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. Here’s what you need to know to get Wells Fargo’s preapproval for a credit card.
How to Get A Wells Fargo Credit Card Preapproval
Wells Fargo’s online website features a tool designed to determine if you’re a potential candidate for a credit card based on credit bureau data. This process is distinct 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. You can check your status by following these instructions:
- Open the Wells Fargo website.
- Tick Yes under the question “Are you a Wells Fargo Online customer?”
- Enter your username and password.
- Click on Continue.
Wells Fargo may also initiate contact with 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:
- Open the Wells Fargo website.
- Tick No under the question “Are you a Wells Fargo Online customer?”
- Enter your name, address, and the last four digits of your SSN.
- Check the box to authorize Wells Fargo to do a “soft pull” on your credit report.
- 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: Ensure you thoroughly 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, discovering whether you’re prequalified before officially applying is a smart move. Being prequalified doesn’t ensure final approval, but it does aid in refining your card options, allowing you to apply more confidently. Here are the main requirements to be eligible for a Wells Fargo credit card:
- A FICO® Score of 670 or higher: While there is no specific minimum credit score requirement, good to excellent credit usually increases your chances of approval.
- A consistent source of income: Wells Fargo doesn’t specify a minimum income, but you do need to show you’re earning somehow.
- 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. If you’re interested in getting a Wells Fargo preapproval for a credit card, there are a few steps you can take to demonstrate that you are a responsible borrower and increase your likelihood of being approved.
1. Improve your credit score.
To increase your chances of getting preapproved, the best thing to focus on is to improve your credit score. Data shows that 37% of people pay for purchases using a credit card, whether physical or virtual. Keeping your card balances low, increasing your payment history, and paying your bills on time can improve your credit score and appeal to lenders. A higher credit score may also help you prequalify for credit cards with more lucrative rewards and better benefits.
2. Increase your income.
When applying for a credit card, lenders evaluate your ability to repay debt based on your earnings. A higher income can significantly improve your chances of being preapproved since it indicates that you have a steady and reliable source of income to repay the debt. Therefore, ensure that your income is accurately reflected on your application to increase your chances of getting preapproved.
3. Pay off your debts.
A low credit utilization rate may also increase your chances of getting preapproved. Reducing your debt is a great way to achieve this, showing 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 strategy not only improves your creditworthiness but also 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.
