Wells Fargo Credit Card

[Ukley72]

I received a pre-approved offer for a rewards credit card from a bank I use for personal checking and savings, Wells Fargo. I've had a relationship with them for years, get my pay direct deposited, and typically maintain an average monthly combined balance of a couple thousand dollars. Is this a good card/bank for building credit and CLIs?

As I've previously posted, I'm rebuilding credit after bankruptcy (Chapter 7, discharged a year and a half ago). I've got two credit cards, accounts opened through mailed offers: credit lines below $1000, have been using them, keeping utilization ratio around 60%, and paying off balance in full each month. Currently, my balance is $0 on both cards, in anticipation of applying for this offer.

[moosetracks]

Personally I would not deal with WF there are better rewards cards out there, however, since you are rebuilding and have a good relationship with them I don't see anything wrong with trying to get it. As an afterthought you should not let 60% util report to the CRAs I would pay off enough before statement cut to keep it at no more than 30% overall.

[mrBlixx]

The chances of you getting approved are pretty slim in my humble opinion. Wells isn't known as a bk friendly lender, and your bk is still pretty recent.

 

Who are the other two cards with? I'd take a stab in the dark and guess one might be a CapOne? Might see what sort of magic you can work with them by contacting the executive office before you do anything else. A higher credit limit will help, especially if the two you have are <$1k.

 

Take a look at some of the bk friendly credit unions, or perhaps take a look at GEMB or Barclays... Both are a lil more bk friendly than Wells.

[SunnySideUp32]

I have nothing but nice things to say about Wells Fargo from my personal experience. They were the only bank, not even Capital One, who gave me a credit card when my credit scores were at their absolute worst. Plus, they pulled EX at the time which was far worse than the other 2 bureaus in terms of the number of baddies. I've banked with them for years prior to receiving their secured credit card. My card graduated, I got a credit line increase and applied and approved for a personal loan and line of credit. I haven't used the LOC yet, but it is nice to know its available.

 

Since you received a pre-approved offer from them for an unsecured card, in my opinion, you should apply for it. It won't be the end of the world if they turn you down and you can't get it without applying.

[NewbietoFinance]

Check the BK forum, plenty of info in there on BK friendly creditors.

[Ukley72]

Folks, thanks much for all your advice.

[cv91915]

I got my WF credit card two years ago and it's stuck at $1,000. Granted, I haven't used it much, but I have built up +/- $300,000 in revolving credit this year. You would think they'd see that when they soft me and at least TRY to get some of my spending.

 

I can't do much with a $1,000 limit. The two tires I just put on my car would have put me at almost 70% utilization with just one purchase.

 

I'm currently putting on just enough spending to cash out the first (and ONLY) $25 cash-back award, and then it'll sit and basically rot.

 

FYI: I've banked with WF since the late 1990s.