topic Re: Wells Fargo is nuts in Credit Card Applications

Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 05:46:22 GMT

Well, last month, Wells Fargo sent me this:

IMG_40882.jpg

And I checked the mail today and got this:

IMG_40872.jpg

It says "Pre-Selected" instead of "Invited to Apply". Is there any weight to this offer at all since they gave it a set APR?

Re: Wells Fargo is nuts

cashorcharge — Tue, 15 Dec 2020 05:54:28 GMT

I can't provide details on whether the 2nd offer with a fixed APR is a sure thing but I can add two things...

First...I have found a lot more "offers" these days are saying Pre-Selected versus Pre-Approved. Could be coincidence. I've helped out 4 different friends with pre-selected offers from 3 different banks and each one led to an approval.

Second...I have this card and my APR is A LOT lower. I've had it a long time so there's likely an opportunity that it could go lower

Good Luck if you move forward..

Re: Wells Fargo is nuts

Harvey26 — Tue, 15 Dec 2020 05:52:21 GMT

@macinjosh Preselected means they have probably done an SP on your reports and given you a firm APR. I wouldn't app for that unless you ABSOLUTELY need it.

Re: Wells Fargo is nuts

Anonymous — Tue, 15 Dec 2020 05:59:17 GMT

They look like two different card offers, if that is the case I would apply for the one that best suits your needs. One is a 0% APR on balance transfers only with a possible lower overall interest rate, and the other is for 0% APR on purchases and balance transfers with a set interest rate. The one that offers both may be more pleasing, because we don't want to pay any interest anyway. So, the higher APR shouldn't matter if you don't plan on carrying a balance.

Re: Wells Fargo is nuts

Loquat — Tue, 15 Dec 2020 05:56:32 GMT

Treat invitations of such as marketing. Even with a set APR it doesn't mean it'll be an all out approval. There are times when a set APR means that there's a good chance of an approval but nonetheless Wells Fargo is still going to pull a bureau report and make a decision.

Keep in mind that when such marketing/offers are extended it is usually from a previous snapshot of your credit and who know when it was conducted. If anything in your report has changed that doesn't align with what they are looking for then such offer/invitation will be rescinded regardless of the pre-screened offer.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 05:58:36 GMT

@Anonymous wrote:
They look like two different card offers, if that is the case I would apply for the one that best suits your needs. One is a 0% APR on balance transfers only, and the other is for 0% APR on purchases.

The first one with the APR range expired on December 7th. With 120 days to complete the BT, it would be perfect for me come April when I need to BT my BECU balance off that card before it's 0% promo ends, but I'm still conflicted.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 06:00:46 GMT

@Loquat wrote:
Treat invitations of such as marketing. Even with a set APR it doesn't mean it'll be an all out approval. There are times when a set APR means that there's a good chance of an approval but nonetheless Wells Fargo is still going to pull a bureau report and make a decision.

Keep in mind that when such marketing/offers are extended it is usually from a previous snapshot of your credit and who know when it was conducted. If anything in your report has changed that doesn't align with what they are looking for then such offer/invitation will be rescinded regardless of the pre-screened offer.

@Loquat, I figure that, but my report, which I'm sure they SP EX, which is so full of more than enough INQ's; it's shocking to me they are even sending invitations to apply. 🤣

Re: Wells Fargo is nuts

Anonymous — Tue, 15 Dec 2020 06:01:12 GMT

Sorry for the previous edits, as I didn't get all of the information on the photos, but after seeing them, it seems like the last photo is the best offer and is still valid, so therefore it should be able to lend you that hand in April

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 06:01:30 GMT

@Harvey26 wrote:
@macinjosh Preselected means they have probably done an SP on your reports and given you a firm APR. I wouldn't app for that unless you ABSOLUTELY need it.

Only thing I really need it for is the BT offer. 18 months sure is a good BT offer come April.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 06:03:00 GMT

I should add that I did apply for the offer from November with the APR range, and got rejected. Never got the letter. 🤦🏻‍♂️

Re: Wells Fargo is nuts

Loquat — Tue, 15 Dec 2020 06:06:01 GMT

@macinjosh I can't remember if you're in with PenFed but if so, they have a standing 0%/3%/12 offer on most of their cards. It's not 18 months but maybe an alternative.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 06:09:37 GMT

@Loquat wrote:
@macinjoshI can't remember if you're in with PenFed but if so, they have a standing 0%/3%/12 offer on most of their cards. It's not 18 months but maybe an alternative.

@Loquat, yes, I'm in with PenFed. Just got approved for a Gold recently and have had the PCR since January. (Pre-approval letter for that.) Gold was a cold app on 11/1.

Re: Wells Fargo is nuts

Loquat — Tue, 15 Dec 2020 06:12:55 GMT

@macinjosh wrote:
@Loquat wrote:
@macinjoshI can't remember if you're in with PenFed but if so, they have a standing 0%/3%/12 offer on most of their cards. It's not 18 months but maybe an alternative.
@Loquat, yes, I'm in with PenFed. Just got approved for a Gold recently and have had the PCR since January. (Pre-approval letter for that.) Gold was a cold app on 11/1.

I believe the Gold has 4.99% with no BT fee (if memory serves me right) and the PCR fits the bill for the standing 0/3/12 if ever you needed to take advantage of a BT.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 06:14:26 GMT

@Loquat wrote:
@macinjosh wrote:
@Loquat wrote:
@macinjoshI can't remember if you're in with PenFed but if so, they have a standing 0%/3%/12 offer on most of their cards. It's not 18 months but maybe an alternative.
@Loquat, yes, I'm in with PenFed. Just got approved for a Gold recently and have had the PCR since January. (Pre-approval letter for that.) Gold was a cold app on 11/1.
I believe the Gold has 4.99% with no BT fee (if memory serves me right) and the PCR fits the bill for the standing 0/3/12 if ever you needed to take advantage of a BT.

Thankfully I got 0/3/12 on my Gold. And getting a $15K limit was the best part.

Re: Wells Fargo is nuts

HOODLUMZ007 — Tue, 15 Dec 2020 06:56:40 GMT

Pre-selected means definite approval at the specific APR, they've done everything except given you the card. Pre-approval with ranges are not guaranteed and are generally considered marketing flyers.

Re: Wells Fargo is nuts

coldfusion — Tue, 15 Dec 2020 08:21:41 GMT

@HOODLUMZ007 wrote:
Pre-selected means definite approval at the specific APR, they've done everything except given you the card. Pre-approval with ranges are not guaranteed and are generally considered marketing flyers.

No.

Each of these terms simply means is that some degree of screening was performed based upon criteria established by the lender and provided to the CRA. None of them conveys an actual approval.

Not all lenders use the same criteria for, or even the same odds of approval, tied to each of these terms. Consider a Chase preapproval vs. a BoA preapproval as an example.

In the above examples, the first offer is strictly an offer to apply. In some cases that can be simply be for example that you have a frequent flyer number from a given carrier

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 18:46:16 GMT

Ok, now they are flat out desperate.

Screen Shot 2020-12-15 at 10.43.02 AM.png

The email subject line was even: "Happy Balance Transfer Day!" 😳

Re: Wells Fargo is nuts

newmomnewme — Tue, 15 Dec 2020 19:35:02 GMT

@macinjosh I'm sorry about the denial. I hate Wells. Why send me an offer, a "pre-selected" offer, then deny the app. Nice 😒

I am breaking up with them next week anyway to avoid the monthly fee since I moved my DD to one of my banking promos!

NOTE: They are on my bleep list since my CashWise app was still denied, after 3 recons including the EO. I only applied because of all the invitations....7 year relationship meant nothing.

Re: Wells Fargo is nuts

macinjosh — Tue, 15 Dec 2020 20:00:56 GMT

@newmomnewme wrote:
@macinjosh I'm sorry about the denial. I hate Wells. Why send me an offer, a "pre-selected" offer, then deny the app. Nice 😒

I am breaking up with them next week anyway to avoid the monthly fee since I moved my DD to one of my banking promos!

NOTE: They are on my bleep list since my CashWise app was still denied, after 3 recons including the EO. I only applied because of all the invitations....7 year relationship meant nothing.

I'm sorry Wells Fargo seems to not like you. They haven't liked me in the 3 years I've been there. I haven't tried the pre-selected offer yet. I was even telling my roommate late last week I am ready to close my Wells Fargo checking account. 🤣

Re: Wells Fargo is nuts

Harvey26 — Wed, 16 Dec 2020 00:32:19 GMT

@macinjosh I have been considering closing my account with them as well but they are so convenient that I do not want to get rid of them. I mean almost every state has a wells fargo. The only other bank I was considering was Chase and they haven't hit as many states yet.