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APP spree NF, Discover, & Wells Fargo

racole82
Established Member

APP spree NF, Discover, & Wells Fargo

In April I started off with a N Rewards because I was scared to pull the trigger with the cash rewards card. My N Rewards haven’t graduated yet and it’s been 8 months. Earlier this month I received a $250 CLI on all of my Capital One cards except one. I’m waiting a week for my credit to make one last jump hopefully to at least 700 so I can apply for either of the following. Navy federal cash Rewards, Discover It Cash Back, and or Wells Fargo Active Cash.

 

My credit had taken a hit the beginning of the year (late payments). I have no outstanding debt and haven’t had a late payment since February. The only other cards I applied for this year was my WalmartSmiley Happy, SavorSmiley Happy, and Amazon Smiley Sad (denied) back in June. I really need an increase in credit to help with my overall utilization. I think Wells Fargo may be the hardest to get from what I’ve read online. Would these three cards be worth the spree?

 

Publication1.jpg

Started EXP: 535 Feb 21 Current EXP: 676 - EQ: 700 - TU: 685
Quicksilver C1: $1,950 CL
Quicksilver One C1: $1,250 CL
Savor One C1: $1,000 CL
Walmart Rewards C1: $750 CL
Secured N Rewards NF: $1,000 CL
Checking Line of Credit NF: $1,000 CL
Discover It: $4,000 CL
Cash Rewards NFCU: $6,100 CL
Shane Co. TD Bank : $2,500
Total CL: $19,554‬
Message 1 of 6
5 REPLIES 5
Remedios
Moderator

Re: APP spree NF, Discover, & Wells Fargo

Just to clarify, you have late payments from 9 months ago, you're rebuilding, and you're planning an app spree? 

 

Message 2 of 6
racole82
Established Member

Re: APP spree NF, Discover, & Wells Fargo

@Remedios correct. I want to apply to atleast 2 of the cards mentioned. I assume more than one card would make it a spree, I'm not familiar with the lingo. How long would I need to wait in order to apply for another card to obtain a higher credit limit?

Started EXP: 535 Feb 21 Current EXP: 676 - EQ: 700 - TU: 685
Quicksilver C1: $1,950 CL
Quicksilver One C1: $1,250 CL
Savor One C1: $1,000 CL
Walmart Rewards C1: $750 CL
Secured N Rewards NF: $1,000 CL
Checking Line of Credit NF: $1,000 CL
Discover It: $4,000 CL
Cash Rewards NFCU: $6,100 CL
Shane Co. TD Bank : $2,500
Total CL: $19,554‬
Message 3 of 6
Remedios
Moderator

Re: APP spree NF, Discover, & Wells Fargo


@racole82 wrote:

@Remedios correct. I want to apply to atleast 2 of the cards mentioned. I assume more than one card would make it a spree, I'm not familiar with the lingo. How long would I need to wait in order to apply for another card to obtain a higher credit limit?


So, I'm going to be honest with you here, or at least, I'll tell you what I see. Others may see it differently so hopefully you'll get some good guidance

 

Your utilization is high, that's why you're looking for new credit. If your utilization is high and you have recent lates, then it's very idicattive of financial distress (that's how computer would see it).

It would be rough if it was just one, but both, that's a whole another story.

 

I am certain (I don't say that often, I hate being wrong) WF would be a denial at this time. You want a couple of years between lates and application. If you're not patient, wait at least a full year from the last late, but work on your utilization.

Increasing aggregate works from scoring perspective, but lenders still see utilization on individual cards, they aren't tricked as easily as scoring algorithm which emphasizes aggregate over individual utilization.  

 

You can try Discover prequal and see if anything shows up. If it does, I'd say you're in 50/50 territory. 

 

NFCU, I don't really know much about them in terms of approvals, sometimes it seems like anything goes, and other times debt burden (DTI) appears to rub them wrong, so calculate yours and see if you're in a good place.

DTI is different from utilization, so it might work. 

I personally wouldn't be applying because possibility of denials and/or diminishing returns is real for you right now, but if you must, start with that prequal and wait for responses that may address NFCU.  

 

Also, are you a member of any local credit union? They are often kinder to their members than big boys and girls, it's definitely worth a try. 

Message 4 of 6
racole82
Established Member

Re: APP spree NF, Discover, & Wells Fargo

@Remedios well I have maintained my utilization to no more than 10%, right now its 8%. I figured the more available credit I had available and wasn't using would help me out. I'm going to check around for local credit unions. I know when choosing a credit card to apply to you need to choose carefully because of hard pulls, just want to make it count.

Screenshot_20211125-005427_Gmail.jpg

 

Started EXP: 535 Feb 21 Current EXP: 676 - EQ: 700 - TU: 685
Quicksilver C1: $1,950 CL
Quicksilver One C1: $1,250 CL
Savor One C1: $1,000 CL
Walmart Rewards C1: $750 CL
Secured N Rewards NF: $1,000 CL
Checking Line of Credit NF: $1,000 CL
Discover It: $4,000 CL
Cash Rewards NFCU: $6,100 CL
Shane Co. TD Bank : $2,500
Total CL: $19,554‬
Message 5 of 6
Remedios
Moderator

Re: APP spree NF, Discover, & Wells Fargo


@racole82 wrote:

@Remedios well I have maintained my utilization to no more than 10%, right now its 8%. I figured the more available credit I had available and wasn't using would help me out. I'm going to check around for local credit unions. I know when choosing a credit card to apply to you need to choose carefully because of hard pulls, just want to make it count.

Screenshot_20211125-005427_Gmail.jpg

 


If your aggregate utilization is at 9% or below, and individual utilization on your cards isn't over 29%,there won't be any earthshaking effects from additional credit in terms of scoring.

You might lose some points for inquiry and new account (especially if it lowers AAoA below your current threshold) 

 

So, if you need credit for better rewards, that's a good reason. Scoring wise, new account won't lead to significant improvement by itself. 

Message 6 of 6
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