What credit score do I need for Wells Fargo Active Cash? – Forbes Advisor

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The Wells Fargo Active Cash® Card offers a great starter card for those looking to earn cashback without too much hassle. The Active Cash card earns 2% cash rewards on purchases. The card also offers a cash rewards bonus of $200 after spending $1,000 on purchases in the first 3 months and an introductory APR of 0% for 15 months from account opening on purchases and eligible balance transfers, then a variable of 17.99%, 22.99% or 27.99%. APR applies. Balance transfers made within 120 days are eligible for the introductory rate and 3% fee, then a fee of up to 5%, with a $5 minimum. Applicants may need a good to excellent credit score to qualify for the Active Cash card.

Wells Fargo Active Cash Credit Score Requirements

Wells Fargo does not specify what credit score is recommended to qualify for the Active Cash card, but we expect applicants will likely need a good credit score of at least 670 on the FICO Scoring Model 8 to qualify.

The FICO 8 scoring model takes into account factors such as repeated late payments (instead of one-time errors) and use of each credit card (meaning how close the balance is to the credit limit). each specific map). Wells Fargo may use a different scoring model to make its credit decision.

The better your credit, the more attractive you will be to a card issuer as an applicant. You may be able to improve your credit using a variety of techniques, but your payment history and credit utilization rate are usually the primary factors in assessing your creditworthiness. No credit score approval is guaranteed for any card.

What credit bureau does Wells Fargo contact?

Wells Fargo currently offers its customers a credit monitoring tool called Credit Closeup. Cardholders can easily track their FICO score Wells Fargo app using the tool and these scores provided are taken from Experian. This score is purely for educational purposes and may not be the same or the only score Wells Fargo uses to make credit decisions.

It is especially important to unblock your credit file with Experian or any other bureau if you have locked it for anti-fraud purposes. Wells Fargo cannot approve applications immediately if applicants have a frozen credit report, which makes the application process a few days longer. You can temporarily unlock your credit until the Active Cash card application has been submitted and a decision has been made if you want to avoid any obstacles in the approval process.

Wells Fargo Active Cash Pre-Approval

Pre-approval tools can help cardholders determine if they qualify for a new credit card before completing an official application. Card issuers generally draw a soft credit check to assess pre-approval, which does not affect credit scores like a firm credit investigation does.

Wells Fargo offers a pre-screening tool, which is slightly different from pre-approval. The Screening Tool lets you see if Wells Fargo has already screened you for a credit card offer based on information provided by the credit bureaus. This does not perform a soft credit check like pre-approval tools do. (Note: you may have a better chance of being shortlisted if you are a current Wells Fargo customer, as the company can access your internal bank or credit history and already has your contact information).

If you receive an offer in the mail for the Active Cash card, you can respond on the Wells Fargo website. Follow the instructions of the offer sent by post and indicate the reservation number. Be sure to read the fine print of any credit card offer before submitting an official application.

What to do if your application is rejected

Don’t worry if your credit card application is rejected. Wells Fargo is required by law to provide applicants with an official notice listing the reasons for rejection. This list of reasons may provide clues as to how you will need to improve your credit or other factors to qualify.

Common reasons for rejection may include a low credit scorea high revolving balance (and a use of credit) Where too many recent credit applications.

The best course of action when you receive a card application rejection is to improve your position by taking action to address each reason listed by the rejecting issuer. If your credit usage is too high, start paying off balances. If you have too many missed payments, set a goal to pay on time for the next six months. Whatever you do, don’t ask for another credit card just yet; too many requests on your credit report can affect your score, making approval even more difficult.

Wait at least six months to reapply for an Active Cash card and you’ll see improvements to the issues Wells Fargo detailed in its rejection. Regularly check your credit report via an existing credit card account or access reports from a major credit bureau.

Conclusion

The Wells Fargo Active Cash Card can be a great option for earning unlimited 2% cash rewards on restricted purchases. Applicants should try to maintain at least a good credit score of 670 before applying, but it may be possible to get approved with a lower score if an applicant has a high income or may have another credit record.

Frequently Asked Questions (FAQ)

What credit score do I need to qualify for the Wells Fargo Active Cash Card?

Wells Fargo does not provide a recommended credit score, but anecdotal reports suggest that a score of at least 670 may be sufficient. Remember that your credit history is just as important as your score when seeking approval for a credit card.

Can I get pre-approved for the Wells Fargo Active Cash Card?

Wells Fargo may send you a pre-selected offer for the Active Cash card. You can redeem an offer on the Wells Fargo website. Screening is different from pre-approval, and neither guarantees approval of an account.

What if my application is rejected?

Card issuers are required to tell applicants why a the request was rejected. Be proactive about improving your credit before reapplying for a credit card.


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