Wells Fargo, though offering a smaller lineup of credit cards compared to some competitors, stands out with some of the best options available in the market. If you are eager to apply for a Wells Fargo credit card, it’s crucial to be well-informed about the specific requirements to maximize your chances of approval.
Understanding Wells Fargo Credit Card Requirements
To qualify for any Wells Fargo credit card, certain essential criteria must be met:
- Good Credit Score: Wells Fargo recommends a FICO® Score of 670 or higher when applying for their cards. While there is no strict minimum credit score requirement, the bank generally approves applicants with good or excellent credit.
- Stable Income: A consistent source of income is vital for credit card approval. Though no specific minimum income is mandated, having a steady income source is a prerequisite.
- Social Security Number (SSN): If you lack an SSN, an Individual Taxpayer Identification Number (ITIN) can serve as an alternative.
- Physical U.S. Address: As per federal regulations, Wells Fargo requires a physical mailing address rather than a P.O. Box.
While having a Wells Fargo bank account can be advantageous, it is not a mandatory condition for obtaining a credit card with them.
Wells Fargo Active Cash Card: For the Best Cash Back Rewards
The Wells Fargo Active Cash® Card is a top-tier cash back credit card that typically necessitates a FICO® Score of at least 670. To improve your approval chances, it is advisable to apply with a score of 700 or higher. Keep in mind that Wells Fargo can be selective in approving applicants, and if you’ve opened another Wells Fargo card within the last six months, you may not qualify.
Wells Fargo Autograph Card: Exceptional Rewards for Good Credit Holders
For consumers with good credit, the Wells Fargo Autograph℠ Card offers an attractive option with no annual fee and several bonus categories. To be eligible, a FICO® Score of at least 670 is generally required. Similar to the Active Cash Card, if you’ve recently opened another Wells Fargo card, you may not qualify for this one.
Wells Fargo Reflect Card: Designed for Good to Excellent Credit Applicants
With a long 0% intro APR on purchases and balance transfers, the Wells Fargo Reflect® Card is tailored for applicants with good to excellent credit. Typically, a FICO® Score of at least 670 is required, and a score of 700 or higher can enhance your chances of approval. As with other Wells Fargo cards, having opened one within the last six months may affect your eligibility.
Bilt Mastercard: Flexible Credit Score Requirements
The Bilt Mastercard® usually requires a FICO® Score of 670, although some cardholders have reported approval with scores as low as 650. This co-branded credit card, offered in partnership with Bilt, a rewards program for paying rent, stands out by allowing points to be earned on rent with no extra transaction fees. Interestingly, the Bilt Mastercard® appears to have more lenient rules compared to the rest of Wells Fargo’s lineup, as there are no mentions of disqualifications based on previous card openings.
Choice Privileges Credit Card: Rewarding Hotel Benefits
Wells Fargo provides two co-branded hotel credit cards in collaboration with Choice Hotels®:
- Choice Privileges® Mastercard® Credit Card
- Choice Privileges® Select Mastercard® Credit Card
Both cards typically require a FICO® Score of 670 for eligibility. Like other Wells Fargo cards, you may not qualify if you’ve already opened a Wells Fargo card in the past six months.
Wells Fargo Credit Card Application Rules
Wells Fargo is relatively lenient in its application rules. The primary restriction is that you may not qualify for an additional Wells Fargo credit card if you’ve already opened one within the previous six months. However, this restriction does not apply to the Bilt Mastercard®. Additionally, the previous rule limiting cardholders to one welcome offer from any Wells Fargo card per 15 months is no longer mentioned in their terms and conditions.
Prequalifying for a Wells Fargo Credit Card
Wells Fargo offers a prequalification tool on its website, allowing you to check if you’re pre-selected for any of their credit cards. The process takes less than a minute and has no impact on your credit score. Here’s how to do it:
- Visit the prequalified Wells Fargo credit card offers page.
- Provide your name, address, and the last four digits of your Social Security number. If you have a Wells Fargo online account, you can skip this step and log in directly.
- Click “Continue.”
Once you submit the form, Wells Fargo will inform you if there are any prequalified card offers available for you. Prequalification implies a high chance of approval, though it’s not a guarantee. If there are no prequalified offers, you can still apply for a Wells Fargo card and increase your approval chances by having good credit and selecting a card that suits your preferences.
Improving Your Credit to Meet Wells Fargo’s Requirements
If your credit score falls short of the necessary range for Wells Fargo credit card approval, follow these tips to improve your credit:
- Timely Payments: Ensure that all your credit card or loan accounts are paid on time, as your payment history significantly impacts your credit score.
- Reduce Credit Card Debt: Aim to decrease your credit card balances to improve your credit utilization ratio, which compares your balances to your credit limits.
- Check Your Credit Report: Request your credit reports online at AnnualCreditReport.com to identify and correct any errors that may negatively affect your credit score. You are entitled to one free report from each credit bureau per year.
- Consider Starter Credit Cards: If you have no credit history, explore starter credit cards designed for consumers like you to build credit gradually and increase your credit score.
By following these guidelines and meeting Wells Fargo’s credit card requirements, you can enhance your chances of obtaining one of their sought-after credit cards with attractive rewards and benefits.
