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Wells Fargo Propel/Discover Approval Odds - Thin File

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Senior Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File


@Remedios wrote:

@Meanmchine wrote:

@Remedios wrote:

Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers. 

 


Never heard that one before. 


Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago   

 

 

 

 


NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not  I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for  that reason

 




3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>09/2019 CCT EX 829 TU 848 EQ 837
Jack Webb: "That figures. Now let me see if I got the facts straight here. Cleaning woman Clara Clifford discovered your clean copper clappers kept in a closet were copped by Claude Cooper the kleptomaniac from Cleveland. Now, is that about it?"
Message 11 of 36
Moderator

Re: Wells Fargo Propel/Discover Approval Odds - Thin File


@Meanmchine wrote:

@Remedios wrote:

@Meanmchine wrote:

@Remedios wrote:

Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers. 

 


Never heard that one before. 


Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago   

 

 

 

 


NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not  I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for  that reason

 


I think it's important to understand that @Remedios was providing some relative DPs based on what individuals have reported or experienced with WF whenever any present or past relationship was assessed as part of the UW criteria.   While it wouldn't be the sole reason that one could be declined if an individual has a WF relationship, the low average balance (or other elements) can be cited as one of those reasons.   Someone parking $100, for example, with no activity on that account for a set period in the hopes of securing an approval (all other things considered) isn't really going to sway the pendulum in a favorable way.

 

And, while having a WF relationship is not a requirement for any of their products, having one definitely gets evaluated as part of an internal behavioral or relationship score in addition to other factors with an individual's overall profile. 

Message 12 of 36
Super Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

WF has always been relationship based. They really prefer to approve people for CCs who also have checking/savings with them. They have relaxed on this somewhat in recent times, but it still seems to tip the scales in many people's favor. It's not required, as you can get the Propel without a banking relationship, but it does seem to make a difference. Just how their underwriting works.

Message 13 of 36
Moderator

Re: Wells Fargo Propel/Discover Approval Odds - Thin File


@FinStar wrote:

@Meanmchine wrote:

@Remedios wrote:

@Meanmchine wrote:

@Remedios wrote:

Not necessarily. WF has denied CC accounts because of the low funds in checking/savings accounts for existing customers. 

 


Never heard that one before. 


Yup, there were denials referencing lack of funds in existing depository accounts, and some were referencing NSF checks or overdrawn accounts from years ago   

 

 

 

 


NSF and overdrawn accounts are different from low balances. This is activity that was probably reported to checksystems. There are tens of thousands of people who live paycheck to paycheck who do not have healthy balances in their accounts. Are they barred from a WF CC? I think not  I have a small WF account in my name that is ear marked for one of my grandchildren. Theres not alot of money in there but at the end of the month, if I finish under budget, then all my grandkids get a deposit to their accounts. I dont think I would be rejected for  that reason

 


I think it's important to understand that @Remedios was providing some relative DPs based on what individuals have reported or experienced with WF whenever any present or past relationship was assessed as part of the UW criteria.   While it wouldn't be the sole reason that one could be declined if an individual has a WF relationship, the low average balance (or other elements) can be cited as one of those reasons.   Someone parking $100, for example, with no activity on that account for a set period in the hopes of securing an approval (all other things considered) isn't really going to sway the pendulum in a favorable way.

 

And, while having a WF relationship is not a requirement for any of their products, having one definitely gets evaluated as part of an internal behavioral or relationship score in addition to other factors with an individual's overall profile. 


+1

 

Here's a recent thread/post with a data point that supports this:  https://ficoforums.myfico.com/t5/Credit-Card-Applications/Hmmm-to-app-or-not-to-app-Wells-Fargo/m-p/...

Message 14 of 36
Community Leader
Super Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

It is possible to get a cc from WF without relationship or money in bank. Lol im living proof. The most concerning thing i see working against op is the thin file. It might be better to get a different WF cc build a year of history, like i did, then go for it. Your income is fine. Def try for Disco to help boost your profileSmiley Happy
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Message 15 of 36
Moderator

Re: Wells Fargo Propel/Discover Approval Odds - Thin File


@AverageJoesCredit wrote:
It is possible to get a cc from WF without relationship or money in bank. Lol im living proof. The most concerning thing i see working against op is the thin file. It might be better to get a different WF cc build a year of history, like i did, then go for it. Your income is fine. Def try for Disco to help boost your profileSmiley Happy

+1

 

Absolutely... many have done so.  (And some more than once!) Smiley Happy

 

I think the main point @Remedios and @FinStar were making (and I was chiming in on) was that even if one does have deposit accounts with WF it might not help and in some cases might even work against you even if the deposit account has a 'clean' history.

 

This is counter-intuitive to how most people would expect things to work, since a reasonable person would think that a small relationship would be better than no relationship at all.  WF seems to march to the beat of their own drum, though.

 

As @CreditCuriosity mentioned up-thread WF seems to be all-over-the-place with approvals - even some with thick files and strong scores are denied at times - so with a thin file like our OP has it could really go either way.  I realize this doesn't give a lot of guidance to @MDS_, but if the card (and bonus) is a good enough fit for him/her it might be advisable to give it a shot.

 

I'll also chime-in that based on what I've seen (and experienced personally) their pre-approvals seem to be solid.  If you dig around enough you'll likely find a counter-point to that, but for the majority it holds.

 

Side note:  I had to call WF on Thursday about my Propel (fraud block) and the rep I got was fantastic.  He volunteered that they are making some minor design changes to the card to make the numbers on the back easier to read.  I didn't get a date (shame on me) but it will be a welcome adjustment for those of us with less than 20/20 vision.  Smiley Happy

Message 16 of 36
New Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

For reference, I got my Discover card with even lower scores than you (at the time I was mid 600's), and my oldest card showing on a report was just about 10 months (had two cards at that point, a Cap One Platinum with 4k and a brand new Cap One Savor One with 5k...total utilization was at about 4%). I also had a BK13 showing that was still just under 5 years from filing date. I never tried to pre-qual on line that I can remember, but I jumped on a paper-mail preapproved offer. They only gave my 1k SL, but that was fine for now (I will absolutely try to get a CLI soon, however, since the last quarter 5% bonus category is Amazon, Target, and Walmart.com so most of my Christmas shopping will be done on that card). Good luck.


@MDS_ wrote:
I’m wanting to apply for a discover cash back card and Wells Fargo propel card, I’m looking to get everyone’s input on my approval odds. Right now i have 711 EX, 712 EQ, 721 TU, no collections or anything bad on my report, 3 inquiries in the past year.

The oldest account I have is 9 months from an installment loan. Im about to be an authorized user on a 10 year chase card with a $2,500 limit too. I also make 65k-70k a year to give everyone an idea on my income.

What do you guys think my chances are on getting these two cards? Thank you in advance! Smiley Happy

 

Message 17 of 36
Highlighted
New Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Yes I have no relationship with WF at all, my scores have actually increased as well to the 730-740 range since this post (pretty stoked about that). I want to apply once the 10yr old Chase card shows up on my report, so it makes me look better lol, but I’m worried about getting a hard pull for no reason. The benefits/rewards of the card would definitely fit my spending and I see it as completely worth it. I think I’ll be going for it soon Smiley Happy

As for discover, i just recently did a prequal about 2 days ago actually and nothing showed up. Not even a secured card? With my scores/income I feel like something should’ve came up for me. I know prequals aren’t 100% all the time but it still makes me feel a little uneasy about applying. And then again, i have most people telling me that Discover likes profiles like mine and i should just go for it. It’s truly a battle in my mind haha.
Message 18 of 36
New Contributor

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

Any advice on which one I should apply for first? Or is it just my preference?
Message 19 of 36
New Member

Re: Wells Fargo Propel/Discover Approval Odds - Thin File

I would suggest you don't discount the Amex Pre-qual due to a $1000 SL.  You didn't state if you already have an Amex - if you don't, I'd strongly suggest you go for it.  Even if you do, it's worth considering.  A very likely SP 3x CLI in 61 days, then 181 days, then 181 days means a 1k SL is a 27K tradeline in ~15 months (you can do that with 1 card at a time only).  If you already have an Amex, that 1k SL will very possibly be a SP (as will future CLIs).  Amex also is very easy to re-allocate limits between cards (also SP) - you're not stuck with a useless 27k limit card in 2 years if your rewards focus or purchasing habits change, just move a chunk of the limit to a card you use.

 

You also say you expect the WF Propel to grow with you - and it might, but I believe WF is usually hard pulls for CLIs, so you'll be paying for those with INQs.

 

If you don't plan on apping other cards for a while, go for all three.  The INQs will be a year old before you know it. 

Message 20 of 36
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