I got the offer and bit the bullet. Prior to this, I had a Wells Fargo credit card (that gave me 0% APR for 12 months for a large furniture purchase), and I was added jointly to my parent's Wells Fargo checking accounts for a short period. I have just paid off said 0% APR card. I was interested in maintaining a relationship with Wells Fargo.
I clicked the link in my email from Wells Fargo, and was asked to login to my account. I then plugged my info in, and it gave me a Credit Limit of $14k. I am assuming this was a Soft Pull. I could then split this limit up between 2 credit cards (Cash Wise Visa / Propel) and personal loans.
With whatever limit you get, you can split it up in $500 increments between as many "credit" accounts as possible. You could get 1 card, 2 cards, or any combination of cards with a personal loan. The only limit was the combined credit total could exceed the credit limit they gave you. The website you did it on was fairly well created, there was a sliding bar where you chose how much credit to put where.
I placed all $14k into a Cash Wise Visa, and then applied through the page. Before applying, WF mentions that they will only pull credit once, even if there are multiple applications to be submitted. However, each account would report as a seperate account, as expected.
The new page asks again for your info, such as social security number, address, etc. Once submitted, I got an email from WF saying thanks for applying, and it gave me a reference number. All I was told through the email is I'll get notified within 10 business days. I was worried at first that I was denied, as normally when applying for other cards (Citi, Amex, Discover) I got an instant approval.
I called WF 2 days later, and asked to hear the status of the application. The person placed me on a brief hold, and came back to tell me I was approved for the $14k credit limit.
When I applied for the WF furniture card last year, I got instant emails from credit bureaus (Capital One CreditWise) that WF pulled my report. This time, I recieved no email, and as far as I can tell, neither Transunion nor Equifax were pulled. They may have pulled Experian, or it was a soft pull.
After reading all the stories of WF denying people for no relationship or giving out conservative credit, I was a bit shocked. This is the second highest credit limit I have, and the highest starting limit I ever recieved. All in all, I'd say it was a better way to apply for credit because they gave you a credit limit to work with prior to officially applying.
