Wells Fargo Active Cash Visa

[Jeffster1]

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@Jordan23ww wrote:

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@Anovice wrote:

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@Bk2006 wrote:

Yes, you can use your modified AGI. My wife is in a similar situation (she's a minister and part of her income is a non-taxable housing allowance). Any time she's applied for a CC she's given gross income.

Hope your WF application is approved.

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My plan is to go into the local branch of Wells Fargo and sit down with a banker. Currently, all 3 of my credit reports are frozen. Hopefully, I will get some insight if Wells Fargo uses 1 of the the 3. I would rather not have to get on the phone with all 3 to unfreeze and then get back on the phone to freeze again when Wells Fargo is finished.

Also, I am starting to wonder if this might be a bad time to apply for a new credit card. I am reading a lot about bank reserves and the concern of a recession and layoffs. Banks tend to be conservative. In addition, my utilization on my Costco Citi Visa and CapitalOne Visa is usually under 9%. I spoke with a friend who works for CapitalOne and he said that CapitalOne would frown on my utilization and probably would deny a credit limit increase because of my low utilization. A case in point is that I used to have a $20,000 credit limit with CapitalOne. Some years ago, they cut it in half to $10,000. Durning the pandemic, they cut it in half again to $5,000. Banks do not want to put away reserves for someone who is not using the credit, so they took the credit away from me to give to another card holder who is using it. From a positive point of view, I just checked on Credit Karma and both my TransUnion and Equifax credit scores are 810.

Thoughts?

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@Anovice  Best wishes to you when you apply! Wells Fargo tends to use Experian for their credit approvals.  That probably will be who they pull for you.  

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WF pulled EQ for me. I'm in Southern California.

[Anovice]

The good and less good news. I went into the Well Fargo branch this morning and completed the application. The good news is that I was approved immediately for the Wells Fargo Active Cash Visa. I expect to receive the card in about a week. The less good news is that my credit limit is only $2,000. I do not understand this because my FICA score was 811. 

With my CapitalOne Visa ($5,000 limit) and Costco Citi Visa ($12,000) my utilization was running between 9% - 11%. While this additional $2,000 will keep me under 9%, I was expecting a higher credit limit. How can I start to increase my credit limit with my Wells Fargo Active Cash Visa? Now that my application is complete, should I now be posting on a different forum?

[FireMedic1]

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@CreditCuriosity wrote:

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@FireMedic1 wrote:

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@Anovice wrote:

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@Rogue46 wrote:

There's no need to call them you can go to each website and freeze or unfreeze yourself you just need to create an account with each. Also most banks don't use vantage scores as you see in sites like Credit Karma so the score your seeing is useless. Check your Fico score which is what most lenders use.

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Where can I check my FICA score?

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You can get a free FICO EQ Score right here on MyFICO which WF pulled when I got the Active Cash. I didnt need any documents in branch. Opening early pay day checking and card in 1 visit.

https://www.myfico.com/products/fico-blp?utm_medium=cpc&utm_source=google&utm_campaign=19574614722&u... 

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Pulled TU for me when tried in FL not to far from you

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Thats odd @CreditCuriosity . It was EQ from my 3B. East coast vs West Coast!

[NoMoreE46]

Congrats @Anovice.

I am requesting this post be closed. 

(I see that you have already posted on the Approvals -  Wells Fargo Active Cash Visa Approved - myFICO® Forums - 6670097 )

[Jordan23ww]

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@Anovice wrote:

The good and less good news. I went into the Well Fargo branch this morning and completed the application. The good news is that I was approved immediately for the Wells Fargo Active Cash Visa. I expect to receive the card in about a week. The less good news is that my credit limit is only $2,000. I do not understand this because my FICA score was 811. 

With my CapitalOne Visa ($5,000 limit) and Costco Citi Visa ($12,000) my utilization was running between 9% - 11%. While this additional $2,000 will keep me under 9%, I was expecting a higher credit limit. How can I start to increase my credit limit with my Wells Fargo Active Cash Visa? Now that my application is complete, should I now be posting on a different forum?

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@Anovice Congratulations on your approval! I'm sorry to hear you didn't get the limit you were expecting.  The great news is that you can usually get a limit increase every 4-6 months with Wells Fargo. It is usually a soft inquiry, and if they end up needing to do a hard inquiry they will warn you first and allow you to cancel the request.  

If it is any consolation, my Propel card I got in December 2019 started at $5500. It is now at $20,000. Other than when I first got it and was working on the welcome offer, I tend to put $20 to $30 of spend on it a month and haven't had any issues increasing the limit. Best wishes to you with this card and your future requests to increase the limit!

[KH-Underbat]

As the OP has indicated confirmed approval, this thread is now locked and closed to additional messages. Congratulations!