WF Autograph w/ BK Ch7

[StephenH]

What's up everyone! 

I've been prepping for a WF app since last year.

I opened a checking and savings account w/ WF last year and have about 11k sitting in the account atm (my way of establishing a banking relationship). However, I'm not too familiar with how much of an effect the bankruptcy will have on the application. My history and current score are in the signature below. 

Please share your thoughts; thanks!

[LADave]

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@StephenH wrote:

What's up everyone! 

I've been prepping for a WF app since last year.

I opened a checking and savings account w/ WF last year and have about 11k sitting in the account atm (my way of establishing a banking relationship). However, I'm not too familiar with how much of an effect the bankruptcy will have on the application. My history and current score are in the signature below. 

Please share your thoughts; thanks!

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Which Wells Fargo card are you interested in applying for?

WF has a reputation of being a conservative bank, and your Equifax and TU FICO 8 scores are kind of low at 668 and 652. However, your Experian score of 683 is within the range of where I was at when I was approved for the Active Cash card with a $4500 limit, back in the fall of '21. They only pulled my Experian, I'm not sure if that's true for everyone else.

I'm sure they'll like that you have $11K parked there, and that's almost certainly a point in your favor.

Your bankruptcy was in March of 2021, and I think that will probably limit the amount you get approved for, if it doesn't disqualify you. If they pull your Experian instead of Eq or TU, you probably have a good shot. If it was me, I'd wait until at least April when your bankruptcy is 2 years and 1 month in the rear view mirror to give it the best odds.

You can also try their pre-qualification page, but I'm not sure how accurate it is. I have 2 cards with them, and I didn't use it before either application.

I would also wait to hear from others who are more familiar with DPs about getting WF cards after a Chapter 7.

[jmcmillan]

My scores are similar to yours, with a December 2021 chapter 7 discharge, and Wells Fargo quickly denied me last month for an active cash. We may have to wait a little longer.  

[StephenH]

Thanks for your response, @LADave!

I'm interested in the Autograph card, but I've read through a few threads on Active Cash approvals and it appears the UW criteria may be less strict in comparison. So, I figured I can PC later if that's how I'm able to get my foot in the door w/ WF.

I've been checking the prequal page but no offers atm. I'm happy to wait it out though, and I definitely agree that I should let my bk age further.

Realistically, I was aiming for August or maybe September. I will be at 0 inquires across all 3 CBs, well beyond 2yrs post bk, and I'm sure my scores will have improved a bit too.

[StephenH]

Hey @jmcmillan! Thanks for your response and I'm sorry to hear about your denial. I hope your rebuild is going well otherwise.

Can you please provide us with some more DPs? What did they cite as the reasons?

[Jeffster1]

Here's my personal experience:

I filed a 13 in April 2017. I got my DC in January 2021. I IIB my WF CC, but maintained my WF checking and savings with  relatively low amounts as I transferred much of my money to BofA. 

I got no preapprovals from WF for credit cards. I assumed they hated me. Nevertheless, I applied for the WF BILT in November 2022. I got an instant approval with a SL of $30,000.

WF was known for being conservative. I still don't know what made them want to take another chance with me. I was very happy they did so.

[TRC_WA]

@StephenH 

I was approved for the WF Platinum in April 2020 and the Reflect in November 2021.  My Ch 13 was filed in Feb 2017 and was discharged in March 2022.

My scores were in the 670-680 range when I was approved for both... and at the time I was also a WF checking/savings account holder.  

I applied for the Active Cash at the same time I applied for the Reflect... and was only approved for the Reflect.  My baddies will be falling off my reports in the coming months and once clean I plan on applying for the Active Cash or Autograph.  I'm still under the 21 month 0% Reflect offer and I know when you get a SUB on a card you are ineligible for another for a certain period.  It might be 6 months or maybe a year... not sure.   Either way I'm waiting till my reports are clean before any more apps.

[LADave]

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@StephenH wrote:

Thanks for your response, @LADave!

I'm interested in the Autograph card, but I've read through a few threads on Active Cash approvals and it appears the UW criteria may be less strict in comparison. So, I figured I can PC later if that's how I'm able to get my foot in the door w/ WF.

I've been checking the prequal page but no offers atm. I'm happy to wait it out though, and I definitely agree that I should let my bk age further.

Realistically, I was aiming for August or maybe September. I will be at 0 inquires across all 3 CBs, well beyond 2yrs post bk, and I'm sure my scores will have improved a bit too.

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Oops - you did mention in the subject line that you're interested in the Autograph. 😂

I don't know if their UW is more strict for Autograph than Active Cash, but the bonus is now the same on both cards (although I think I saw a link a month ago that still worked for the old Autograph SUB of 30,000 points, or $300). Normally I'd say you might need to wait 6 months or 1 year to PC, but the 0% intro APR period is longer for Active Cash than Autograph (15 months vs 12), so they might want you to wait at least that long.

Last I heard, they haven't offered PCs from Reflect to any other card yet - and that card has a 0% APR period of up to 21 months - longer than the card has been around.

In the meantime, Active Cash is a solid 2% cash back card, so there's a good chance you'll be happy with it - and getting that card would get you in the door with Wells Fargo.

[StephenH]

Thanks for sharing the DP @Jeffster1! And congratulations on a stellar SL. Hopefully, I can get an approval in the not too distant future.

[StephenH]

Thanks sharing the DPs @TRC_WA!

I've seen a few approvals in the 680-700 score range despite a consensus or general rule of 700 or higher for WF cards. Which is why I decided to pursue WF over Penfed; initially I was interested in the Active Cash card similar to Penfed's 2% PCR, but atm Autograph definitely fits my needs better since I get 2x back with Venture.

Please keep us updated and good luck!