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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.
@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 Monthsmy 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!
@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!
@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
@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
@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. 😎
@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 help
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.
@Anonymous 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....
@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 Monthsmy 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