topic Re: Wells Fargo invitation in Credit Card Applications

Wells Fargo invitation

Ecast6680 — Sun, 29 Mar 2020 05:04:51 GMT

I recently received a mailer and an email inviting me to apply for the Wells Fargo platinum card. I've had a checking account with them for three years now. The invite offers 18 mos 0% intro apr on balance transfers and purchases. Should I apply for this card? It has a reservation number in the email and mailer. My Experian Fico 8 is at 619 right now, I just checked it. Thanks for your time and consideration.

Re: Wells Fargo invitation

Anonymous — Fri, 27 Mar 2020 19:55:36 GMT

I think WF considers both score and checking account usage.
I received mailer 5 days ago and applied with EX score 678, uti 23%, AAoA 1,3 years.

Re: Wells Fargo invitation

nuohlac — Sat, 28 Mar 2020 22:29:34 GMT

Unless you scores have drastically taken a turn south since they sent out the prescreened offer you have a good chance of an approval. WF is very conservative so you may not get the highest limit.

Re: Wells Fargo invitation

Meanmchine — Sun, 29 Mar 2020 04:16:57 GMT

Its a marketing letter.

Re: Wells Fargo invitation

Ecast6680 — Sun, 29 Mar 2020 05:03:18 GMT

So, I shouldn't give it any weight?

Re: Wells Fargo invitation

AllZero — Sun, 29 Mar 2020 05:40:42 GMT

@Ecast6680 wrote:
So, I shouldn't give it any weight?

With your current score, the odds are not in your favor.

You might want to address any derogatory you have; delinquency, charge off, collection, etc. If they are updating monthly, it'll keep your scores suppressed.

Re: Wells Fargo invitation

AverageJoesCredit — Sun, 29 Mar 2020 13:39:08 GMT

I have 2 cards with them somehow lol. Getting one is like finding gold. They want to see you with multiple cards with balances amongst other weird factors but for those with banking relationships it may help. Your score is what would hold me back from applying though they can also pull eq. My last app for this card, they double pulled me and i got zilch. 760 Ex, 745 Eq lol

Re: Wells Fargo invitation

Anonymous — Sun, 29 Mar 2020 14:58:19 GMT

Unfortunately, I agree with above posts.

1. It's a marketing offer.

2. With your current score, the odds are not in your favor.

Like AllZero said, address anything on your report that may be holding your scores back.

Re: Wells Fargo invitation

Ecast6680 — Sun, 29 Mar 2020 22:13:52 GMT

Thanks everyone. I'm gonna wait. I recently had two collections drop off for some unknown reason. I have one collection left. I'll be dealing with that as soon as the crisis passes.