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Wells Fargo Prequallified Mailer

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Dalmus
Valued Contributor

Wells Fargo Prequallified Mailer

 I know somebody asked this a year ago, but I was wondering if anybody else has taken advantage of the Cash Wise mailer and if its legit?  Just got it in the mail last week.

 

 1.5% rewards (meh.  Won't use it for the rewards), 18 months 0% on purchases and BT.  Solid 22% APR.  That would be one of the highest interest rates on my majors, but if you don't carry a balance, you don't pay interest, right?

 

 Thoughts?

 

 

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


Message 1 of 6
5 REPLIES 5
Anonymous
Not applicable

Re: Wells Fargo Prequallified Mailer

If you bank with them and use the checking account (bill pay, check writing, a debit transaction ever so often), the higher your relationship score is that is mixed with your credit file.

If that's the case, I'd take the offer if you want the card.
Message 2 of 6
Curious0ne
New Contributor

Re: Wells Fargo Prequallified Mailer

If you have a relationship with that bank then feel free. I'm personally not a fan of WF. I have a very small relationship with them. My 401k is there, not by choice, and I have a credit card. I closed the checking and savings account.
Message 3 of 6
UncleB
Credit Mentor

Re: Wells Fargo Prequallified Mailer


@Anonymous wrote:
If you bank with them and use the checking account (bill pay, check writing, a debit transaction ever so often), the higher your relationship score is that is mixed with your credit file.

If that's the case, I'd take the offer if you want the card.

+1

 

I started getting offers on my WF dashboard for their cards 'out of the blue' after I was added to a deposit accounts with a significant balance.  It was for the rewards Visa at a high APR so I ignored it.  Then I got an offer for their Propel Amex for a slightly better rate, which I also ignored.

 

Finally I got an offer for the Propel Amex (again) but this time the rate was 15.x%, so I pulled the trigger; I wanted the account to use for overdraft protection and I figured they would give me a small limit anyway, since they are said to usually be conservative.

 

I was rather surprised to be instantly approved for $15k at the promised APR; I have no doubt that my relationship made a big impact on both the approval and the terms/SL (I have a modest income and have added quite a few new accounts the last couple of years).  Other than an occasional charge at Wal-Mart or a fast-food place the card doesn't get much action, although it did come with a 0% intro period; unfortunately (or fortunately?) I'm not in need of one right now.

 

Finally, I'll add that WF's credit card department is OK; they caught a fraud transaction a few weeks ago and sent me a new card overnight for no fee which was a nice surprise.  However their online support is nearly non-existent; you can see account activity but if you send a SM they will reply asking you to call for literally any and every request, and people at the branches are unable to assist with anything other than taking payments, taking new applications, and reading off transactions from their screen (this is by their own admission).  In other words, if you need customer service often you might consider going with another issuer (unless you don't mind using the phone).  Smiley Frustrated

Message 4 of 6
Dalmus
Valued Contributor

Re: Wells Fargo Prequallified Mailer

 Sounds like its not worth coming out of the garden for, then.  I have no other banking relationship with them, and don't intend to in the future.

 

 I have a large purchase or two coming up for the house, and I thought it'd be nice to have the 18 months 0%, but I'll just wait until my periodic 0% BT offer from Cap1 or Barclay, purchase with my NFCU and transfer it over.

 

 Thanks for all the insight!

NFCU MR: $25K | Venture: $21K | Amex ED: $18K | NFCU CR: $18K | Amex BCE: $15K | IT #1: $17.5K | PNC Core: $15K | PPMC:  $12K | Wells Fargo: $11K | Savor: 12K | Cap1 QS: $8.5K | Barclays Rewards: $7.75K | IT #2: $7.3K | MLife: $9.5K | Sportsman's Guide: $8.7K | PenFed PR: $5.5K | Elan Plat: $2.3K | TRV: $3.6K | BotW: $3K


Current FICO 8 Scores: EQ: 828| TU: 805 | EX: 814


Message 5 of 6
rprisco
Regular Contributor

Re: Wells Fargo Prequallified Mailer

Maybe someone knows, I signed in to wf to get some old mortgage tax info, on the lower right side of the screen was info and app button for cash wise, I did app and surprisingly I was approved. Now I sign in again and I get in the same window info and app button for loc. Is this a prequalify, pre approval or just advertising?
Current Scores as of 8/18/17 all FICO 8 EQ: 695 EX: 673 *fico2 699 TU:645 bio has more.
Message 6 of 6
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