Wells Fargo Active Cash pre-approval in email today...

[biff-henderson]

Question is: how reliable are these? I have not gotten a pop-up when I log into my banking portal, just ads.

I applied for the old WF card last year and got denied. I didn't look up my FICO, probably was in the low 600's. Currently 692. It's this just a mass mailing, or is it a legit offer? 

Exp shows 7% utilization, 6 inquiries (one drops off in Sept, another in Jan), and 1-2yo derogs from my student loans (pre-Covid). My income has doubled since then, to within lying range of $100K. Should I make an appointment to go into an office and apply in a month or two? Been with WF as a checking and savings customer for 15yrs -- when they bought my bank. I'd post the email, but on mobile, there's no option.

TIA

B.

[FinStar]

Hi @biff-henderson and welcome to the forums.

Does the offer or mailer specifically state "pre-qualified", "pre-approved" or "pre-selected"?  Do you recall the reason(s) you were not approved last year?

[biff-henderson]

It says pre-selected.

The last one said "serious delinquencies", "late payments".

Tell if those loans were paid in full since then, and all of them are current. 3 CC have been opened since those delinquencies and the last denial.

B.

[FinStar]

The key thing to remember is that pre-selected is not a 100% sure thing, especially with WF.  Some folks have reported some recent success, others not so much (YEMV).

For the right profile, they can certainly approve it.  So, you'd be basically rolling the dice as these are not 100% guaranteed. If you feel that your profile supports the pre-selected offer, give it a whirl.

[Anonymous]

Welcome @biff-henderson - FinStar is on point with his breakdown. While every profile is unique and everyone's experiences will vary, here's a link to my approval post. My data points are included for comparison.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Wells-Fargo-Active-Cash-approved/td-p/6395472

Best of luck if you decide to go for it!

[Michizane]

My Experian Fico 8 was in the 690's as well when I was approved last month (They used Experian). I had delinquencies over 2 years ago, but paid everything off and was around 3% utilization and about 5 inquiries.  I also just got a mortgage with them 2 months ago (not sure if it had an impact). I only got a $1000 limit, but atleast I got an approval.

Pre-selected is no guarantee tho. 

[biff-henderson]

Thanks for the info. I think I'll make an appointment --- I've been told sometimes it goes better in person as the rep can nudge the process one way or another. Is this true?

Plus I want to ask if it's worth the HP. All things considered, I'd rather wait 6mo and try for a Amex card, as I know I'll be back in the 700's by then.

B.

[coldfusion]

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@biff-henderson wrote:

Thanks for the info. I think I'll make an appointment --- I've been told sometimes it goes better in person as the rep can nudge the process one way or another. Is this true?

Plus I want to ask if it's worth the HP. All things considered, I'd rather wait 6mo and try for a Amex card, as I know I'll be back in the 700's by then.

B.

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You shouldn't expect them to be able to directly impact the outcome but if there is an issue they can often make internal phone calls and help move things along.

Insofar as if it's worth the HP that's really a personal decision you would have to make.   You do point out that you would rather wait 6 months and try for an AMEX card and it seems that you're at the point where in the long run IMO it's best to apply for a card because you want it, not primarily because you think you can get it.

[biff-henderson]

Checking bank accont today, I got an offer page immeidatly after login.  "You're preselected to apply...variable APR 24.99% ".

Does this change anything, or is it still basically the same? If I wait a few months for a couple of inquires to fall off, oddly from WF, will the offer still apply? 

Also, is it likley this is happening because they see the direct deposits on my checking account have clearly increased signifigantly over the last year or so? Do they pay that much attention? Got a signifigant raise at work a year and a half ago, but after taxes $90K doesn't look the same as a deposit. After they denied my app last year, I decided to begin moving to another bank that might offer some benefit beyond a ATM card and fees, fees, fees.  Thoughts?

B.

P.S. how do ppl post images?

[coldfusion]

Doesn't really change anything,  you've been extended a targeted invitation to apply for the card.   Emperically that means in essence that you were pre-screened and meet some basic criteria common to those who are likely to be approved, but it isn't a preapproval.

WF does pay attention to how much activity a client generates so if you have an active checking account that can have a positive influence.