Wells Fargo invited to apply.

[Anonymous]

Hey everyone, 

Received a Wells Fargo "invited to apply " application with a reservation number. 

0 Apr for 18 months. Balance transfer visa platinum. 

Not gonna do it. I am solid where I stand and want to just let my numbers stand for awhile.  I am at 742 736 750 and FICO 8 is hovering at 710....just bought a house, lots of hard hits, just want a year or 18 months to breath and leave everything calm down. 

however what's with the invited to apply stuff? 

Why not just, you're pre qualified or you're pre approved? 

Something seems fishy. 

Just don't want others to be sucked in to a marketing scheme. 

[AverageJoesCredit]

Nothing fishy. Creditors on occasion send out marketing mailers based on info they receive from the Bureau's on perspective clients. Just have to read fineprint to see if its actual marketing or a prequalified offer. Congrats on the new home by the way

[FinStar]

Congrats on the new home btw.

Lenders use a variety of marketing methods to gain household penetration and market share. Depending on the market segmentation and/or portfolio, lenders may also use selective criteria to capture a mass of such market, and this is where some qualified individuals can receive pre-qualified or pre-approved offers versus a marketing solicitation.

Typically, an invitation has been pre-screened to a certain level, which can go in either direction for an applicant depending on their overall credit profile plus other factors.

Even so, pre-approved or pre-qualified offers are not 100% guaranteed as one still needs to meet that lender's UW criteria for approval.

[Winesnoblv]

Congrats on the house.

I agree with AJC, be sure to read the fine print.  I received several mailers from Wells Fargo VISA last year the stated "prequalified" with a reservation number.  It turned out I was prequalifed to apply.  Finally I received one for their Propel card with the same "prequalification."  Although I had no relationship with Wells Fargo, I thought it would be a good card to have.  I applied and was approved. 

If you really want the card, apply for it.  But if not, wait.  More invitations will probably be coming.  

[Andypanda]

I agree with above replies. I have recently replied similar mailers from Cap1, hsbc and citi.

[Anonymous]

YOU Guys! Thank you so much for responding.
And thank you so much for the congrats on my new little home. Best thing I ever did. One of the hardest from beginning to end, But best decision I ever made.
OK guys... So the invited to apply means it's a absolutely a pre approval or pre qualify?
Thanks again

[longtimelurker]

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@Anonymous wrote:

OK guys... So the invited to apply means it's a absolutely a pre approval or pre qualify?
Thanks again

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I don't think that is what people were saying (well, depending what you mean by preapproval etc!)

Basically there is a spectrum.    At the lowest level, you see an ad on a billboard.   If you apply, you may or may not get the card.

At the highest level there is a preapproval with a single APR and if you apply you are quite likely to be approved (unless there has been a negative change in your credit record).

Everything in between means passing some level of marketing filters, but at the lowest levels, including "invited to apply"(which of course you can do without an invitation) might mean little more than you are in the right demographic and so the chance of acceptance is not usefully more than a cold app.

[CreditInspired]

Hi OP and congrats on the house purchase. 

Be prepared to be bombarded with all kinds of offers: you’re invited to apply, you’re prequalified, you’re pre-approved. Buying a house seems to bring all different kinds of marketing offers out of the woodwork. 

My mailbox was crammed full until I opted out of CC offers. And since your goal is to not apply for anything in the next 12-18 months, I suggest that you opt out too. You can alwaya opt back in at anytime.

Now I love opening my mailbox free of the junk. 😂

[AverageJoesCredit]

Ok, any chance you can tell us what language is used in the letter? Anything about opting out of receiving mailers?. Im also a little confused by your scores. You list 3 but then say fico 8 hovering at 710? There should only be 3 Fico 8 scores, TU, EX, and EQ. What are your actual scores, aaoa, inquiries, etc. ? Maybe these csn help in seeing if you have good chances of approval. Thanks

[CreditInspired]

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@Anonymous wrote:
YOU Guys! Thank you so much for responding.
And thank you so much for the congrats on my new little home. Best thing I ever did. One of the hardest from beginning to end, But best decision I ever made.
OK guys... So the invited to apply means it's a absolutely a pre approval or pre qualify?
Thanks again

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Nope, invited to apply only means you’re invited to apply. It doesn’t mean you’re either pre-qualified or pre-approved. Maybe you mistyped and left out the word “not” in that last sentence. 😂🤣