FYI, I enjoy reading people success stories and more details the better the read. I have included some fine details so if you are like me. Come in, relax, pull up a chair, your choice of drink and I hope you enjoy it. If you don’t like to read scroll to the bottom, where I have listed my details in terms of data. In the event you are on the fence. Maybe this will help you gauge your chances of a successful app.
Since I saw this card last week and heard it was coming out on Monday the 16th, I have been debating applying for the last few days. The categories for the 3 PT’s where right up my alley and the $300 bonus wasn’t too bad either. Research the heck out of this card and Wells Fargo too. Heard they are a very conservative bank, which added to my dilemma because of my profile - BK7 in 2014. Plus I don’t have a relationship with Wells Fargo. Well, on my way to vitamin shoppe, I saw a Wells Fargo and decided to go in to talk to one of the bankers with some of these concerns - plus I thought it would give me some inclination on the odds of my approval.
After 30 to 45 minutes talking with the banker. I expressed areas of concerns.
1. Lack of relationship with WF. (This plays a huge role in your application or so I have read)
2. Some cards are offered only to members again relationships play a factor. In this article I read a day ago, the person reported that a WF corp person stated this card was going to be opened to the public. In simple terms, I looked at this from a logically point of view. WF needs apps to make money. Typically, it could go either way. Come out loose to get some numbers, then tighten up. Or come out tight and if the numbers not there, loosen up a bit. Based off the current data I found it was tight. Not a lot of success stories to date. The ones I have seen profiles were much better than mine.
3. Years ago I had banked with WF and couldn’t remember if I left on bad terms with them. Which I knew they could check - some sort of risk assessment something that he stated was like Chex systems, but checks WF internal records Not sure if this is true, but sounds legit.
4. My BK7 - which WF was not included, but being labeled “conservative” weighs heavy.
5. Since this card came out, what was the success rate of applications? I even called the CSR over the phone and the rate was not good. One rep stated opening day, he took several apps and only one was a instant approval. Most went pending. And a hand full were denials.
6. Those approved, what was the SL? Were they toy limits and something that was workable to obtain the bonus. The banker didn’t want to talk about this. No numbers atleast. But he did say the few approvals he saw the SL he saw were “decent”. Phone CSR stated the only instant person got $30k, but has been with WF for years!
So data equaled up to leaning towards denial and I told him this. He laughed and told me, “if you were not wearing your work uniform, I would have guessed your were in financing or a banker!” Lol I told him I read a lot of forums, mainly my Fico - we both had a laugh. After spending sometime with him and built a good rapport because we talked about things in life things too, casual things. It came down to the final question. “ Would you like to apply?” I decided sure. My chances were not going to change. I am going to see if a relationship is important, if the BK7 was a factor. It wouldnt change regardless when I app for it, But if the pull and I was able to recon it, just maybe I could get in. Started the process and standard questions. He told me that based off my BK7 less than four years ago, this hurts my chances. On the other side, when it came to my job and length of time (15 years) may have helped a little because it shows stability according to him. Income is 60k.
Going through the app process. Asking some questions here and there. After a few minutes of silence minus his typing - he must have picked up on this because he looked at me and replied “I am writing what we discussed and your concerns - lack there of relationship with us, BK7 and so forth- in your application, more or less a little story about your background.” I thought this was odd, but hey whatever, I guess. This may come in handy if I recon this app. After completing the app and printing the T&C’s of the card - on the pad to my left popped up the agreement that I have received the T&C’s and signing it you agree. I signed it. A few seconds later, another screen popped up for pull of my credit aka the moment of truth. “If you agree to all the terms and wish to proceed with your credit check please select, yes.” I did
After a few minutes, app shows pending He said, “still processing”. After a few more minutes, he said, “okay the application has been submitted, but no reply yet. This is pretty common and my take up to 7 days to see what happens.” I thought great, just what I thought “Denied!” He continues talking about the length of time, decisions and may be in my favor if it goes manual review and he said let me again. Refreshed page and ...
“Oh! Well, your decision came back and..... (with a shocked look on his face)
“Congratulations, Mr. Risingup2day, your application was APPROVED!” I think I said something to the effect, “Don’t play around!” He laughed and said, “I’m not joking. You were approved and your SL is $3500. Congratulations, whatever you have done since your BK7, it would appear WF likes your profile!” He then at the time told me he apped for a Cc and loan with WF and was denied with a score of 730. No baddies, but he had a few inquiries from car shopping. He went through the dealers instead of his bank. His denial was “due to too many inquiries” I told him, “if you would have said that in the beginning, I would not have apped for the card, as I am sitting around 9 to 13 inquires depending on which bureau was pulled.” He laughed and said, “Well, if I did tell you, you would have walked out not knowing but only thinking you would not get it. So in a strange way, “your welcome!” 😂 I couldn’t help but laugh and shook his hand! Thanked him for the long time he spent with me and apologized. His reply was, “no need to apologize, it was a pleasure meeting and talking with you. I enjoyed our conversation. In this business, everything seems to always be about business, but every now and again I have an enjoyable conversations like ours always lightens the day. Thank you! And thank you for your successful app and story you gave me to tell other people that might be in your shoes”.
Time for the juicy details of data.
Utilization is 11% Average age is about 2 years Bk7 2014 FILED 8/14 Discharge 12/14 Scores range 675 +/-5 across Inquiries range 9 to 13 No new accounts in 6-7 months DTI 9% (I thought I would add this because he asked about it) They typically pull EX however, in my case oddly they pulled TU according to my alert. I asked which Fico mode they score, he didn’t know. My income is 60K Interest - won’t find out for a few days.
So if there is anything that I did not cover, ask away. The SL is not bad, easy for me to obtain the $300. We will see how this grows in the future.
Big Congrats on your WF approval! And much appreciated data points indeed!😁
Starting FICO08 Scores 2016 All in the mid 500’s Current FICO08 Scores Jan 2021 (TU 776) (EQ 773) (EXP 760) $700k+ Tradelines in progress Gardening Reset: February 2022 “The credit is no longer bruised, it has endured the test of time” (formally know as bruisedcredit)
Thank you, Gmood1! I was reading a link on the revamp page and saw your approval! Big congrats to you!!! Got a real nice SL too! Are you going to recon for more when you get your card? I’m super excited to get that clean looking card too!
Thank you, Alohawinn! If your profile is better than mine, then dive in! Provided some good data points and if your profile is closer to to Gmood1 then that equal great SL! Keep us posted if you apply.