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One of the reasons why I wanted the Propel is for the cell phone coverage (since I may dump my Uber card) and I’m happy to see that the Cash Wise also has the $600 coverage.
Sorry about the Propel Denial, I woulda called them on it. (The Denial Reasons)
I am sure UW for the Propel is tougher.
Congrats on The Cash Wise.
I have both cards, WF is pretty conservative.
WF uses FICO 9.
9 is fhe first FICO that tracks historical data iirc.
its still an odd reason to deny someone credit. They are basically saying we want you to not use some of your cards at all.
Got same reasons with approx 2k in cc debt on 500k+ in personal credit with 800ish score. Granted a ton of new credit, but seems to be reasons to throw out now with strong profiles that they dont want to give card to and is a system HARD decline as tried to recon a few months ago and she had no power being credit supervisor to override it even if she wanted to.. Wells is only bank I have yet to really crack that I have tried. I assume it is due to my abundence of credit and lack of gardening ability and just bs excuses. I will wait for a true or as true as they come pre-qual from them for propel before trying for that card again. You certainly aren't the only one with good to excellent credit and low debt to get this excuse/lecture letter from them. I do agree on recently opened back accounts ,but first reason is complete horse poop wording.
Congrats OP on the credit wise card though!
Congrats on your WF Cash Wise approval!
@Anonymous wrote:WF uses FICO 9.
9 is fhe first FICO that tracks historical data iirc.
its still an odd reason to deny someone credit. They are basically saying we want you to not use some of your cards at all.
I didn't think Fico 9 did, Vantage 4.0 yes. But obviously an issuer can use the credit report data as well as score.
@JaseT wrote:Now on to the approval...Today, 5 days later, I received an email stating that the Cash Wise was approved for $4.5k (although I wish it was $500 more to make a Siggy card) and I was surprised. I guess that the underwriting requirements for the Propel and the Cash Wise are different.
I don't think $5K is an automatic upgrade to a signature with this card. It didn't with me.
@longtimelurker wrote:
@Anonymous wrote:WF uses FICO 9.
9 is fhe first FICO that tracks historical data iirc.
its still an odd reason to deny someone credit. They are basically saying we want you to not use some of your cards at all.
I didn't think Fico 9 did, Vantage 4.0 yes. But obviously an issuer can use the credit report data as well as score.
Yes I think you are correct. This is the information that I read: https://www.transunion.com/resources/transunion/doc/products/resources/product-fico-9-risk-scores-release-notes.pdf
Some of the claims don't seem to be achieveable unless they are tracking use over time. But that just may be my bias.
Congrats !
Congrats on your WF approval !