Wells Fargo Credit Card Pre-Approval Requirements

If you’re considering applying for a Wells Fargo credit card, understanding the pre-approval process is crucial.

Being pre-approved for a credit card can give you a head start in the application process, saving time and helping you understand your financial standing.

Credit Score

The first and most important requirement for pre-approval is your credit score. Wells Fargo typically looks for a good to excellent credit score for most of their credit cards.

While the specific score may vary depending on the card you’re applying for, a score of 650 or higher is generally recommended to increase your chances of being pre-approved.

If your credit score is below this range, you might still qualify for certain credit cards, but it may require additional steps or a more thorough review.

Income Level

Your income plays a significant role in the pre-approval process. Wells Fargo wants to ensure that you have a reliable source of income to manage monthly payments.

While they do not have a strict income threshold, the more stable and higher your income, the more likely you are to be pre-approved.

This could include:

• Salary from your job
• Self-employed income
• Additional sources of income, like rental properties or investments

Existing Relationship with Wells Fargo

If you already have a bank account or another financial product with Wells Fargo, this can boost your chances of pre-approval.

Having an established relationship with the bank shows that you have a history of managing your finances with them, making it easier for them to assess your creditworthiness.

Debt-to-Income Ratio

Wells Fargo also evaluates your debt-to-income (DTI) ratio, which compares your monthly debt payments to your monthly income.

A lower DTI ratio signals that you are not overburdened with debt, making you a more favorable candidate for pre-approval. The ideal DTI ratio is below 36%, but some lenders may approve you with a higher ratio depending on other factors.

No Recent Bankruptcies or Delinquencies

To be pre-approved, it’s essential to have a clean financial record. Wells Fargo will likely deny pre-approval if you have had a bankruptcy or serious delinquencies in the past few years.

A history of missed payments, defaults, or bankruptcies could signal that you are a higher-risk borrower, making pre-approval more difficult.

U.S. Residency or Citizenship

Wells Fargo requires applicants to be U.S. residents or U.S. citizens to apply for most of their credit cards. If you’re living in the U.S. legally, this will be an important factor in the approval process.

Age Requirement

You must also meet the age requirement. The minimum age to apply for a credit card in the U.S. is 18, and you may need to provide proof of legal age when submitting your application for pre-approval.