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Micro Center WFFNB

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Valued Member

Micro Center WFFNB

Anyone know what the criteria or requirements are for a Micro Center card from Wells Fargo?  I have to buy a few things from there and I want the card because I shop there every week.  I dont want another HP on my CR if Im not gunna get approved.  

AS OF 7/10/16: EQ 680 TU 698 EXP 695 BOA BANK AMERICARD SECURED : $1,500**CAP1 QS1: $1500**CAP1 PLAT: $1,500**CHASE FREEDOM UL $8,500**KOHLS: $300**AMAZON: $5000**CAR CARE1: $1,500**FINGERHUT: $620**LEXUS LEASE**BARCLAY CASH FORWARD $3,000**$1,200 Corvette Lease**In August of 2015 I had 580 across the board. I'm on my way up!
Message 1 of 8
7 REPLIES 7
Valued Contributor

Re: Micro Center WFFNB

I would not even waste a HP on this card.  Their interest rate is 28.99%.  I would continue to use the credit card I've been using to shop there.

Barclay Reward MC 750|Cabela's 1k|Capital One QS1 3.4k|
|Sony Card 3.5k|
Message 2 of 8
Community Leader
Senior Contributor

Re: Micro Center WFFNB

Being as though it's backed by Wells Fargo I'd guess that the underwriting criteria is pretty high...

Message 3 of 8
Community Leader
Senior Contributor

Re: Micro Center WFFNB


@Pway wrote:

I would not even waste a HP on this card.  Their interest rate is 28.99%.  I would continue to use the credit card I've been using to shop there.


I agree...doesn't seem worth it.  And the OP has is EX listed at 620 which I'm sure isn't enough to get in the door with WF. 

Message 4 of 8
Frequent Contributor

Re: Micro Center WFFNB

Speaking from personal experience I disagree with the responses thus far. I no longer have the card and haven't had it recently, but I used to have it and I liked it.

 

I got the card years ago before I was monitoring my credit score. So I don't know what my score was when I applied, and I guess maybe it was better than I think, but I got it as a starter/rebuild card, not with a strong portfolio of established accounts. Again, I don't know for sure since I wasn't actively monitoring, but I think I got the card at one of the lowest points in my credit history, and I didn't have trouble being approved. So I think you'd have a good shot at getting it.

 

Regarding the card itself, the best feature was extended 0% financing on qualifying purchases. As I recall they had a 0% option for either 6 months, 12 months, or 18 months depending on the size of the purchase. I can happily report that I never paid them a dime in interest. I made it a high priority to always pay whatever balance I was carrying in full before the 0% financing period expired. As I recall the statements also made it easy to keep track of how long you had left on various different charges. Like you might see one balance on your statement of $857.12 with 11 months of 0% financing remaining, and a second of $531.20 with 7 months of 0% financing remaining, and a third of 126.98 with 2 months of 0% financing remaining, etc. I just remember being pleased with the transparent, easy-to-understand way each balance was documented. Unfortunately I can't recall with certainty how they applied payments. I think maybe the minimum payment was distributed proportionally and then anything over the minimum went to the balance with the 0% period expiring soonest, but don't hold me to that; I may be misremembering.

 

I'm pretty sure that if a 0% balance isn't paid in full before the promotional period ends you'll owe retroactive interest on the full balance - not the smaller remaining balance. So definitely make paying it off during the promo period a priority if you get the card and take advantage of this feature. Also, I've read complaints of Wells Fargo taking awhile to process payments and then charging late fees. This was never an issue for me because I always made multiple payments for more than the minimum every statement cycle, which is my general method of handling bills (For example I always prefer to do something like make weekly payments of $125, rather than a single $500 payment near the due date). Anyway, just something to be aware of. I personally think it's a good idea to pay well advance with all cards/lenders, but based on what I've heard I'd make it a particular point to do it with this card if you get it.

 

Anyway, I found the financing option quite useful back in the day when money was tight and my shopping more impulsive. Nowadays, I'd rather pay with a rewards card and then PIF during the grace period, but as far as financing options go I found the Microcenter card from Wells Fargo quite handy.

 

As a final disclaimer I don't have the card anymore and haven't had it recently. So I don't know if or how much anything has changed since I did have it. I had a good experience with the card and found it to have easy underwriting standards, but of course that's no guarantee others will have the same experience.

 

Best of luck and let us know what you decide!

 

 

 

 

Message 5 of 8
Regular Contributor

Re: Micro Center WFFNB

Wells Fargo pulls TransUnion...FYI....


EX08 801 EQ08 812 TU08 805 Total Credit Line: $100K+
Message 6 of 8
Valued Contributor

Re: Micro Center WFFNB


@Pway wrote:

I would not even waste a HP on this card.  Their interest rate is 28.99%.  I would continue to use the credit card I've been using to shop there.


Wow that is high

                               

Total Credit: $240,100Credit Utilization: 1%AAoA: 5 years, 7 monthsInstallments: Car Lease, Marcus LoanNegatives: 0

LOWES-35k | BOA-32.5k | AMEX-30k | DISC-27.1k | ALLIANT-25k | NFCU-25k | BARC-15k | BBUY-12k | CHASE-10k | WAL-10k | CITI-9.7k | PENFED-9.7k


Message 7 of 8
Frequent Contributor

Re: Micro Center WFFNB

I was actually just looking into this card just for the 0% interest that they have.  I would never consider carrying a balance with the card, just like the 0% angle that they have.  They are having some pretty good sales right now, is what got me looking.  


FICO 8 09/21/2016 TU 715, EQ 727, EXP 711
FICO 8 12/14/2016 TU 717, EQ 730, EXP 713
FICO 8 03/17/2017 TU 721, EQ 730, EXP 733
FICO 8 12/08/2017 TU 757 EQ 734 EXP 798
FICO 8 03/16/2018 TU 755 EQ 757 EXP 794
Message 8 of 8
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