Opportunity to apply?

[Anonymous]

I recently financed a car and took out a student loan. My scores took a bit of a hit due to average age and new loan balanced. I'm wondering if now would be a good time to apply for a card I've been eyeing (Wells Fargo Propel)? Does it make sense to take the extra hit so the new accounts can start aging together? Will the new card limit help with my credit to debt ratio that just took a hit? The scores in my signiture include the auto loan but not the student loan. Thanks in advance!

[Anonymous]

The CC will boost your UTIL on the revolving side but, the 2 loans factor into the installment calculation.  This is more of a credit mix perk where if you didn't have any loans before you would get a 20-30 point benefit from having them now.

Scorewise though you're primed for a CC approval depending on what else you have added in the last year.

[Anonymous]

Thanks for the reply! I got a big bump when my last baddie came off about a month ago. So, it's hard to see a boost from the auto loan. I took a hit when the student loan reported about a week ago. These are my first loans, other than secured loans I took out 4 years ago to start building my scores(all paid off). I haven't added any credit cards in the past year. The loans still affect the age of my profile, right?

[Anonymous]

loans will have a small impact on aging but, overall they're not that big of an impact.

volatility comes from the CC's when you hit thresholds of spending that's reported with the statement balance.

$300 on Propel though is enticing enough and you have the spend to hit the MSR then I would do it..... well, I did it already... One thing I don't like about WF is the bonus restrictions of one every 15 months.

Other than that they've been alright.  I do like the new redemption method though where you can zero out a purchase with points vs the $25 increments before.  I think they finally ventured out of the 1800's but, still not quite 21st century yet.

[Anonymous]

Oh wow I thought loans affected your average age just like any other account. What attracted me to the Propel is that gas (3%) and restaurants (3%) are my 2 biggest expenses monthly and I don't want an annual fee so it seems like a no brainer. I hate to take another hard pull after the auto loan though. Oh well I'll probably just go for it 🤷‍♂️

[BallBounces]

Loans DO effect your age like revolving lines.  Their utilization however is calculated separately and differently.

I am curious Re: Propel, is it reviewed and granted by WF or is it granted by Amex?

[Brian_Earl_Spilner]

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@BallBounces wrote:

Loans DO effect your age like revolving lines.  Their utilization however is calculated separately and differently.

I am curious Re: Propel, is it reviewed and granted by WF or is it granted by Amex?

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It onlly uses the amex payment network. Amex only handles the cards on their website. Any other amex like Macy's, NFCU, etc., are handled by the respective lender.

[Anonymous]

OP, update if/ when you decide to app. Hoping for a new post on the approvals page.

[Anonymous]

Still not sure if going to app. Basically, I just "want" the card. I would be using the Propel for the 3% gas/food and the cell phone protection. But I already have the citi double cash so I'm only gaining 1% on those 2 categories + cell protection. Trying to decide, objectively, if it's worth the hard pull and average age hit for that amount of benefit. Decisions, decisions haha!

[Anonymous]

I'm also tempted to get something purely amex so I can get into the family. I don't have any amex yet...