While being preapproved does not guarantee that you will be approved once you actually apply for a credit card, it can give you a good idea of which cards you are best matched to. Here’s how to score one of these offers with Wells Fargo.
Opening new credit cards is one of the best ways to get a good amount of miles, points or cash back. But if your credit is less than perfect, you will want to be careful about what credit cards you apply for. When you apply for a credit card, the issuing bank will do what is called a hard pull on your credit. This can lower your credit score by a few points, even if you’re not ultimately approved. And if banks see a lot of inquiries on your credit report where you were denied credit, this can lower your chances of being approved for future credit cards.
That’s why it is a good idea to know your odds of scoring a card approval before filling out an application. Luckily, large issuers like Wells Fargo offer a few different ways to determine if you are a likely candidate for one of its cards.
For instance, a tool like CardMatch can help you decide what credit cards might make the most sense for you. CardMatch will determine, based on your basic credit information and a soft pull to your credit, which credit cards might be good matches for you.
Wells Fargo also has a preapproval tool that will look specifically for Wells Fargo credit cards that you might be prequalified for. Like CardMatch, these types of tools only do a soft pull on your credit, which does not affect your credit score.
Top Wells Fargo cards for prequalified cards
If you are looking to get preapproved for a Wells Fargo card, here are some of the best Wells Fargo credit cards to look out for:
Everyday cash rewards
|2% cash rewards on purchases
$200 cash rewards if you spend $1,000 on purchases in first 3 months
Up to $600 cellphone protection ($25 deductible) when you pay your bill with your card
|0% intro APR on balance transfer for first 18 months followed by 16.49% to 24.49% variable ongoing APR (transfers must be made in first 120 days)
0% intro APR on new purchases for first 18 months followed by 16.49% to 24.49% variable ongoing APR
3% intro balance transfer fee for the first 120 days from account opening ($5 minimum), then up to 5% ($5 minimum)
Find preselected offers on the Wells Fargo website
Like many other credit card issuers (see American Express or Citi), Wells Fargo has a preapproval tool on its website. The Wells Fargo prequalification tool allows you to see if you’re likely to be approved for a specific Wells Fargo card.
If you’re already a Wells Fargo customer with an online account, you can simply log on with your existing username and password. But even if you are not already a Wells Fargo cardholder, you can just enter your name, address and the last four digits of your Social Security Number.
Wells Fargo will use that information to determine which credit cards, if any, you might be preapproved for. Again, submitting your information through this Wells Fargo preapproval tool or any preapproval tool does what is called a soft pull on your credit, which will not affect your credit score.
Other ways to prequalify
Filling out the online Wells Fargo preapproval form is the easiest way to see if you are prequalified for any Wells Fargo credit cards, but it’s not the only way. Wells Fargo, like many banks and credit card issuers, will sometimes send out electronic or postal credit card offers. Sometimes these offers are personalized directly to you and may include preapproved or prescreened offers.
Another way to prequalify for a Wells Fargo credit card is to stop into a branch if there is one near where you live. Talking with a Wells Fargo banker can give you an idea of which Wells Fargo credit cards you might be preapproved for.
Boost your chances of preapproval
If you have your eyes set on a specific Wells Fargo card, and the Wells Fargo preapproval tool says that you aren’t qualified, don’t fret. You can still take steps to improve your chances of being approved. It’s possible to increase your odds of being preapproved for a credit card and the good news is that it requires the same good habits that you might already have.
Make sure that you pay your bills on time each and every month and keep your credit utilization low. Don’t keep applying for new credit cards, either, since each hard inquiry will lower your credit score by a few points.
See related: How many credit cards is too many?
Prequalifying does not guarantee approval
You may see some banks talk about being “preapproved” while others mention being “prequalified.” Many banks use the terms prequalified and preapproved interchangeably, while others treat them slightly differently. Some banks use a preapproval to mean that they have taken a deeper dive at your credit history than just a prequalification.
In either case, if you are prequalified or preapproved, it does not mean that you will certainly be approved once you actually apply. If your full credit report has additional information that wasn’t included in the information the bank saw when they prequalified you, you may still be denied.
While being preapproved does not guarantee that you will be approved once you actually apply for a credit card, it can give you a good idea of which card or cards you are best suited for. Using a tool like Wells Fargo’s preapproval tool can help you understand your options and maximize your chances of applying for the card that is best for you.
*The information about Wells Fargo Platinum card has been collected independently by CreditCards.com. The Wells Fargo Platinum card is no longer available.