Wells Fargo Visa Sig next on my list

raisemysc0re · ‎10-19-2020

I should be closing on my Refi in a few weeks and then plan to apply for this card.

Wondering how generous or frugal they are with SL on major cards like this and how well they grow?

My main reason for this card would be Cell Phone protection and maybe the 0% intro APR for 15 months.

DP:

I have 2 open, 1 recently closed retail card as well as an old auto loan with them.

2 Opened: Bob's Furniture 10K, Microcenter just CLI'ed to 5K (That was what I asked for and not their maximum. Trying to avoid HP)

1 Closed: Namco Pools 6.5K (closed due to inactivity).

Closed auto loan was around 8K and paid off about 8 years ago.

Scores right around 800 with no lates or negatives on any report.

Income > 150K

UTI < 4%

DTI 12%

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Starting Scores (06/2016):

Current Fico8 Scores (Updated 10/24/23):

Current Fico9 Scores (Updated 10/24/23):

cashorcharge · ‎10-19-2020

I have read that WF is more conservative than others and as we discussed in the other thread, 2 of my 3 accounts are have been around a long time. To my knowledge for app's they HP EX. Based on your DP's...you should certainly get approved, but in these times, I have to admit, I don't see a lot of huge SL approvals from them on here....that's not to say it doesn't happen...but there's a lot more approvals with other banks. Good luck when you proceed.

FinStar · ‎10-19-2020

In a variety of reported cases, WF tends to take the more conservative approach with SLs, but it really depends on the profile and today's lending environment.

IME, their SLs have been adequate, but then again this was pre-COVID-19. That said, don't expect something in the $20K range on the outset. As far as growth, it's profile-dependent. If the account is eligible, they can offer SP CLI reviews much like your Microcenter CC.

AverageJoesCredit · ‎10-19-2020

@raisemysc0re wrote:
I should be closing on my Refi in a few weeks and then plan to apply for this card.
Wondering how generous or frugal they are with SL on major cards like this and how well they grow?
My main reason for this card would be Cell Phone protection and maybe the 0% intro APR for 15 months.
DP:
I have 2 open, 1 recently closed retail card as well as an old auto loan with them.
2 Opened: Bob's Furniture 10K, Microcenter just CLI'ed to 5K (That was what I asked for and not their maximum. Trying to avoid HP)
1 Closed: Namco Pools 6.5K (closed due to inactivity).
Closed auto loan was around 8K and paid off about 8 years ago.
Scores right around 800 with no lates or negatives on any report.
Income > 150K
UTI < 4%
DTI 12%

Wells is usually conservative. Dont see many high limits on this card and it seems without significant spend, getting cli can be difficult. If the only 2 reasons to get this are cell protection and 0"% apr i think you can find easier cards to get.

AverageJoesCredit · ‎10-19-2020

@cashorcharge wrote:
I have read that WF is more conservative than others and as we discussed in the other thread, 2 of my 3 accounts are have been around a long time. To my knowledge for app's they HP EX. Based on your DP's...you should certainly get approved, but in these times, I have to admit, I don't see a lot of huge SL approvals from them on here....that's not to say it doesn't happen...but there's a lot more approvals with other banks. Good luck when you proceed.

Id caution telling someone they would certainly get approved as no one can predict what an underwriter will say regardless of credit score.

raisemysc0re · ‎10-19-2020

Thank You all for the information...

I think given my good prior/current relationship as well as my good DPs I am not worried about getting approved.

I don't "really" care about the CL in the long term since my biggest concern is not paying Sprint $10/month /phone(currently I have 5 on my plan). By just having this card I'll save $50/mo. I only really care in the short term for the Intro APR as I'd do some home upgrade.

If it came back between 5-10K I'd be alright with that. Not looking for the moon here.

I'm sure I left some CL on the table when they upped my Microcenter limit today but knowing I want this card I didn't want to up my total exposure or risk a HP.

But if there is a better card for me to try that wouold also give me Cell Protection (!!!without an AF!!!), I'd appreciate the advice...

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Starting Scores (06/2016):

Current Fico8 Scores (Updated 10/24/23):

Current Fico9 Scores (Updated 10/24/23):

cashorcharge · ‎10-19-2020

@AverageJoesCredit wrote:
@cashorcharge wrote:
I have read that WF is more conservative than others and as we discussed in the other thread, 2 of my 3 accounts are have been around a long time. To my knowledge for app's they HP EX. Based on your DP's...you should certainly get approved, but in these times, I have to admit, I don't see a lot of huge SL approvals from them on here....that's not to say it doesn't happen...but there's a lot more approvals with other banks. Good luck when you proceed.
Id caution telling someone they would certainly get approved as no one can predict what an underwriter will say regardless of credit score.

Agreed @AverageJoesCredit I should have stated there is a greater likelihood but there is certainly no guarantee. Best of luck OP

blindambition · ‎10-19-2020

As stated and well documented, WF is known to be conservative. Your DP have a good chance of approval. I've noticed higher limits on those who haven't app'd in a couple years, but not a guarantee on higher limit.