You have probably seen the Wells Fargo store cards for your bank on television and in magazines. They look pretty sweet and you get excited when you see one sitting on a shelf. But are they worth the paper they are printed on? Do they really add value to your credit score? Well, it is a tricky question when you first hear about these cards and their ability to boost your credit score. But if you dig a little deeper into this article you will find that they actually do help you and your credit.
When you apply for a new credit card like Wells Fargo, you will have to make an application and fill out a bunch of forms. One of those forms is your credit history. That is a very important section of your credit history that helps lenders determine your credit worthiness. Banks and lending institutions want to know what your credit history looks like. That means they will pull your credit report and check to see what kind of late payments you have, how many times you've missed a payment, how many times you've made late payments, and any other questions that they might have about your payment history. With this information they will try to gauge just how likely you are to default on your loan and they will use this information to decide whether or not you are credit worthy enough to give them money in exchange for a card.
Late payments affect your credit score in many ways. First, they show that you are a slow payer. This means that you aren't very timely with paying off your bills. In a way this can cause lenders to think that you may be careless with money. Even though you have a great utilization rate on your loan, this doesn't mean that you should jump right into using the credit limit.
Secondly, they reflect how responsible you are about keeping up with your monthly payments. If you make all your payments on time then lenders will consider you to be responsible in all areas of your finances. Lenders will also look at your payment history and determine your likelihood of late payments. This is why it is so important to maintain a good payment history on your Wells Fargo store cards. This will help you maintain a high credit score.
Another way that late payments can harm your credit score is by causing it to go down. Credit scores are based on several factors. One is the amount of debt that you have. The more debt you have, the worse your score will be.
However, having too much debt can negatively impact your credit score in a different way. Instead of having your hard pull pulls your credit report, lenders pull it when they do a credit check on you. If you have a lot of stores and you often carry a balance, lenders want to know if that balance is paid off in full each month. If it isn't, lenders will consider you irresponsible and it will reflect on your credit score.
If you want to get approved at a lender like Wells Fargo, you need to know how to keep your spending habits in line with your credit profile. Paying your bills on time is a good way to build a solid history. If you have a lot of things that you regularly pay with cash such as diapers or groceries, you can set up a repayment plan with the store to payoff those items at a certain amount each month. If you don't pay them off in full, lenders will consider this a hard pull and you may get denied.
If you are looking for a credit card with great rewards and low rates, look for one that has an approval process that takes into account your average age and the number of years you have been a member. You want to be approved but you want to do it while your credit score is still high. Being denied because of your current credit score could end up hurting you when it comes time to open a Wells Fargo store card or to even take advantage of the savings you'll receive once you apply. Take your time and shop around for the best offer and terms!
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