topic Wells Fargo Still Doing Pre-Quals in Credit Cards

Wells Fargo Still Doing Pre-Quals

UncleB — Fri, 23 Sep 2016 11:09:07 GMT

A while back there was a thread on Wells Fargo doing pop-ups if you were pre-qualified for a credit card... I've not got a pop-up in a while, but I got one today. (Even without the pop-up the same deal is available by choosing the link on your accounts page if you have an offer.)

At first (months ago) I was offered their Visa with a rate of 22.99% (or something like that) with a 0% promo, then a few months ago I checked and it had changed to their Propel Amex, with the same rate and promo.

Today I actually got the pop-up again, and they've changed my rate... it's now offering me 18.24%, with the same 15 month promo. Still not fantastic, but at least it's moving in the right direction.

I'm strangely attracted to this card, but I think it's because when I first started thinking about rebuilding (and was still well over a year from being active on this site) I tried to get a Visa with them, and I was summarily denied. Now that they are courting me it's a nice feeling... I won't lie. However the card would serve little use, and I don't need another 0% promo right now (I already have two).

Perhaps in a year or two when things calm down a bit I'll give them a go (or perhaps not). I guess it would be nice to have overdraft protection on my secondary checking account (so far they still allow that) and it would be an OK card for the 0% promo if I had no other active options.

Here's a screen-grab of my pop-up... I'm sharing so interested people will know they are still doing this:

Re: Wells Fargo Still Doing Pre-Quals

kdm31091 — Fri, 23 Sep 2016 12:45:37 GMT

To me the card is really nothing special, especially compared to the other accounts you already have, but I suppose it could serve a certain purpose (overdraft protection) although that's probably not a purpose that comes up very often so may not be worth opening an account.

It's always nice to get a prequal, though!

Re: Wells Fargo Still Doing Pre-Quals

UncleB — Fri, 23 Sep 2016 12:58:16 GMT

@kdm31091 wrote:
To me the card is really nothing special, especially compared to the other accounts you already have, but I suppose it could serve a certain purpose (overdraft protection) although that's probably not a purpose that comes up very often so may not be worth opening an account.

It's always nice to get a prequal, though!

I couldn't agree more!

My primary purpose in sharing is to let others know they are still doing it... I don't think it's right for me, though... at least not now.

If I ever started using my checking account with them for more than a couple of transactions a month OD protection might (?) be a consideration, but then again I've had that checking account for 10+ years now and I've been fine all this time without it... LOL.

In any case, I guess it is good that Wells is at least making an effort... now if they would only get some more competitive offerings!

(I know credit cards aren't their 'thing', though...)

Re: Wells Fargo Still Doing Pre-Quals

northface28 — Fri, 23 Sep 2016 13:53:35 GMT

I have a fundamental issue with this trash bag company and have terminated all accounts with them. (2 credit cards and a car loan)

Re: Wells Fargo Still Doing Pre-Quals

Sharingan — Fri, 23 Sep 2016 14:24:35 GMT

I, too, have a very strong disliking for Wells Fargo. I think up to the day I closed all my accounts with them I had a preapproval for some stripped down Platinum Visa that would appear every time I would login. I guess that's all they felt a college student should have been interested in at the time. Aside from the cell phone insurance offered on their cards, I can't think of one other exceptional benefit they have.

If they had spent nearly as much time improving the reward structures and perks of their entire lineup of credit cards as they did designing the front graphics of the Propel cards, they may have been able to bring something truly remarkable to the market by now.

Re: Wells Fargo Still Doing Pre-Quals

Involver — Fri, 23 Sep 2016 14:46:26 GMT

At least these are voluntary prequals.

What a horrible, horrible company. Please do not patronize them with your business.

Re: Wells Fargo Still Doing Pre-Quals

UncleB — Fri, 23 Sep 2016 14:59:00 GMT

@Involver wrote:
At least these are voluntary prequals.

What a horrible, horrible company. Please do not patronize them with your business.

It's OK... I know they aren't for everybody (I personally feel the same disdain for BBVA/Compass), but for the people who might otherwise be interested I'm able to confirm the pre-qual offers are still around.

I do agree that they are what I would consider a 'niche' credit card company right now, with their credit card products only really being suitable for a very particular segment. For me the main draw (really, the only draw) is that I have a checking account with them and I could use it as OD protection, but that's not something I lose sleep over in any case.

As I also mentioned, it might be a good option for a 15 month 0% balance transfer if somebody found themselves without the usual options that we tend to recommend on here (not everbody can get with the 'usual suspects').

Re: Wells Fargo Still Doing Pre-Quals

creditguy — Fri, 23 Sep 2016 15:05:00 GMT

You probably already have a card and they just haven't told you yet. Gotta love those friendly Wells Fargo bankers saving customers time by opening accounts for you while saving you the time it takes to apply.

Re: Wells Fargo Still Doing Pre-Quals

Anonymous — Fri, 23 Sep 2016 15:37:09 GMT

Indeed they are a horrible company, well that's true for all banks though. I'm stuck with Wells Fargo because I have set up direct payment with my employer and closing my oldest credit card would negatively affect my score. If I could close my credit card account I would close my checking and savings account. The only reason why I opened a checking account with them was because at the time, during college, I was receiving transfers and checks from a financial sponsor. In a few years when I have a good established credit with other banks I will do away with Wells Fargo.

It's stupid they still haven't offered me anything, my secured credit card is still a secured credit card after almost two years.... they never offered to increase my credit limit. Not to mention they could have taken my information to open fake accounts. I hope there's a class action lawsuit against Wells Fargo. The least they could do is apologize to their customers, but no one has reached out to me...

Re: Wells Fargo Still Doing Pre-Quals

UncleB — Fri, 23 Sep 2016 16:02:09 GMT

I understand many folks have 'history' with Wells Fargo (as I previously stated, there are a couple of other banks I feel similarly about) but this thread is regarding their pre-qual offers they have for existing customers.

If you want to tell us about your past experience with Wells there are plenty of people who would like to hear it (and will likely agree!) but this isn't the thread for it. You'll get more appropriate responses if you start your own thread, or add your info to another thread that was started to discuss problems at Wells Fargo... that's not the purpose of this one.

Thanks for understanding!

Re: Wells Fargo Still Doing Pre-Quals

Anonymous — Fri, 23 Sep 2016 17:13:36 GMT

For those that don't know, the roof came crumbling down on WF over the past few weeks with the leaks of their shady business practices in the retail sector. Fake checking accounts, savings accounts, credit cards and lines of credits were opened by employees to boost their sales numbers and meet their quotas.

I would never ever do business with this Bank.

Re: Wells Fargo Still Doing Pre-Quals

pipeguy — Fri, 23 Sep 2016 17:22:18 GMT

As I posted previously, WF services my mortgage (no issues at all) and recently offered a preapproval for their Cash Wise Visa. We accepted, 15 months 0% and then 16.24%. 15 months at 0% is a winner in my eyes, after that....might close it but I'll rarely turn down interest free offers, especially since I have a relationship (Mortgage) with this lender.

On the other hand, if Comenity offered me 0% for 36 months I'd trash the offer....

Re: Wells Fargo Still Doing Pre-Quals

UncleB — Fri, 23 Sep 2016 17:47:49 GMT

@pipeguy wrote:
As I posted previously, WF services my mortgage (no issues at all) and recently offered a preapproval for their Cash Wise Visa. We accepted, 15 months 0% and then 16.24%. 15 months at 0% is a winner in my eyes, after that....might close it but I'll rarely turn down interest free offers, especially since I have a relationship (Mortgage) with this lender.

On the other hand, if Comenity offered me 0% for 36 months I'd trash the offer....

I also once had a mortgage serviced by them, and they were flawless for me as well.

When the time comes (i.e. my current 0% offers run out) and if I'm in need of another 0% deal and they offer me 16.24% on a pre-qual, I would take that as well.

That's actually the same rate I have on my BBR and Chase IHG; it's not the best I've got, but like you say for 15 months it wouldn't matter anyway, and after that I could decide what to do with it.

Re: Wells Fargo Still Doing Pre-Quals

Ghoshida — Fri, 23 Sep 2016 18:35:37 GMT

UncleB, with all due respect, this is not thread derailing.

On the Credit in the News subforum, I suggested (and I intend to follow it myself) that we publicly blacklist Wells Fargo as a bank. Since we don't really have any "official" power, the most that we can do is through social channels, like this.

As a community, it is our duty to inform any and every member about the absolutely horrible institution that Wells Fargo is.

It must be remembered that by opening a single account with Wells Fargo, you are giving them enough information to open many, many accounts without your permission. Since it is being done by the bankers themselves, they may not send paper statements to you, charge you many times over for fees you never had signed up for, and can do many other horrible things which you typically think only petty thieves do.

And as a reward for such behaviour, bankers will be awarded million dollar bonuses.

So please refrain from suggesting innocent citizens to put themselves in harm's way.

Re: Wells Fargo Still Doing Pre-Quals

Discover2016 — Fri, 23 Sep 2016 18:44:10 GMT

When I started establishing my credit 2 years ago, I looked at the Wells credit cards and I was very tempted by their propel card. The only thing that stopped me at the time was that you needed a bank account with them to apply which I found annoying.

Re: Wells Fargo Still Doing Pre-Quals

Pway — Fri, 23 Sep 2016 18:46:18 GMT

Let us remain on topic here. Op is referring to the credit card offer he has with Wells Fargo.

Re: Wells Fargo Still Doing Pre-Quals

pipeguy — Fri, 23 Sep 2016 23:06:27 GMT

@Ghoshida wrote:
UncleB, with all due respect, this is not thread derailing.

On the Credit in the News subforum, I suggested (and I intend to follow it myself) that we publicly blacklist Wells Fargo as a bank. Since we don't really have any "official" power, the most that we can do is through social channels, like this.

As a community, it is our duty to inform any and every member about the absolutely horrible institution that Wells Fargo is.

It must be remembered that by opening a single account with Wells Fargo, you are giving them enough information to open many, many accounts without your permission. Since it is being done by the bankers themselves, they may not send paper statements to you, charge you many times over for fees you never had signed up for, and can do many other horrible things which you typically think only petty thieves do.

And as a reward for such behaviour, bankers will be awarded million dollar bonuses.

So please refrain from suggesting innocent citizens to put themselves in harm's way.

*********

Bank ratings: http://www.msn.com/en-us/money/companies/the-worst-banks-in-america-wells-fargo-isnt-even-no-1/ar-BBwwYfH?li=BBnb7Kz&ocid=U142DHP

Bank of America has been fined $16.65 billion: http://time.com/3153262/bank-of-america-record-16-billion-fine-mortgages-subprime-loans/

http://www.fool.com/investing/general/2014/10/01/the-complete-list-bank-of-americas-legal-fines-and.aspx

Chase has been fined $2.0 billion: http://www.bankinfosecurity.com/chase-a-6356

why don't we just "boycott" all big bank lenders?

(sorry for the thread hijack, but please lets leave the politics out of it)

Re: Wells Fargo Still Doing Pre-Quals

Anonymous — Fri, 23 Sep 2016 20:43:26 GMT

Also if you had a checking account with them in the last year and its closed, you will still get mail offers for cards, or can call in and ask if there are any available. No checking account open required. The one card that is nice is the one with free phone insurance/replacement

Re: Wells Fargo Still Doing Pre-Quals

MsKiwi — Mon, 26 Sep 2016 00:52:37 GMT

I've received those too but brushed them off. Didn't think I would get it.

Re: Wells Fargo Still Doing Pre-Quals

Anonymous — Mon, 26 Sep 2016 00:59:08 GMT

@creditguy wrote:
You probably already have a card and they just haven't told you yet. Gotta love those friendly Wells Fargo bankers saving customers time by opening accounts for you while saving you the time it takes to apply.

I was going to say the EXACT same thing, but Creditguy beat me to it.