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Wells Fargo Propel/Discover Approval Odds - Thin File

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Valued Member

Re: Applying for a new CC - Suggestions to Help Approval

I’ve been gardening for 3 months lol, I want to go for 2 of the cards i listed above because I’ve read they will certainly grow with me and start at a higher limit (which is what I’m looking for mainly and i can’t make my mind up yet as to which 2 I’ll go for). I have CFU at 1k, QS1 at 300 (booo) and a secured USAA at 500. Very low limits that aren’t doing me any justice. The installment loan will hit 1yr in August, which I now realize might work out in my favor since i was going to apply in about a month or two anyway.

To keep track of everything I have the myFICO app and Experian app on my phone, all of my accounts report pretty much at the middle of the month so that’ll be easy to pay 2 down to $0.00

I’m really new to the whole credit world I didn’t know anything about it until Oct. 2018. In Aug. 2018 I was at a 550 so I’ve been educating myself and doing as much as I can to raise my scores and get everything right.

Thank you so much for the info, I will definitely follow your advice based on your experience Smiley Happy
Message 31 of 36
Established Contributor

Re: Applying for a new CC - Suggestions to Help Approval


@MDS_ wrote:
I’ve been gardening for 3 months lol, I want to go for 2 of the cards i listed above because I’ve read they will certainly grow with me and start at a higher limit (which is what I’m looking for mainly and i can’t make my mind up yet as to which 2 I’ll go for). I have CFU at 1k, QS1 at 300 (booo) and a secured USAA at 500. Very low limits that aren’t doing me any justice. The installment loan will hit 1yr in August, which I now realize might work out in my favor since i was going to apply in about a month or two anyway.

To keep track of everything I have the myFICO app and Experian app on my phone, all of my accounts report pretty much at the middle of the month so that’ll be easy to pay 2 down to $0.00

I’m really new to the whole credit world I didn’t know anything about it until Oct. 2018. In Aug. 2018 I was at a 550 so I’ve been educating myself and doing as much as I can to raise my scores and get everything right.

Thank you so much for the info, I will definitely follow your advice based on your experience Smiley Happy

From those three cards, I think Discover has the highest chance of being generous. If your youngest account is 3 months, I'd definitely wait until your oldest is a year (or if possible, when your youngest is 6 months). Until then, play around with AZEO and see how your scores respond. It can take a little finesse, so the practice will do you good. The Experian app is great for seeing when your accounts report (it will list the date). About two months before applying, I was checking prequals like EVERY week. If you're looking at AMEX, the prequal will tell you the amount that you may get approved up to. At one point I saw I could be approved up to $6k (back in April), but I haven't seen it that high since then (only up to $1k-2k now). I will say though that your current limits can influence potential limits. Having a $5k card helped, and then they gave me a CLI to $10k when I got the higher cards.



Aug 2019:

Stats:
Message 32 of 36
Established Contributor

Re: Applying for a new CC - Suggestions to Help Approval

Your scores are fine if that's all the lenders were looking at for an approval.

 

If you want to keep your scores high and stable then sit in the garden until everything is at least 12 months old.  24 months would be even better because you're going to take your total time and divide it by at least 1 more CC and probably more from the sense I'm getting from the post.  

 

Take some time to let things grow which takes 6-12 months depending on the lender.  

 

AZEO - just read up on it... it's simple if you think about it... it's only important when you're about to apply for something big and need every last point for something like a mortgage where this makes the biggest impact on 2/4/5 scores.

500K+ TCL / 800+ FCOs
Message 33 of 36
Community Leader
Senior Contributor

Re: Applying for a new CC - Suggestions to Help Approval


@MDS_ wrote:
@CreditInspired AAOA: 6months AoYA: 3 months

I suggest waiting to apply until your AoYA is 12 months. 

GOALS: Garden til APR 2020 and 800 Club



JUN 2019: EX 788, TU 794, EQ 779
DEC 2018: EX 777, TU 783, EQ 799

|| AmX Cash Magnet $25K || NFCU CashRewards $20K || Macy's $20K || Discover IT $18.7K || NFCU CLOC $15K || NFCU Platinum $12.5K || AmX ED $11.5K || CitiCostco $7K || CitiDC $6.3K ||
Message 34 of 36
Moderator

Re: Applying for a new CC - Suggestions to Help Approval

@MDS_ 

 

I merged the two threads that you have regarding your questions about these cards.  While the two threads are couple weeks apart, they involve the same questions so they are better in the same one.  If you have additional questions please update this thread.  Thank you for your understanding and cooperation.

Message 35 of 36
Valued Member

Re: Applying for a new CC - Suggestions to Help Approval

@Irish80 thank you, I’m still very new and trying to find my way. I appreciate it!


I also wanted to ask everyone since I’m an authorized user on a 10yr Chase account, will this make my AAOA longer? It hasn’t shown up on my report yet, it should within a month.
Message 36 of 36
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