main approval criteria is: 1) if you have a BK, it must be one year since discharge and 2) no outstanding liens.