Credit Score Needed for a Wells Fargo Credit Card
Credit cards are a great way to build credit, make large purchases, and keep a budget. Not all credit cards are created equal, however. There are secured and unsecured cards, rewards cards, department store cards and traditional credit cards. The Wells Fargo credit card is a traditional credit card programs.
Wells Fargo also offers secured credit cards, which are suited for those with poor credit in need of rebuilding. Secured credit cards are those where you provide a deposit and prepay the amount of money you wish to be on the card. This is the perfect way to begin rebuilding credit and is a way for those with poor credit scores to begin to repair their credit damage.
Wells Fargo is known for their upper tier, high quality credit cards. These “platinum” style cards are best suited for those with excellent credit. In order to qualify for one of these credit cards, it is recommended that your credit score be at least 708 or higher. You will also need a solid credit history, with no negative judgments, and preferably, other lines of credit, open, and in good standing.
Due to the stringent standards for approval for a platinum Wells Fargo credit card, the approval rate is a bit lower than average. Remember, too many applications for credit cards will reflect negatively on your credit report, so be sure that you have met the requirements for this card before applying. The standards are strict and if you do not meet the guidelines, chances are you will not be approved for this card.
If however — you are approved for this card, the credit limit extended to you will be dependent on your credit score, credit history, as well as income. The interest rate for this card, which is variable, is also dependent on your credit score and history. It ranges from 11.99% — 21.99%. For those with excellent credit, you are more likely to get a very friendly credit limit, as well as an interest rate in the lower percentage bracket. It is a general rule of thumb that the better your credit, the higher your limit and the lower your interest rate will be.
This is a great credit card for those with excellent credit. For those with less than perfect credit, consider Wells Fargo’s secured credit card designed to help those with bad credit rebuild it. If you do not wish to go the unsecured route, it is advised that you look into different credit card companies that have less stringent requirements for approval.