@HappyBuilder42 wrote:I plan to apply for Well Fargo's Cash Wise Visa Card at the end of next month. I have an invitation to apply by 7/27.
I am trying to improve my chances of being approved and also getting as large an SL as I can.These are my current FICO 8 scores:
- EX 651
- TU 684 (+42 yesterday! ($700 medical collection paid off))
- EQ 703
Do you think doing either or both of the following would improve my credit scores before I apply?
- Combining two Quicksilver cards(1500 & 2000) into one card
- Getting a Share Secured Loan from NFCU and paying down to 8.9% prior to 7/27. (I currently have a car loan)
Regarding (1), how would this effect my free BTs on my second QS? I have these until Nov.
Regarding (2), I could do up to $3000.
So, I have been rebuilding since last July. These are my current cards and the balances they are reporting:
- Quicksilver 0/1500, 10 statements(will have 2 more by the time I apply)
- Quicksilver 1885/2000(2500 in early July), 4 statements
- Discover It (secured) 0/600, 9 statements(will have 1 more)
- JCPenney 58/500, open since Dec
The JCP is paid off now, and the second QS was paid down to $120, so hoping for a boost when it reports. The statement cut yesterday.
Will maybe try to get a CLI on fist QS(it started as platinum). Might even wait until JCP reports to ask for the CLI.
Is there anyting I can do with what I have to help make sure of an approval and a good SL? Thanks. Love this community.
1. Capital One is not doing account combinations.
2. You have a open installment loan (auto). SSL would be redundant. Plus, I'm guessing your aggregate utilization would still exceed 8.9% utilization if you got the SSL.
If you are able to get into Navy, why do you want to get a Cash Wise with 1.5% cash back?
Navy's Cash Reward is 1.5%. Looser on the score requirement and keys to the vault.
Here's my view with lending practice.
Wells Fargo-tight
Navy-loose
ETA You have 2 Quicksilver 1.5% cash back cards. I'm all for diversifying lenders. Maybe try selectable cash back categories, 1, 2, 3%, etc?
@HappyBuilder42 wrote:1. thanks
2. True. Car loan is at about 80% right now. Can it hurt anything if I do get it? Even if just to start borrowing from NFCU.
I like the 15 mos 0% and $150 of CW (and the color yellow if I'm honest). Eventually, I do want More Rewards.
1. You are welcome.
2. It won't hurt (will lower your AAoA), nor will it help (may help with building a relationship with Navy). It'll be your secured funds that will be used, not Navy's.
I'm not trying to steer you either way. The decision is it up to you. I just want you to have better odds at approval and give you data so you can be more informed.
Data Points for Navy cards. Primarily, they'll HP TU9 for CC application. For all I know, they could hand out a $500 starting credit limit.
Navy Platinum has a 0% APR on BT for only 12 months. No SUB, though.
Cash Rewards has $150 SUB and 0% APR for purchases for 6 months. No BT promotion.
@HappyBuilder42 wrote:
@HappyBuilder42 wrote:
@Anonymous wrote:You would most likely have to pay down that card with 1800 balance
Whats suppressing that ex score depending on where you are they may pull ex 658 probably will not bring home the bacon with wells fargo
That card with 1800 balance was paid down to 120 prior to the statment cutting on the 10th. With 58 on JCP, that puts me at 4% util. I'm hoping for it to start reporting any day now.
It happened. EX +66 for balance decrease.
That's a great score increase!
As OP has now been approved this thread is closed to further comment.
https://ficoforums.myfico.com/t5/Credit-Card-Approvals/WF-CW-Sig-Approval/td-p/6055171
