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possibilities of approval Propel WF?

Rogero57
Established Member

possibilities of approval Propel WF?

i want to know if i have approval opportunities for the new wells fargo letter.

relationship with them: 1 month with a savings account.

Fico score experian: according to wells fargo Fico score 9: 757.

Experian:
UC: 1%
New accounts in the last 6 months: 3
Oldest account: 1 Year 3 Months

my youngest account is costco's Citi bank, with 8,500, the account is 2 months old.

Average age in all accounts: 9 Months.

inquiries: 7 in the past year.

 

 

Transunion: 764 Fico Score 8.

the only difference is: 2 inquiries in the last 6 months.

Do you think I have a chance? or should I wait.



thank you guys.

Message 1 of 12
11 REPLIES 11
M_Smart007
Legendary Contributor

Re: possibilities of approval Propel WF?


@Rogero57 wrote:

i want to know if i have approval opportunities for the new wells fargo letter.

relationship with them: 1 month with a savings account.

Fico score experian: according to wells fargo Fico score 9: 757.

Experian:
UC: 1%
New accounts in the last 6 months: 3
Oldest account: 1 Year 3 Months

my youngest account is costco's Citi bank, with 8,500, the account is 2 months old.

Average age in all accounts: 9 Months.

inquiries: 7 in the past year.

 

 

Transunion: 764 Fico Score 8.

the only difference is: 2 inquiries in the last 6 months.

Do you think I have a chance? or should I wait.



thank you guys.


I would wait, Wells Fargo is very conservative. I have (2) cards with them.

The UW on Propel is a little more strict .. because of the card perks.

 

ETA: Welcome to The Forum's!

 

 

Message 2 of 12
Rogero57
Established Member

Re: possibilities of approval Propel WF?

@M_Smart007


Do you suggest that I wait to have an average of 1 year? or do you suggest even more time?

One last question, I'm new to this, what does UW mean?

and thanks!

Message 3 of 12
Dumbee
Established Contributor

Re: possibilities of approval Propel WF?


@Rogero57 wrote:

@M_Smart007


Do you suggest that I wait to have an average of 1 year? or do you suggest even more time?

One last question, I'm new to this, what does UW mean?

and thanks!


Underwriting/underwriter

- criteria for approval


Smiley Embarassed
Personal/40.15K Biz/23K POT/17K
Message 4 of 12
M_Smart007
Legendary Contributor

Re: possibilities of approval Propel WF?


@Rogero57 wrote:

@M_Smart007


Do you suggest that I wait to have an average of 1 year? or do you suggest even more time?

One last question, I'm new to this, what does UW mean?

and thanks!


I was going to suggest waiting 1 year. That should be sufficient, as long as you are not actively credit seeking / applying for credit.

 

UW = Under Writing

 

What Is Underwriting?

Underwriting is the process through which an individual or institution takes on financial risk for a fee. The risk most typically involves loans, insurance, or investments. The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium. Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.

 

Common Abbreviations used on myFICO Forums

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

 

 

 

Message 5 of 12
Rogero57
Established Member

Re: possibilities of approval Propel WF?


@M_Smart007 wrote:

@Rogero57 wrote:

@M_Smart007


Do you suggest that I wait to have an average of 1 year? or do you suggest even more time?

One last question, I'm new to this, what does UW mean?

and thanks!


I was going to suggest waiting 1 year. That should be sufficient, as long as you are not actively credit seeking / applying for credit.

 

UW = Under Writing

 

What Is Underwriting?

Underwriting is the process through which an individual or institution takes on financial risk for a fee. The risk most typically involves loans, insurance, or investments. The term underwriter originated from the practice of having each risk-taker write their name under the total amount of risk they were willing to accept for a specified premium. Although the mechanics have changed over time, underwriting continues today as a key function in the financial world.

 

Common Abbreviations used on myFICO Forums

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458#M23

 

 

 


super grateful, thank you very much. 😎

Message 6 of 12
M_Smart007
Legendary Contributor

Re: possibilities of approval Propel WF?

 

@Rogero57, You are very welcome and glad to have you aboard the forums.

If you ever have questions? , just ask. Many knowledgeable people here more than willing to helpSmiley Happy

 

Message 7 of 12
oylooc
New Member

Re: possibilities of approval Propel WF?

I financied an auto loan through wells fargo, had the car for 6 months realized the payment was too high and freaked me out so i rushed it back and traded for a different car (wf auto loan was then paid off).

 

I applied 3 months after that and i was approved for 6K having no other relation in my life with wf besides that auto loan. Got a 30K signup bonus and still use the card today. 

 

I think my fico was 737 when i applied, no baddies, probably 30K in total limits with other cards with no or little balances. Maybe I had the luck of the draw but most people say they're extremely sensitive. 

Message 8 of 12
NoMoreE46
Community Leader
Valued Contributor

Re: possibilities of approval Propel WF?


@oylooc wrote:

I financied an auto loan through wells fargo, had the car for 6 months realized the payment was too high and freaked me out so i rushed it back and traded for a different car (wf auto loan was then paid off).

 

I applied 3 months after that and i was approved for 6K having no other relation in my life with wf besides that auto loan. Got a 30K signup bonus and still use the card today. 

I think my fico was 737 when i applied, no baddies, probably 30K in total limits with other cards with no or little balances. Maybe I had the luck of the draw but most people say they're extremely sensitive. 


oylooc:  Welcome and Cheers on getting the Propel- great card to have. 

RE: your auto loan- did your income change during that six months?

Just a little funny to realize that your payments are too much after you bought the car....

Message 9 of 12
Nomad3
Frequent Contributor

Re: possibilities of approval Propel WF?


@Rogero57 wrote:

i want to know if i have approval opportunities for the new wells fargo letter.

relationship with them: 1 month with a savings account.

Fico score experian: according to wells fargo Fico score 9: 757.

Experian:
UC: 1%
New accounts in the last 6 months: 3
Oldest account: 1 Year 3 Months

my youngest account is costco's Citi bank, with 8,500, the account is 2 months old.

Average age in all accounts: 9 Months.

inquiries: 7 in the past year.

 

 

Transunion: 764 Fico Score 8.

the only difference is: 2 inquiries in the last 6 months.

Do you think I have a chance? or should I wait.



thank you guys.


Wait until your youngest account hits 1 year and you should be good. They are sensitive to inquiries and recent accounts.

 

I got in as my second card, first card was just over 1 year. Got minimum SL with fico8 of 764 and no existing history with them.

 

Your history will definitely help, but i wouldn't risk a denial with all the recent accounts/inquiries you have



Goal: Mortgage/Chase Trifecta


Message 10 of 12
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