"Asked To Apply At Bank..."

Wachovia Platinum Plus® Review
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Written by: wildrage2 on 2008-04-02

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wildrage2's review: I was depositing a relatively large sum of money into my local wachovia account today, and the teller looked at the computer and asked me if I wanted to open up a wachovia credit card account. Im still in sub-prime land, so declined the offer.

Do you think banks preapprove people, or is this just something that they ask everyone? None of the other tellers asked the other customers around... Similar things have happened to me before. A teller will type a few things into a computer and ask me if I want to open a CD.

6 Comments

Comment 1 by sethatco
Correct on 2008-04-02

The banks will look at credit history, they also look at customers who keep decent balances in their accounts or make large deposits. I do most of my banking with chase and boa. Each time they have known exactly what I had in my saving, money market & CD accounts. If your score is 600 to 650 Id say give it a whirl and apply as long as you dont have any recent late payments or to many recent applications.

Lastly if you have a exisiting relationship with a specific bank you do tend to fair better with getting lending from them directly.
Comment 2 by wildrage2
Hmmm on 2008-04-03

Hmm... I'm at just about 600 but opened like 8 accounts and have 12 inquiries in the past 4-5 months. I think I'm going to continue my moritorium on accounts/inquiries until Christmas time...

I'm hoping my new accounts will increase my credit score. I really screwed up my credit in College... Well I guess it could have been worse. I had 2 credit cards with only $1000 limits and let them both turn into charge offs. I've since paid them off, and am hoping these new accounts start to generate some positive action on my reports lol.
Comment 3 by lyyssa01
Same Boat... on 2008-04-03

Six inquiries since Feb. No more until at least October.
Comment 4 by rockin35
Wait Until Later on 2008-04-03

I agree, try to wait until at least the last quarter of 2008 before you re-apply for any other cards. We don't want your credit score to drop dramatically from all of the hits. Not unless you have several other accounts that you pay on monthly that will offset the credit hits. From my understanding, the Hard Inquiries are no longer 25-30 points each but now equate to 5-7 points. However, let's say you have 3 student loans that you pay each month. Thats 3 bureaus reporting each time you pay, so that's 9 points each month that you are getting by paying on time and without applying for other things. Keep up the good work!!!

Sheila
Comment 5 by stiletto
Wachovia Credit Card on 2008-04-03

I also bank with Wachovia with checking, savings and cd's. Everytime I go in the branch, they ask me if I want to apply for their credit card. I have always decline because Wachovia have very stick lending rules. But lately, I have been receiving invitations in the mail to apply for the card. I always toss those because its only an invitation and not a pre-approval. So I don't know if its something that they see in the computer or if they are trying to sell more products.
Comment 6 by sam0616
I Was Approved on 2008-04-03

I received a pre-approval letter last year for this card.

I had been a Wachovia customer for about 10 years.

I knew I had just an OK FICO (about 670) due to fairly high utilization on quite a few of my cards, but I figured I would take the chance anyway and I applied. I was instantly approved for $2500 at a 15.9% APR. Not the best limit or APR of my cards, but not the worst either. I just liked having it so I could link it to my bank account for overdraft protection. I don't really use it too often for purchases, even though it does offer rewards.

I personally would not apply with less than a 650 FICO.
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