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Wells Fargo Propel Approval Odds? Advice?

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Wells Fargo Propel Approval Odds? Advice?

Hey guys! I’d like to get some advice on whether or not I should apply for the Wells Fargo Propel card! This credit card really fits my spending so it would be great to take advantage of the 3x categories, however, my file is quite thin. I have three credit cards. My oldest account is 11 months old, the second is 10 months and the third is only 2 months old. I know this would work against me, that is why I am looking for advice! Should I wait a bit longer to apply and if that is the case, how long should I wait?
Scores : TU: 735 EX: 721 EQ:???
Utilization: 1%
Income: 32k

By the way, I do have a “relationship” with Wells Fargo, I have both checking and savings account with them. Yes I know, Wells Fargo right haha but in all seriousness, would really appreciate any feedback and tips! Thank you in advance!
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Valued Contributor

Re: Wells Fargo Propel Approval Odds? Advice?

Not a bad card.

If you can spare the inquiry, go for it.

If you can join NFCU, I would consider that also.

Within6 months to a year, you could probably get a flagship card as you 2nd NFCU cc.

GL!

Rebuild started in 2014  -  $100k+ unsecured credit in 2017  -  $350k+ unsecured credit in 2020.

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Message 2 of 12
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Moderator

Re: Wells Fargo Propel Approval Odds? Advice?

IMO chances are slim for that card for you with thin profile as they are very tight with that card.  Although nothing ventured, nothing gained...only a HP or two

Message 3 of 12
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Valued Contributor

Re: Wells Fargo Propel Approval Odds? Advice?

I'm not sure about Wells but many lenders want at least one year of history and you are awfully close. I would wait a minimum of a couple days after your 12 month mark.

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Frequent Contributor

Re: Wells Fargo Propel Approval Odds? Advice?

+1 to waiting until you hit at least 1yr.
They approved me and I think my oldest card was just over 1yr. No prior WF history, EX8 was 764. Got the minimum limit they offer on the card, and got generic "lets get to know you better" response when I asked for UW review of SL.

You have prior relationship with them so if you wait until you have a year of history you might get a better SL than I did.

If you want to wait longer you could grab a Discover IT. I got the miles and it's intro offer to match makes the first year 3% cash back on everything. I have more points on the Disco than I do the Propel (not counting the Disco match). Just something to consider, unless you wanted Propel for their phone insurance perk



Goal: Mortgage/Chase Trifecta




Message 5 of 12
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Super Contributor

Re: Wells Fargo Propel Approval Odds? Advice?


@biga78 wrote:
Hey guys! I’d like to get some advice on whether or not I should apply for the Wells Fargo Propel card! This credit card really fits my spending so it would be great to take advantage of the 3x categories, however, my file is quite thin. I have three credit cards. My oldest account is 11 months old, the second is 10 months and the third is only 2 months old. I know this would work against me, that is why I am looking for advice! Should I wait a bit longer to apply and if that is the case, how long should I wait?
Scores : TU: 735 EX: 721 EQ:???
Utilization: 1%
Income: 32k

By the way, I do have a “relationship” with Wells Fargo, I have both checking and savings account with them. Yes I know, Wells Fargo right haha but in all seriousness, would really appreciate any feedback and tips! Thank you in advance!

I am going to Vote on waiting 12 months. They are very conservative. While I started out with $15K limit,

that is not always the case with many. They just don't hand out the Propel like candy.

 

The longer you have been with WF as your main banking institution, the better odds you have.

They do take that into consideration. CLI's while they can be had are few and far between.

They won't budge on My $15K SL .. due to .. Too many new accounts/Inqs in the past year.

I spoke to UW about it, They might as well slapped my knuckles with a ruler. Smiley Indifferent

 

I might ask again in another yearSmiley Tongue

 

 

Message 6 of 12
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Established Member

Re: Wells Fargo Propel Approval Odds? Advice?

Yes seems like waiting it out is the best option! Absolutely haha, in particular Chase but lucky for me I was approved for the Freedom card, which is my youngest account even though my oldest account was not a year old yet and I was given a decent limit considering my thin file!
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Established Member

Re: Wells Fargo Propel Approval Odds? Advice?

Wow Wells Fargo is quite picky I see. Discover is an amazing card! It’s actually my card that’s about to turn a year old! I started out with the secured version to build my credit and I was unsecured about three months ago and have received an auto CLI with them and of course I did what many people on here do with Discover after an auto CLI: double dip! Very happy with Discover so far!
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Super Contributor

Re: Wells Fargo Propel Approval Odds? Advice?

Hi OP

 

IMHO, I think your chances are slim to none because the AAOA is <8 mos. I suggest waiting until AOYA turns 12 mos. I suggest patience and putting a pause on seeking more credit ATM.

Are those FICO scores?  

Also, what are the 3 cards you already have and the CLs? Are they secured, retail, or bank cards?



DEC 2019: EX 816, TU 820, EQ 810
DEC 2018: EX 777, TU 783, EQ 799

|| NFCU CashRewards $30K || AmX Cash Magnet $30K || Discover IT $24.7K || Macy's $20K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 9 of 12
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Re: Wells Fargo Propel Approval Odds? Advice?


@CreditInspired wrote:

Hi OP

 

IMHO, I think your chances are slim to none because the AAOA is <8 mos. I suggest waiting until AOYA turns 12 mos. I suggest patience and putting a pause on seeking more credit ATM.

Are those FICO scores?  

Also, what are the 3 cards you already have and the CLs? Are they secured, retail, or bank cards?I


@CreditInspired Hey thanks for the input! Here are my "stats"

 

3 accounts 

 Discover It - 4k CL

 Citi Secured - (already received a letter confirming account will unsecure which I will ask to product change to Citi DC) $400 CL

 Chase Freedom - 3.8K CL

 

As you can see, these are all bank cards, and yes those are FICO 8 scores. 

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