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Wells Fargo is nuts

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macinjosh
Senior Contributor

Wells Fargo is nuts

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?


Samsung Financing TD Bank $3,200


Message 1 of 26
25 REPLIES 25
cashorcharge
Community Leader
Super Contributor

Re: Wells Fargo is nuts

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..

 

Screen Shot 2020-12-14 at 9.49.10 PM.png

Message 2 of 26
Harvey26
Valued Contributor

Re: Wells Fargo is nuts

@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. 

Amex ED: 7K, Delta Gold Amex: 7K Macys Amex: 8K , Bloomingdales Amex: 1K , BOA Premium Rewards: 50K , Best Buy Visa: 7K , Banana Republic Mastercard: 5K Target Store Card: 2K VACU Mastercard: 11.5K Discover: 25K, Penfed Platinum Rewards: 12.5K, Apple Card:3K, TD Double Up: 15K
@ 1.74
Message 3 of 26
Anonymous
Not applicable

Re: Wells Fargo is nuts

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.

Message 4 of 26
Loquat
Moderator Emeritus

Re: Wells Fargo is nuts

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.
Message 5 of 26
macinjosh
Senior Contributor

Re: Wells Fargo is nuts


@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.


Samsung Financing TD Bank $3,200


Message 6 of 26
macinjosh
Senior Contributor

Re: Wells Fargo is nuts


@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. 🤣


Samsung Financing TD Bank $3,200


Message 7 of 26
Anonymous
Not applicable

Re: Wells Fargo is nuts

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

Message 8 of 26
macinjosh
Senior Contributor

Re: Wells Fargo is nuts


@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.


Samsung Financing TD Bank $3,200


Message 9 of 26
macinjosh
Senior Contributor

Re: Wells Fargo is nuts

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


Samsung Financing TD Bank $3,200


Message 10 of 26
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