Wells fargo propel Amex DENIED - some stats any my experience

[Anonymous]

Hello MyFico community,  I have been lurking for about a year but this will be my first post. Wanted to share my credit experience to date and my dismay at my first disapproval. I'm 27 and only have had credit for 1 year and 5 months. Growing up into an adult always paid my bills in full and didn't care for credit as I like to pay up front and not go into debt, not realizing how important a credit score is for a house loan and other such things. Once I got into credit cards it actually became mildly addictive and have enjoyed getting more cards and sign up bonuses, always paying in full each statement of course. I have never been denied for a card despite this until the Wells Fargo propel app.

Current score on Credit Karma: 730

Average Age of accounts: 10 months

Oldest acount: 1 year 5 months

Income per year: $20,000 (working part time going back to college used to work full time)

Capital One Quicksilver $600, 1yr 5mo (started as Platinum secured $200)

$650 personal loan, 1yr 4mo (fully paid off)

Amex Blue cash everyday $2500, 10mo (started $1800)

Discover IT $2700, 10mo (started $1000)

Chase Freedom Unlimited $2500, 3mo

Amex EveryDay $7500, 3mo

So my credit history is still pretty fresh and I have been accepted for every card I wanted until now. The Chase Freedom Unlimited was slightly an impulse app that I did because I knew I'm in Cap1's starter account bucket and that limit wont budge, the Amex everyday was a complete impulse app after I read that Amex will give new cards to existing customers with a soft pull. Although it was impulse it's neat to see they gave me such a large limit in comparison to my smaller income and existing limits.

Basically wanted to share my credit history and success with this community that I read on so much but also my dismay with the Wells Fargo failure. The categories for WF propel fit my spending more in my opinion and give higher returns than cards I already have, Amex blue cash giving only 2% back on gas for example. It's not an complete disaster but it was a wake up call to just sit on the cards I currently have and let them age longer.

Other than sharing this information my question was about how long would I need to let this credit age to get in with Wells Fargo? Not in the biggest hurry to be honest just want to know more out of curiosity. I have read that some people open checking accounts with them for a better relationship but that is absolutley not an option for me, love my local credit union too much and don't want the hassle of opening unnecessary checking accounts for more credit cards.

Thanks all and have a Merry Christmas!!!

[FinStar]

Welcome to the forums OP and sorry to hear about your WF denial.

My suggestion, given your mildly addictive recent credit adventures, is to wait at least ~12 months from your youngest account.

Seems like you have a pretty solid line up so just garden and grow what you already have.

[Anonymous]

You have some great cards in your portfolio already. Your reduced income & length of credit history probably played the biggest factors in your WF denial. I would go into the garden for a year & let your cards get some solid payment history behind them. I’m sure once your accounts are a little more seasoned you should have no trouble getting the WF Propel or any other card, for that matter... 

[AverageJoesCredit]

Time and patience.

[SomewhereIn505]

Welcome to the forums OP!

Like the others have said, you’ve got a great profile. Time to let things age and grow a bit! 

Since you are already in with AmEx, why go after Wells Fargo Propel? They’ve given me the stink eye too (denial) but I’ve moved on to better creditors. 

[Priory_Man]

You have a great selection of cards and some good CL's on them all, sit back relax for 10 to 12 months then try for something else. Thanks for sharing your story and Merry Christmas.

[CreditInspired]

Welcome OP

First, good for you that you realized that the denial was a wake up call to slow your roll. Yes, applying and getting approve are addictive and sweet, but slow and steady is really the name of the game.

A year in the garden is sound advice. It gives your CCs time to age.

Also during this time, you can try for SP CLI requests only.

GL2U

[Anonymous]

One thing nobody has pointed out is the well-known fact that Wells Fargo is far more generous with their banking customers than with others.  

I didn't see anything indicating why they declined your application, but I bet if you had been a banking customer they would have approved your application, at least for the minimum $5,000.

The only drawback to opening a checking account with WF is the monthly service charge.  You need to keep an average daily balance of $1,500 to avoid it.  Considering that between their Visa card, Propel American Express and checking account / savings account bonuses I've earned $850, I think I can live with their checking account.

[Anonymous]

Congratulations on your cards!

I'm in the average range as far as scores go. I was approved for the WF Propel AMEX around the middle of Dec, $1500 Limit. They pulled EQ and EX. The approval letter I got showed they pulled EQ at 696. I'm pretty sure this is a FICO 9 score because my CK was showing in the 660's. I could be wrong though. With that being said, I have been a WF customer for almost 3 years, checking and savings. I think having those existing accounts helped me. Good luck!

P.S.
As far as a checking account, the fees are waived if you direct deposit. Savings fee is waived if you deposit at least $25 every two weeks. FYI.