You can only get a Wells Fargo secured credit card if you are a small business owner. The Wells Fargo Secured Credit Card for consumers was discontinued in late 2019. That means it’s not open to new applicants.
But you can still get the Wells Fargo Business Secured Credit Card. The business version of the secured card operates much like the consumer secured card did, in that you’ll need to provide a refundable deposit via an existing Wells Fargo checking or savings account to open the credit account. The minimum deposit amount is $500. But you’ll need to have a business name and a business tax ID (or Social Security number, for sole proprietors) to apply.
You should be able to get a Wells Fargo Secured as long as you have the $300 required for the deposit.
Secured credit cards tend to have relatively lenient approval requirements because the deposit serves as your credit line, thus preventing you from spending more than you can afford to repay and minimizing risk from the issuer's perspective. That's why a secured card is the best tool for rebuilding from bad credit. You can learn more about secured credit cards … read full answerhere.
If you are denied for a secured credit card, you could apply for a different secured card (one with a higher approval rate), become an authorized user on someone else’s credit card account, or apply for a credit-builder loan. Some secured credit cards don’t even check your credit when you apply. So you will only be denied if you do not have a U.S. mailing address, a Social Security number (or Individual Taxpayer Identification Number), or enough money to fund your deposit and make monthly payments.… read full answer
In general, secured credit cards are much easier to get than unsecured cards because they require a refundable deposit that also serves as your credit limit. Because there’s less risk for the issuer, secured cards are able to offer nearly guaranteed approval, even to people with damaged credit. But that doesn’t mean everyone is accepted, and some secured cards are easier to get than others.
Typically, if you’re denied for a secured credit card, the card’s issuer will send you a letter explaining why. That can be a good place to start when determining your next steps.
What to do if you’re denied for a secured credit card:
Apply somewhere else. Just because you didn’t meet one credit card company’s requirements doesn’t necessarily mean you’re disqualified from every secured card on the market. In particular, make sure to check out credit cards with no credit check.
Become an authorized user. If someone adds you to their account as an authorized user, you’ll get a card and be able to make charges, but the primary cardholder will be responsible for paying the bills. And if they pay on time, your credit standing will improve.
Apply for a credit-builder loan. Many credit unions and banks offer small loans to help people build or rebuild their credit. Much like a secured card, you’ll need to make a deposit when you apply for a so-called credit-builder loan.
Focus on your open accounts. If you have a mortgage, student loan, auto loan, or line of credit, making your payments on time will help build up your credit score. That will make it easier to get approved for a credit card.
Why was I denied for a secured credit card?
The most common reasons people are denied for a secured credit card include having a bankruptcy or tax lien on their credit report, not having enough income to meet their monthly obligations, and having an extremely low credit score. Past delinquencies with the issuing bank, current delinquencies anywhere, and invalid application information could all be reasons as well.
The specifics vary by card, though. So, if you were denied for a secured credit card, don’t lose hope. Just apply for one of the several secured cards with no credit check, and manage your account responsibly once you’re approved. You can also sign up for WalletHub’s free credit analysis for additional help getting your credit score back on track.
You can request a secured credit limit increase directly from Wells Fargo by phone. Call customer service at 1-800-642-4720 and tell them that you want to increase your limit. They will take the money from your checking account and add it to your credit limit.
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