Hey all,
I have been trying to get in with Wells for a few months. Recently denied for the Propel. I'm wondering if its worth the Recon, considering the dp's I have. I have had a very active year, but their cited reasons for denial are a little iffy this time.
They pulled EX at 703. Reasons for denial are:
- Amount owed on bank card with the highest balance is too high relative to the credit limit.
- Too many credit accounts opened in the last three months (We look at how muvh new credit you may be taking on).
- Not enough accounts paid as agreed on your credit file (We look for a history of on-time payments).
As part of the EX denial letter, it also lists key factors negatively affecting my credit score:
- Length of time accounts have been established
- Proportion of balances to credit limits too high on revolving accounts
- Length of time revolving accounts have been estalished
- Too many inquiries in the last twelve months
So if the denial reasons are the only issue, I think my chances could be high. If they will then go ahead and cite one of those other bullets, I might as well not bother.
When I originally applied in Oct 2018, I was denied, tried recon twice, and still denied. At the time, I believe they pulled EX in the 7teens. I don't have my letter, but I was basically denied for a thin profile, too many recent accounts, and too many inqs. I was on a spree at the time, mentioned below. I opened a checking/savings account with them in Dec 2018, and have been using it with DD and to pay some bills. Also got a sub lol. I had an unexpected but necessary car purchase in Jan. It was within my means 18K + tax + warranty. Insurance gave me $5k, and my parents offered $5k if got a newish car. I put $4k down on my discovercard. I let them know I might do that, and they offered 0% apr for a year. My dad co-signed on the loan, I was 7teens, but his was higher.
The recent app on my Propel seems focused on this car loan for the denials, and fair enough. The first reason cites my $4000/$4500 use limit on discover. I have the ability to pay it down, transfer the balance, etc., but I'm currently paying it off at $400 a month. The uti is high on discover, but under 30% overall. If Wells would approve, I would pay it down or open a CD with them to show it's nbd. I have never carried a balance before this. I'm thinking this might also be the "not enough accounts paid as agreed" denial reason, as I am currently not paying in full? I have never missed a payment, and always paid in full prior to the car purchased. If 2/3 denials reasons are simply that balance, would they approve if I agreed to pay it down?
The other reason, too many credit accounts in the last three months, is probably including the car loan and FKFCU. I applied for FK in Nov 2018, but the approval process took a while. The card was finally opened in Dec 2018. When I applied for Propel recently, it was still within 3 months of that, by days. At this point it is now longer than 3 months. The car loan is a joint account with my dad, and his score is 800+. I dont know if explaining that would make them feel safer.
Prior to the last year I was not active. 1 Discover closed 2014-2016, 1 current discover from 2016, and a $16k student loan that technically shows since 2014, but had deferred payments for a while. I now have:
- Citi DC (Sep 2018) $4600 >now $5600
- Uber Visa (Oct 2018) $4500
- Discover CLI (around then) > $4500
- Ducks unlimited, US Cash+, and WF Propel denials (Oct 2018)
- FKFCU platinum visa (Nov-Dec 2018) $4000
- $18k car loan at 2.99% (Jan 2019)
One baddie removed from major CRAs many months ago, after collections agreed. Maybe a smaller agency like Sage is hurting me? Currently 687 EX, TU and EQ low 700s. Dropped a stupid amount of points on EX for being credit seeking after the latest wells app, but they cant see that XD. 6+ months ago I was 50 points higher, but my profile was too skinny. Sorry if I got a little winded there 
.
I believe your profile is still too thin or new to overturn this. I would garden a year, continue to make ontime payments and by this time next year youll have a much better chance
@mumbogray wrote:Hey all,
I have been trying to get in with Wells for a few months. Recently denied for the Propel. I'm wondering if its worth the Recon, considering the dp's I have. I have had a very active year, but their cited reasons for denial are a little iffy this time.
They pulled EX at 703. Reasons for denial are:
- Amount owed on bank card with the highest balance is too high relative to the credit limit.
- Too many credit accounts opened in the last three months (We look at how muvh new credit you may be taking on).
- Not enough accounts paid as agreed on your credit file (We look for a history of on-time payments).
As part of the EX denial letter, it also lists key factors negatively affecting my credit score:
- Length of time accounts have been established
- Proportion of balances to credit limits too high on revolving accounts
- Length of time revolving accounts have been estalished
- Too many inquiries in the last twelve months
So if the denial reasons are the only issue, I think my chances could be high. If they will then go ahead and cite one of those other bullets, I might as well not bother.
When I originally applied in Oct 2018, I was denied, tried recon twice, and still denied. At the time, I believe they pulled EX in the 7teens. I don't have my letter, but I was basically denied for a thin profile, too many recent accounts, and too many inqs. I was on a spree at the time, mentioned below. I opened a checking/savings account with them in Dec 2018, and have been using it with DD and to pay some bills. Also got a sub lol. I had an unexpected but necessary car purchase in Jan. It was within my means 18K + tax + warranty. Insurance gave me $5k, and my parents offered $5k if got a newish car. I put $4k down on my discovercard. I let them know I might do that, and they offered 0% apr for a year. My dad co-signed on the loan, I was 7teens, but his was higher.
The recent app on my Propel seems focused on this car loan for the denials, and fair enough. The first reason cites my $4000/$4500 use limit on discover. I have the ability to pay it down, transfer the balance, etc., but I'm currently paying it off at $400 a month. The uti is high on discover, but under 30% overall. If Wells would approve, I would pay it down or open a CD with them to show it's nbd. I have never carried a balance before this. I'm thinking this might also be the "not enough accounts paid as agreed" denial reason, as I am currently not paying in full? I have never missed a payment, and always paid in full prior to the car purchased. If 2/3 denials reasons are simply that balance, would they approve if I agreed to pay it down?
The other reason, too many credit accounts in the last three months, is probably including the car loan and FKFCU. I applied for FK in Nov 2018, but the approval process took a while. The card was finally opened in Dec 2018. When I applied for Propel recently, it was still within 3 months of that, by days. At this point it is now longer than 3 months. The car loan is a joint account with my dad, and his score is 800+. I dont know if explaining that would make them feel safer.
Prior to the last year I was not active. 1 Discover closed 2014-2016, 1 current discover from 2016, and a $16k student loan that technically shows since 2014, but had deferred payments for a while. I now have:
- Citi DC (Sep 2018) $4600 >now $5600
- Uber Visa (Oct 2018) $4500
- Discover CLI (around then) > $4500
- Ducks unlimited, US Cash+, and WF Propel denials (Oct 2018)
- FKFCU platinum visa (Nov-Dec 2018) $4000
- $18k car loan at 2.99% (Jan 2019)
One baddie removed from major CRAs many months ago, after collections agreed. Maybe a smaller agency like Sage is hurting me? Currently 687 EX, TU and EQ low 700s. Dropped a stupid amount of points on EX for being credit seeking after the latest wells app, but they cant see that XD. 6+ months ago I was 50 points higher, but my profile was too skinny. Sorry if I got a little winded there
First a question. Why are you continuously applying for credit? IMHO, it’s time to garden and let your AoYA reach a year.
Second, I think you should heed WF reasons for denial. And they’re not iffy! You have opened 5 CCs and a car loan since September. Discover is almost maxed out. That’s a lot. You may already be perceived as desperately seeking credit. This is not a good look.
I don’t think you would be successful at a recon for my reasons stated above and WFs reasons.
@AverageJoesCredit wrote:
I believe your profile is still too thin or new to overturn this. I would garden a year, continue to make ontime payments and by this time next year youll have a much better chance
Thanks for the advice. I expect to be back in the mid 700s after gardening for a while. I was hoping to get the propel in this round, but I suppose I will have to wait.
@CreditInspired wrote:First a question. Why are you continuously applying for credit? IMHO, it’s time to garden and let your AoYA reach a year.
Second, I think you should heed WF reasons for denial. And they’re not iffy! You have opened 5 CCs and a car loan since September. Discover is almost maxed out. That’s a lot. You may already be perceived as desperately seeking credit. This is not a good look.
I don’t think you would be successful at a recon for my reasons stated above and WFs reasons.
It is 3 new CCs since sept + auto loan. Discover is almost max with $4000, but I could pay it now if that would approve me. And I'm still under 30% uti overall, including my daily spend across all cards. AAoA is 1y10mo. I agree if they cited the new accounts and inquiries, I wouldn't bother asking about recon. But they really seemed to focus on the discover balance. And since I would be willing to pay it off, I wanted to know if it would go anywhere. They didn't mention the recent 3-6mo accounts, just the new car loan and discover balance.
Not continuously applying for random credit though. I had a 750 Fico and a slim profile, and wanted to maximize my spend categories. 4% dining, 5% gas, 2% anything are good cards to have. All I'm doing is moving daily spend to cards that maximize categories I want for the long term. Every card I applied for was because it had a category I could use. I want in with Wells for this. Propel + Visa sig is a nice combo for no AF travel. However I do not want to be perceived as credit seeking. Is this something that a creditor holds onto, or just a temporary hiccup? AKA are they more likely to deny me, after previously denying me?
Experian did knock me for credit seeking after the latest denial. I have 4-6 inqs on each CRA, experian the most. 4 new accounts, 700ish FICO. I'm ready to garden for a year or two, but wanted the Propel sooner than later.
@FinStar wrote:You can try the reconsideration approach OP, but as others have mentioned, it will likely be a challenge to overcome the primary reasons for declining the application. Exercising a PIF on Discover won't really provide the relief they're looking for at this point since it is a combination of multiple factors.
Thanks, I remember they were not too friendly about recon last time either. Looks like it'll take me a little longer to get in with them.
Will they keep record of my previous denails/recon requests, even if I wait 2 years for the inq to drop? I suppose next time I will try in person as well.. couldn't hurt my chances.
