Wells Fargo is in the process of revamping its credit card suite, and some of its products are the best rewards credit cards on the market. Take the Wells Fargo Active Cash℠ Card, for instance, which is offering an industry-leading flat rate of 2 percent cash rewards on purchases—with no hoops to jump through.
The Active Cash is just one of many great products offered by Wells Fargo, and the bank is set to debut more competitive cards in the near future. But before you jump at filling out an application, you should carefully consider if you are going to qualify for the card.
Like many rewards cards, the Active Cash is designed for cardholders with a good to excellent credit score (above 670). And if you apply and are denied, you could suffer the credit score ramifications of a hard credit inquiry without the benefit of a new card in your wallet.
Luckily, there are a few ways to determine how likely you are to qualify for the Active Cash and other Wells Fargo credit cards. Read on to learn more about assessing your approval odds before hitting apply.
Which Wells Fargo cards can you get preapproved for?
Wells Fargo’s suite of credit cards is currently undergoing some major changes, so the options you can currently choose from are limited. Still, there are options for more than one type of cardholder.
If you are looking for a card that’ll help you bring in plenty of cash back on all your purchases, you can’t do much better than the Wells Fargo Active Cash card. Not only does it offer 2 percent cash rewards on your purchases, but you can also earn a $200 bonus after you spend $1,000 in the first three months of card ownership. There are no limits to how much you can earn, and no category restrictions to keep track of.
If you are more focused on paying down debt than earning rewards, you can also take a look at the Wells Fargo Platinum card*. This card doesn’t come with any kind of points or cash back, but instead allows users a generous 18 months with a 0 percent intro APR on both purchases and balance transfers (16.49 percent to 24.49 percent variable APR thereafter). That’s one of the longest intro periods you can find around, and it should give cardholders plenty of time to chip away at their balance without racking up interest charges.
How to get preapproved for a Wells Fargo credit card
Right now, the only place you can check for prequalified Wells Fargo card offers is on the issuer’s website. With just some basic information, Wells can use a soft inquiry (the kind that doesn’t hurt your credit score) to see if you meet the qualifications for their cards. That way, you can get an idea of if you’ll be approved without worrying about an impact to your score.
Wells Fargo also displays its cards in CardMatch, Bankrate’s tool for finding card offers matched to your credit profile. While the Wells Fargo offers you’ll see in CardMatch aren’t technically prequalified offers, the tool does use a soft pull to your credit to assess which products are best suited for your needs, so it can still give you an idea on if you meet the card’s target audience.
Additional ways to prequalify for Wells Fargo credit cards
In some cases, you might also receive a preapproved credit card offer from Wells Fargo in the mail. This means they did a soft pull on your credit report and that you meet their basic minimum requirements to be approved.
How to increase your chances of getting preapproved
If you want to boost your chances of getting preapproved, you’ll need to take some simple steps to improve your credit score. For example, you should make sure to pay your credit card bill and other bills early or on time each month. Considering your payment history is the most important determinant of your FICO score, this is easily the most important thing you should do when it comes to your credit.
Since the amount you owe in relation to your credit limits is the second most important factor that makes up your FICO score, you should also strive to pay down debt. Doing so can decrease your credit utilization rate, which shows lenders you’re not at risk of overextending yourself.
Other steps you can take to improve your credit include refraining from opening too many credit card accounts and keeping old credit cards open—even if you’re not using them.
The bottom line
Getting preapproved for a credit card can be smart since you get the chance to gauge your eligibility before you put in the effort to apply. Not only that, but some preapproved offers are a better deal than what the general public sees. Either way, a Wells Fargo preapproval only requires a soft pull that won’t hurt your credit score. That’s good news if you’re considering a new credit card and are ready to explore your options but not quite ready to apply.
*The information about Wells Fargo Platinum card has been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. The Wells Fargo Platinum card is no longer available.