It is fairly hard to get a Wells Fargo credit card, as most Wells Fargo cards require good credit or better for approval. Wells Fargo does have options for business owners with bad credit, though, which means it’s not as hard to get a Wells Fargo business credit card as it is to get a regular Wells Fargo credit card.
The easiest credit card to get from Wells Fargo is the Wells Fargo Business Secured Credit Card, which is available to business owners with bad credit. This card has an annual fee of $0 and offers rewards, giving 1.5% Cash Back on purchases.
Minimum Credit Score for Notable Wells Fargo Credit Cards
If you meet the credit score requirement and a few other requirements, it becomes easier to get a Wells Fargo credit card. As with all credit cards, you’ll need to have a steady income and be at least 18 years old. You’ll also need to have an SSN or ITIN.
Wells Fargo credit card requirements include having a credit score of 700+ (for most cards) and providing standard personal information such as your name, address, and date of birth. A Social Security Number (SSN) or an Individual Tax Identification Number (ITIN) is also required, and all applicants must be 18+ years old.… read full answer
Wells Fargo Credit Card Requirements
General requirements: You must be at least 18 years old and have a physical U.S. address to be eligible for a Wells Fargo credit card. You will also need to provide your SSN or your ITIN. No minimum income stipulated, but be sure to include any sources of income outside of wages and retirement benefits, if applicable. Documents such as birth certificates, drivers’ licenses, and Social Security cards are not required, but in some instances, you may be asked to provide copies in order to verify your personal information.
Wells Fargo also issues a number of retail store cards that generally have more lenient approval requirements, as applicants with fair credit or better (a score of 640) can get approved.
Other factors such as your income, debts, housing payments, and your general ability to afford credit card payments will also be taken into consideration when evaluating an application.
It’s also worth noting that you may not be eligible for introductory APR’s, fees and/or bonus rewards offers if you opened another Wells Fargo credit card within 15 months of your application.
If you want the best Wells Fargo credit card approval odds, make sure to pay your bills on time and try to keep your credit utilization around 30%. And bear in mind that an application will trigger a hard inquiry which may temporarily cause a dip in your credit score. So make sure you know where you stand before applying. You can check your credit score for free, right here on WalletHub.
The easiest unsecured credit cards to get generally work best for minor emergencies. You will only receive a small amount of spending power, after all.
Unsecured credit cards for people with bad credit also tend to be very expensive, charging lots of fees and high interest rates. So, if you don’t need a small emergency loan, the best course of action is to improve your credit inexpensively with a secured card. Secured cards are cheaper than unsecured cards, build credit just as effectively, and offer the closest thing you’ll find to guaranteed approval.
To get a credit card for the first time, you must be at least 18 years old and have enough income to afford monthly credit card payments, in addition to your other expenses. The minimum payments on a starter credit card usually are around $15 per month.
The two basic steps involved in getting a credit card for the first time are to: 1) compare credit card offers designed specifically for people with limited or no credit history; and 2) apply for one with no annual fee, if available – rewards and APRs can be the tiebreaker.… read full answer
There are plenty of other things about the process of picking, applying for and getting your first credit that are important to learn, too. We’ll walk you through them below, step by step.
How to Get a Credit Card for the First Time
1. See if you have a credit report and score.
You could have more credit history than you think, perhaps from being an authorized user on a family member’s credit card. This will help you determine how good of a credit card you should shoot for. Check your latest credit score and credit report for free on WalletHub.
2. Determine whether student credit cards are an option.
College students can usually get better first credit cards than other people with no credit. Their youth and above-average expected income make them attractive to banks and credit unions. If you’re enrolled in school, check out the best student credit cards.
3. Compare secured and unsecured starter cards.
Secured credit cards have the highest approval odds, but they require you to place a refundable security deposit. The amount of that deposit becomes your spending limit. Unsecured cards are harder to get but have no deposit.
4. Limit your search to cards with the lowest fees.
Focus on weeding out cards with expensive non-refundable fees. A no annual fee credit card with no security deposit is best. But a low-fee secured card isn’t bad, either. You can get back your deposit when you close your account.
5. Choose the best remaining offer for your needs.
If several credit cards are tied for the lowest fees and highest approval odds, consider the terms that are next most important to you. If you plan to pay your bill in full every month, that will probably be rewards. If not, you may want to focus on interest rates.
6. Confirm you have enough income
If you’re at least 21 years old, you can list household income and assets that you have reasonable access to on your credit card application. Applicants who are 18-20 years old can only list independent income and assets, but even having a part-time job should provide enough income to get a credit card for the first time.
7. Submit your credit card application.
Apply online for the fastest decision. You may even be approved instantly if you clearly meet the issuer’s criteria. You should receive your card within 7-10 business days of being approved.
Learning how to get a credit card for the first time is a rite of passage for young adults after turning 18 years old. And it’s a lot easier than you might think. The key is to choose wisely, by focusing on offers for people with limited credit and secured credit cards, which provide nearly guaranteed approval.
Key Things to Know About Choosing Your First Credit Card
High approval odds are among the most important things to look for in your first credit card. The sooner you get approved, the sooner you can begin building your credit standing. Getting rejected for a credit card sets you back, both in terms of time and possible damage to your limited credit.
Low fees are another key feature to seek out when getting a credit card for the first time. Starter credit cards generally don’t offer rewards or interest rates worth paying high annual or monthly fees for. So it’s best to make your first credit card one with a $0 annual fee and always pay your monthly bill in full to avoid interest charges.
Tips for Using Your First Credit Card
It’s really important to remember that learning how to get a credit card for the first time and getting approved are only the beginning. You also need to use that card responsibly, which means spending within your means, paying your bill on time every month, and keeping your credit utilization below 30%.
If you can avoid racking up costly credit card debt and hurting your credit score with missed payments, your first credit card will be a huge asset. It will add positive information to your major credit reports each month. That will gradually improve your credit standing. And better credit will make it easier to rent an apartment, buy or lease a car, find a job, get approved for good loans and lines of credit and save on car insurance premiums, among other things.
You can track your progress for free on WalletHub, the only site with free credit scores and reports that are updated daily. We’ll even tell you exactly what you need to do to improve your credit score at a given time, plus provide personalized credit card recommendations. You can use them to find your first credit card and then graduate from it when the time is right.
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