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Is the wells fargo active cash cc bankrupt friendly?

Oops_I_Did_It_Again
Regular Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?


@SUPERSQUID wrote:

I read some posts on the  forum that said they are inq and new acct sensitive. but they were old posts. this card didnt exist back then plus this card has a wide range of introductory rates from low to pretty high which kind of tells me they can collar you with one of those high interest ones.


Have you tried the on-line pre-screen?  Others have reported being denied even with approvals from the pre-screener, and/or pre-selected to apply mail, but if you are approved that provides some further confirmation beyond Experian's recommendation.  I think opening a savings / checking account before applying might be helpful for your approval odds also, but I understand most people don't want to bother with that, just to get a credit card.

Credit Profile (June 20, 2022)
F8 EX 760 EQ 763, TU 755, F8 BC EX 770, EQ BC 774, F9 EX 786, F2 Mrtg 777
TCL: $94,600, reporting available: $83,800/$84,600
utilization: 1%, no loans, AZEO ($489/$5000)
AoOA 4Y 1M, AAoA 2Y 4M, AoYA 7M
new accounts 4/24, 2/12, 0/6, 0/3, INQs 12 months EX 1, EQ 0, TU 1

Personal Cards (13)
Bank of America CCR, American Express BCP/CM, Synchrony PPMC / Amazon, GS Apple Card (MC)
Citibank DoubleCash, Discover IT / BT, Regions Cash Rewards, Wells Fargo AC, CapOne QS /QS

Business Cards (1)
American Express BBC
Gardening since Nov 10/2021, till June 10/2022 (I'll be 4/24)
Message 11 of 31
Hex
Established Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

I've read posts here from people with deposit accounts at Wells Fargo who have said they were denied credit cards from them because their deposit accounts didn't have large enough balances. I never opened a checking account with them (despite nice SUB's) because I didn't want to park a bunch money there. I think this is something to consider before opening a deposit account with them to build a relationship. 

Message 12 of 31
SUPERSQUID
Valued Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?


@Hex wrote:

I've read posts here from people with deposit accounts at Wells Fargo who have said they were denied credit cards from them because their deposit accounts didn't have large enough balances. I never opened a checking account with them (despite nice SUB's) because I didn't want to park a bunch money there. I think this is something to consider before opening a deposit account with them to build a relationship. 


I'm just poking around looking at various cards for one reason or the other gradually upgrading my portfolio.  I have gotten to the point in my rebuild that i am only interested in rewards cards. lately i've been getting pretty nice cards with respectable sl's, disco, savor one are 2 good examples. the savor one is a world elite card. i recently was preapproved for a comenty rwards mastercard with a 100 sub. the first time i got a card with a sub. 

my reports are unremarkable but slowly getting respectable. that bk7 will be there for 8 more years like an anchor but i work hard at doing the right thing.

{ BK7 DC 12/2019 } target 1000/ kohls 2500/ discover 3k /mercury 3350 /ollo 600 /mission lane 1050/ ikea 750/ firestone 2800 /legacy 2000 /first savings bank cc 2000/ cap1 QS 2k/ cap 1 savor one 3100 /comenity rewards mc 1k, Penfed PCR signature visa 7.5k, NFCU >signature visa cash rewards 9700/bread cashback amex 6k

>/ nfcu platinum 1k, BABY NEEDS NEW SHOES !!!!!
Message 13 of 31
jmcmillan
Regular Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

If you apply, would you mind reporting back on your results?

Message 14 of 31
SUPERSQUID
Valued Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

I tried the wf pequal, no cards listed so experian must show me that card for marketing.

{ BK7 DC 12/2019 } target 1000/ kohls 2500/ discover 3k /mercury 3350 /ollo 600 /mission lane 1050/ ikea 750/ firestone 2800 /legacy 2000 /first savings bank cc 2000/ cap1 QS 2k/ cap 1 savor one 3100 /comenity rewards mc 1k, Penfed PCR signature visa 7.5k, NFCU >signature visa cash rewards 9700/bread cashback amex 6k

>/ nfcu platinum 1k, BABY NEEDS NEW SHOES !!!!!
Message 15 of 31
jmcmillan
Regular Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

I think you should just apply. Take one for the team Smiley Happy

 

I would do it, but I have some student loan baddies which will likely cause me to get denied. I'm working on getting those erased.

Message 16 of 31
collics
Established Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

Just adding a bit of data in case it helps someone else.

 

A relative filed BK in 2018 and got the wf secured card (back when it was offered) soon after. It graduated to the platinum card (no rewards). Yesterday, they converted the plat to the active cash. 

BK 7 Discharged May 2014. Last App: Apr 25 2022
Newest to Oldest:

FICO8s Dec 2019

FICO8s June 16 2022
Message 17 of 31
Remedios
Moderator

Re: Is the wells fargo active cash cc bankrupt friendly?

I wouldn't be "taking one for the team", you already did that with BoA denial. 

All your cards were acquired post BK, and that's a lot of cards. 

 

You may not want to hear it (this is the part where everyone gets mad at me), you need to stop applying and work with what you got. If you got cards you don't need or use, that's a lesson in itself. 

Don't let Cap1 and Disco approvals lull you into thinking it's time for 'spree", you happened to be their target demographic. 

"Spree" isn't just about same day apps, it's really a period of 1 to 2 years since that's look back period for most lenders. 

 

I do understand completely wantig to rebuild quickly after BK, but when one over does it, it halts the rebuild and potential approvals. You need positive payment history more than you need cards, if we are talking about planning for the future. 

 

I also understand you got myFico itch, it happens when people find this forum.

People arrive with couple of cards, a few months later they have rocks in a backpack while trying to float in the water while putting Chase/US Bank cards as goal cards, when reality is, they won't be eligible for years.  

There will be  rewards cards in your future if you stop on time before myFicocitits takes full effect.

 

Instead of focusing on approvals (selective reading), browse through applications and you'll see plenty of "I got denied with 800!!!! Why? I only got 10 cards this year" 

While there are a few who can get away with that, most of us cannot. They tend to have businesses, lots of spend, lengthy history (clean or aged negative). 

 

Garden, use cards, pay, wash, rinse, repeat. If you base your rebuild on being a DP for the community, you'll also become a cautionary tale. 

 

Message 18 of 31
SUPERSQUID
Valued Contributor

Re: Is the wells fargo active cash cc bankrupt friendly?

I am not mad about advise, i use what i deem usable or prudent. Actually i am very slow and methodical even if it doesnt appear so lately. I am actually quite conservative and very plan oriented except lately when i got an itch after receiving a cli from cap 1 of 1500, approval for savor world elite no af 3k sl , and commenity mastercard no af, 1.5 cb, and 100 sub.

the majority of the cards in my siggy i had long before i posted on this forum.

I waited 9-10 months post bk7 dc to apply for any credit.

I took easily attainable low sl cards as many as in could in sept/oct 2020 with the following thoughts.

My scores were in the toilet so there was no such thing as doing something wrong at that point.

I wanted to get as many cards in a short period of time so that all those hp's would fall off at the same time.

I wanted to raise thhe number of accts paid satisfactorally so i flooded the zone.

in may i started getting invites for better cards and i took some so i have another batch of hp's from may, ot as many as 2020.

Recently i was offered 3 cards which are even a tier higher than anything i had previously, zero int bt, zero int for 12 mos, rewards, and subs, so for this and my recent BOA i have a few new hp's but only a few and for way better cards.

After just over a year of rebuild my tu9 is 698 and most of my fico's are in the good range 670's-680's.

my initial bunch of hp's are past 1 year and by next summer the second group are past 1 year and then by fall a bunch of hp's dissapear

 

EDIT - PS - I have an inquisitive mind, i ask lots of questions. I dont always act on info, im just curious. sometimes i post failures such as the BOA prequal to aid other people.

{ BK7 DC 12/2019 } target 1000/ kohls 2500/ discover 3k /mercury 3350 /ollo 600 /mission lane 1050/ ikea 750/ firestone 2800 /legacy 2000 /first savings bank cc 2000/ cap1 QS 2k/ cap 1 savor one 3100 /comenity rewards mc 1k, Penfed PCR signature visa 7.5k, NFCU >signature visa cash rewards 9700/bread cashback amex 6k

>/ nfcu platinum 1k, BABY NEEDS NEW SHOES !!!!!
Message 19 of 31
FinStar
Moderator

Re: Is the wells fargo active cash cc bankrupt friendly?


@Remedios wrote:

 

I also understand you got myFico itch, it happens when people find this forum.

People arrive with couple of cards, a few months later they have rocks in a backpack while trying to float in the water while putting Chase/US Bank cards as goal cards, when reality is, they won't be eligible for years.  

There will be  rewards cards in your future if you stop on time before myFicocitits takes full effect.

 

Instead of focusing on approvals (selective reading), browse through applications and you'll see plenty of "I got denied with 800!!!! Why? I only got 10 cards this year" 

While there are a few who can get away with that, most of us cannot. They tend to have businesses, lots of spend, lengthy history (clean or aged negative). 

 

Garden, use cards, pay, wash, rinse, repeat. If you base your rebuild on being a DP for the community, you'll also become a cautionary tale. 

 


Very valid points!

 

I just have a ? about that specific disorder. Although, I thought it was Ficocitis?  The one you mentioned may be more... ummmmm...a different one...ok well, anywho 😜 Is it treatable and/or curable? 🥴

 

Asking for a friend

Message 20 of 31
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