Wells Fargo or Bank of America?

[jazzyvar84]

I want to apply for one of the cards, but am not confident in my credit profile. Transunion: 718 no collections, two late payments 120+ days in 2017. Equifax: 662 five collections, all medical. Three from same company all under $100. One from a dental surgery $1,346. One from a dentist that I’ve never heard of and have been disputing for a year for $103. No late payments. Lastly, Experian: one collections $1,346, medical. No late payments. Credit uti across the board 49%, but I will get a $5,000 bonus from my job in December and pay that way down. Could I be approved for an account?



Ooooh! Last inquiry is from August. (Furniture account)

[coldfusion]

Both issuers typically hard pull from Experian for new CC.

What is your EX FICO 8 score?

Do you currently have a savings and/or checking account with either bank?

[jazzyvar84]

Hi! I have just $300 in a Wellsfargo savings account. My Experian FICO 8 is 652. One medical collections for $1,346.

[Harvey26]

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@jazzyvar84 wrote:
Hi! I have just $300 in a Wellsfargo savings account. My Experian FICO 8 is 652. One medical collections for $1,346.

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I would say Wells Fargo simply beacause of the relationship you may have better chances than with BOA unless you plan on paying of that collection and bringing your UTL down. 

[jazzyvar84]

I’m applying for a mortgage loan in about six months, it’s probably beat that I wait, huh?

[Harvey26]

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@jazzyvar84 wrote:
I’m applying for a mortgage loan in about six months, it’s probably beat that I wait, huh?

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I would personally note apply for anything. Bring that UTL down and pay those collections off. Your TU score is great and I think that if you fix those issues your other scores would look similar to TU. WF does provide your EX score that way you have a good reference. 

[Remedios]

You should not be applying for anything at least a year prior to mortgage.
Also, your future lender will most likely as you to pay off those collections, so you might want to get a jump on that because when they are paid off, there will be update, and when negative account updates (even with a positive change as payment) there is still scoring drop. You want to pay ahead of time so your scores can start recovering somewhat
Lastly, scores you listed, are those FICO 8 classic?
For mortgage, an older scoring model will be used, and presence of delinquency on those is even more "punishing".

Perhaps you should stop by rebuilding forum to get some additional help in how to deal with those collections. As is right now, you stand to pay many thousands in higher interest because of them.
It's in your best interest to do whatever you can to make them either go away or pay before you start the process

Good luck

[CWA1984]

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@jazzyvar84 wrote:
I’m applying for a mortgage loan in about six months, it’s probably beat that I wait, huh?

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Honestly it might be best to wait till your credit is cleaned up a bit before getting a mortgage.  I know rates are extremely low right now but if you do get approved your not going to enjoy a low interest rate anyway due to your current credit situation.  Honestly if I was in your situation I wouldn't be mortgage shopping till my scores were all well north of 700 preferrably 750 or higher so you don't get killed with an ultra high interest rate on your mortgage.  

[lmhenry1]

I would recommend starting a secured credit card with either issuer to get your foot in the door . Use that $300 or preferably the $5000 to start your limit as you build creditworthiness all while doing what others have stated to get things cleaned up.

[randomguy1]

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@jazzyvar84 wrote:
I want to apply for one of the cards, but am not confident in my credit profile. Transunion: 718 no collections, two late payments 120+ days in 2017. Equifax: 662 five collections, all medical. Three from same company all under $100. One from a dental surgery $1,346. One from a dentist that I’ve never heard of and have been disputing for a year for $103. No late payments. Lastly, Experian: one collections $1,346, medical. No late payments. Credit uti across the board 49%, but I will get a $5,000 bonus from my job in December and pay that way down. Could I be approved for an account?



Ooooh! Last inquiry is from August. (Furniture account)

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I would aim for a lender that only pulls from Transunion. 

As for your mortgage, it is best to stop applications 6-12 months before applying for a mortgage. Keep in mind that if you apply now, you get the inquiry hit now but the new account opening might not show up on your credit report for a statement or two.