Wells Fargo Preapproval Credit Card: What You Need to Know

Getting a Wells Fargo credit card preapproval is an early sign that you’re on the right track toward securing a new credit line. 

This preliminary nod from the bank indicates that you fit the profile for potential cardholders based on the personal and financial details they’ve gathered. 

Preapproval for a Wells Fargo credit card spares your credit score from the potential harm of a hard inquiry. 

But how do you get Wells Fargo to send that coveted preapproval your way?

In this guide, we’ll walk you through what you need to know about getting preapproved for a Wells Fargo credit card. 

Plus, we’ll share some tips on how to boost your chances, so you can confidently move one step closer to enjoying all the perks of a new credit card without the stress.

How to Get A Wells Fargo Credit Card Preapproval

Wells Fargo’s online website features a tool that lets you determine whether you’re a potential candidate for a credit card based on credit bureau data. 

This is different from a typical preapproval, which may require you to share your income and monthly spending details to rapidly assess your credit card eligibility.

For Existing Wells Fargo Customers

For those already banking with Wells Fargo, the odds of getting a Wells Fargo business credit card preapproval might be higher. Here’s how you can check your status and see if you’re pre-approved:

1. Open the Wells Fargo website.
2. Tick Yes under the question “Are you a Wells Fargo Online customer?”
3. Enter your username and password.
4. Click on Continue.

Wells Fargo may also reach out to potential cardholders through mail or email to send a preselection offer using data from credit bureaus like Experian, TransUnion, and Equifax. These credit bureaus gather information on consumers fitting the banks’ cardholder criteria. 

If you received a Wells Fargo preapproval credit card offer via mail or email, you can learn more about it by following the instructions they provided.

For Non-Wells Fargo Customers

You don’t need to be a current Wells Fargo customer to get a Wells Fargo secured credit card preapproval. Here’s how you can check if you’re eligible for one of their credit card using the online website:

1. Open the Wells Fargo website.
2. Tick No under the question “Are you a Wells Fargo Online customer?”
3. Enter your name, address, and the last four digits of your SSN.
4. Check the box to authorize Wells Fargo to do a “soft pull” on your credit report.
5. Click on Continue.

Just because you’re prequalified for a Wells Fargo credit card doesn’t mean you’re guaranteed to get it. To officially apply for a credit card, complete the application with all the required information. Wells Fargo usually responds right away with its decision unless it needs to double-check some of your details.

Note: Read and understand all the terms and conditions before applying for or using any card you’re approved for.

Wells Fargo Preapproval Credit Card Requirements

If you’re interested in a specific Wells Fargo credit card, it’s good to check if you’re prequalified before officially applying.

Being prequalified doesn’t ensure final approval, but it does narrow down your card options so you can apply more confidently. 

Here are the main requirements to be eligible for a Wells Fargo credit card:

• A FICO® Score of 670 or more: While there isn’t a set minimum credit score required, having good to excellent credit usually increases your chances of approval.
• A Social Security number: You can apply with an Individual Taxpayer Identification Number (ITIN) if you don’t have one.
• A physical U.S. address: P.O. Boxes are not accepted due to federal regulations.

Note: Having a Wells Fargo bank account is beneficial but optional to obtain a Wells Fargo preapproval for a credit card.

How to Increase Your Chances of Getting Preapproved

The average rejection rate for a credit card application climbed to 19.6% in 2023. 

I know, that sounds like a lot, but you don’t have to stress about it too much.

There’s a lot of ways to increase your chances of getting preapproved and avoid rejection–including the following:

1. Improve your credit score.

The best thing to focus on if you want to get preapproved is to improve your credit score. 

Data shows that 37% of people pay for purchases using a credit card, whether physical or virtual. When you use your credit card, just make sure to:

• Keep your card balances low.
• Increasing your payment history.
• Pay your bills on time.

Doing these can improve your credit and make it more appealing to lenders. 

Additionally, a higher credit score may also help you prequalify for credit cards with better rewards and benefits.

2. Increase your income.

When applying for a credit card, lenders evaluate you by asking the question “Can this person handle paying back what they borrow?” And one big factor they look at is your income.

The higher your income is, the better your chances are of getting preapproved. It shows them that you’ve got a steady, reliable flow of cash to cover any debt.

Therefore, make sure your income is accurately reflected on your application to increase your chances of getting preapproved.

3. Pay off your debts.

Reducing your debt is a great way to lower your credit utilization rate. It shows lenders that you’re staying within your financial capabilities. 

In light of Newsweek’s report that Americans racked up $19 billion in credit card debt in just one month, equating to roughly $56 per individual across a population of 340 million, it’s clear that managing debt is more crucial than ever.

To reduce your debt efficiently, prioritize paying off balances with the highest interest rates while ensuring you meet the minimum payments on other debts. 

This improves your creditworthiness and helps you steer away from the national trend of increasing credit card debt.

Summary

Whether you’re an existing customer or not, getting a Wells Fargo credit card preapproval is straightforward.

Follow the outlined steps, and Wells Fargo will reflect your credit card preapproval eligibility on their website.

Qualifying for a credit card requires a strong credit score, a steady income, a Social Security number, and a physical U.S. address.

Boost your chances for preapproval by improving your credit score, increasing your income, and paying your debts.