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Wells Fargo Cash Wise Approval

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JaseT
Established Contributor

Re: Wells Fargo Cash Wise Approval

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. Smiley Happy


BK7 Filed 12/16, Discharged 3/17 *** Current Revolving CL Total $122.1k *** PIF/AZEO
6/19 FICO SCORES:
On My Radar Cards: Nothing ATM
Future Goal Cards: US Bank Cash +, Citi Double Cash, Discover It, BoA Cash Rewards, USAA Cashback Rewards Plus Amex
Message 11 of 31
M_Smart007
Legendary Contributor

Re: Wells Fargo Cash Wise Approval

 

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.

 

Message 12 of 31
Anonymous
Not applicable

Re: Wells Fargo Cash Wise Approval

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.

Message 13 of 31
CreditCuriosity
Moderator Emeritus

Re: Wells Fargo Cash Wise Approval

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!

Message 14 of 31
Anonymous
Not applicable

Re: Wells Fargo Cash Wise Approval

Congrats on your WF Cash Wise approval!

Message 15 of 31
longtimelurker
Epic Contributor

Re: Wells Fargo 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.

Message 16 of 31
stonedog23
Frequent Contributor

Re: Wells Fargo Cash Wise Approval

 


@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. 

 

 

 

 

 


 

NFCU GoRewards Sig ($40,000), NFCU Cash Rewards ($33,000), PenFed Power Cash ($25,000), FNBO Evergreen Visa ($20,000), Bread Financial Rewards Amex ($19,150), PNC Cash Rewards ($18,400), PNC Cashbuilder ($18,700) , Citi Double Cash ($9600), Discover It Cash ($9000), Walmart MC ($8000), Bank of America Unlimited Cash Rewards ($7500), Fifth Third Unlimited Cash Back Mastercard ($7500), Wells Fargo Active Cash Sig($7000), Apple Card ($6000), Amex BCE($6000), Amex ED($6600), X1 Card ($5000), PNC Points ($8000), Amex Cash Magnet($2000), Fifth Third Truly Simple ($4000), Truist Spectrum Cash Rewards($4500), Truist Bright Card($4500), CapOne Quicksilver(Bucketed @$1500), US Bank Cash+ ($5,000), US Bank Cash+ ($1,000), WF mortgage 195K Fico 8: EQ 766, TU 763, EX 753, FICO 9:EQ 829, TU 812, EX 791, AAoA-97 months, AoOA-28 years
Message 17 of 31
Anonymous
Not applicable

Re: Wells Fargo Cash Wise Approval


@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.

Message 18 of 31
Meanmchine
Super Contributor

Re: Wells Fargo Cash Wise Approval

Congrats !

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 19 of 31
Meanmchine
Super Contributor

Re: Wells Fargo Cash Wise Approval

Congrats on your WF approval !

>3/2016 EX 644 CK-TU 642 CK-EQ 660 WalMart- 671.
>5/2023 All 3 reports 840ish (F8) F9s = 850 but my app finger is still twitching
Message 20 of 31
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