Hi, all! I just applied for my first ever card at 25, with no credit history of any kind (yes, I know I'm starting late, please join the yelling line behind my family lol).
I chose the Wells Fargo Autograph, because it was from my bank, had no annual fee, and gave points for public transit and gas. I was expecting my application to take a while, but I was…. instantly approved with a $6500 limit?! Is this typical??
I don't make very much a month, but I plan to build credit by buying some small necessities with my card and then paying the balance right away every month. Is that the correct approach? Sorry if all of this has been asked before, I just have no idea what I'm doing here 🙂
Instantly Approved with High Limit?
byu/GuerillaCupid inCreditCards
Posted by GuerillaCupid
3 Comments
!basics
Probably because you had an existing banking relationship with WF. I also applied for a WF card back when I was 18 and they approved me for a $2000 initial CL.
Instant approval is normal if your credit profile is clean. Wells Fargo is a bit of relationship bank; if they see good cash flow into your Wells checking, savings, investment, etc. accounts then they figure you can handle a good limit.
Use the credit card like a debit card (only spending money you have available to spend that month) and pay it like a utility bill (the statement balance in full when the bill comes around, by the due date). Turn on purchase notifs for anything 1 cent and up and also get reminders for when your statement balance is generated and when it’s due. Set up autopay for the statement balance; even if you choose to pay early, the autopay will just skip that month, so it’s a good fallback if you ever forget.