Who Would Have Thought....

Andy77 · ‎08-19-2016

Who would have thought it was easier to get credit with Wells Fargo vs. Alient Credit Union, Nasa Credit Union and DCU credit union...

In the last week, on my app spree, I applied with all 4, Wells, approved, Nasa denied, Alliant denied, DCU denied

I always thought credit unions were easlier to get credit with....

They said my numerious inq's were the reason they only gave me a starting CL of 2k.

Oh well...hopefully it will grow...

Pway · ‎08-19-2016

Congrats. However, this is quite interesting, all four credit unions denial but you get an approval with Wells Fargo, whom I always known to be conservative.

Thank you for the wealth of knowledge I have learned from these forums. I am logging off as of November 9, 2022. I wish everyone great success.

Anonymous · ‎08-19-2016

@Andy77 wrote:

Who would have thought it was easier to get credit with Wells Fargo vs. Alient Credit Union, Nasa Credit Union and DCU credit union...

In the last week, on my app spree, I applied with all 4, Wells, approved, Nasa denied, Alliant denied, DCU denied

I always thought credit unions were easlier to get credit with....

If you are getting denials more than approvals, it is time to take a break. Anyway, congrats on the WF approval

Anonymous · ‎08-19-2016

@Andy77 wrote:

They said my numerious inq's were the reason they only gave me a starting CL of 2k.

Oh well...hopefully it will grow...

Congrats on the approval.... It is better than a denial, I am not familiar with WF, but 12njoy can help you to check how they are with CLI's down the road.

KSK1912 · ‎08-19-2016

@Anonymous wrote:
@Andy77 wrote:

They said my numerious inq's were the reason they only gave me a starting CL of 2k.

Oh well...hopefully it will grow...

Congrats on the approval.... It is better than a denial, I am not familiar with WF, but 12njoy can help you to check how they are with CLI's down the road.

Congrats OP. As for the CLI's, not so generous. Last year during my rebuild, Dillards Amex was one of the first few cards i ever got approved for. SL $2K. I bank with them and ran about $250K thru my checking last year, and based on that, i called in right away for a cli, and asked for $5K and they countered at $4K. Then a month later asked for another cli with a HP only to get $700. For that time, with my scores i would not complain, but in general, WF is not very generous, and cli's are HP almost al the time.

6/14/15: Equifax 576 Experian 542 Transunion 571
8/17/15: Equifax 626 Experian 619 Transunion 622
9/28/15: Equifax 655 Experian 636 Transunion 641
11/11/15: Equifax 698 Experian 687 Transunion 672
Short Term Goal Score: 720 Across the board

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Are you free Tuesday..?

12njoy · ‎08-19-2016

@Anonymous wrote:
@Andy77 wrote:

They said my numerious inq's were the reason they only gave me a starting CL of 2k.

Oh well...hopefully it will grow...

Congrats on the approval.... It is better than a denial, I am not familiar with WF, but 12njoy can help you to check how they are with CLI's down the road.

Congrats OP. Thanks for the shout out Mia25. WF can be very generous, but it depends on your individual profile. I started at $2,500 and within a year I was at $37,500. I never got a cli with a sp, but I was always given the option to request a hp for a cli. It was never an instant hp for me. You can start asking for a cli at 3 months and the computer will consider the request. WF says you can request a cli every three months. Doesn't necessarily mean that you'll be approved. I have been pleased with WF for the most part. They do like to be the most used in your wallet. They base their limits off of other limits you have and usage on your WF account. So if you have a 25,000 Capital One say and you're using your WF card a lot (I realize 2k isn't a lot) and paying it off and your portfolio looks good, I would say you're in line for a good cli IMO. That's how I did it anyway. Now what I don't like about the cli process with WF is that they don't compare apples to apples. Let's say you have two cards with Capital One and each one is 25k for a total line of 50k and two cards from WF with a total of 10k. WF will say that your highest line is only 25k (technically they're right) and you only have experience with 25k limit. WF will compare their two cards against the highest limit of only one Capital One card (25k). My philosophy is that if I have 50k from Capital One between two cards and 10k from WF between two cards, WF should be looking at a total exposure possibility of 50k and not 25k. Just my two cents.

(Formerly known as: Credit is my hobby (1.7M)/TCL objective)
___________ 12Njoy
FICO - EX 825; EQ 807; TU 810 I'm climbing back to 800+

Anonymous · ‎08-19-2016

Do you have a banking or previous loan relationship (car, mortgage, etc) with Wells Fargo? I was contemplating Alliant for a January app (I'm in the garden), but you are causing me to rethink that option.

Anonymous · ‎08-19-2016

@Anonymous wrote:
Do you have a banking or previous loan relationship (car, mortgage, etc) with Wells Fargo? I was contemplating Alliant for a January app (I'm in the garden), but you are causing me to rethink that option.

If 3 credit unions denied you for membership and/or a credit product then there is something seriously wrong with some portion of your credit file. You need to look closely at what CRAs they pulled including chexsystems and ARS and see if that's the cause. Additonally as Mia says it's time to slow down. You have been applying for a huge amount of credit both personally and business and this is right after you paid down a huge debt. You need to take a break.

Andy77 · ‎08-19-2016

Yes, now that I have really all the cards I could want...time to go garden for a long while and watch them grow....:-)

Anonymous · ‎08-19-2016

@Andy77 wrote:

Yes, now that I have really all the cards I could want...time to go garden for a long while and watch them grow....:-)

Def a good idea. Congrats on the WF approval.