Are you excited to read the topic What Credit Bureaus Does Wells Fargo Use?
Credit bureaus have become a treasure trove for lenders and creditors who need reliable credit information to make sound lending decisions. Most, if not all, financial services brands depend on the credit scores of individuals to avoid lending money to people that will never be able to repay. Wells Fargo, America’s multinational service firm is not exempted from this, but which credit bureaus does it depend on to make its lending decisions?
Wells Fargo relies on both Equifax, Experian, and TransUnion, the three main credit buries in the United States, in its credit card checks. At any time, Wells Fargo uses, at least, one of these bureaus to evaluate credit card applications. This could depend on the applicant’s state of residence.
How Does Wells Fargo Access Credit Information From Bureaus?
For you to get the information it needs from the credit bureaus, Wells Fargo will use one of two credit inquiry methods: the soft or hard pull. If they use the Soft Pull or Soft Check method, Wells Fargo or other financial services brands will evaluate your credit account for other purposes than a requirement for a direct lending decision. A hard pull is an evaluation of your credit account to determine whether or not a loan/credit limit application should be granted to you. Soft Pull is often used by mortgage lenders, insurance firms, landlords, employers, and utility companies.
How Does Wells Fargo Report Credit Billing to the Credit Bureaus?
At the end of every billing period, which is usually a month, Wells Fargo will transfer the relevant information in its possession to the Credit Bureaus. The information includes the credit card’s account balance, payment history, and the cardholder’s credit limit. After the data transfer to the Credit Bureaus, the bureaus will process the information and from between two to seven days, you would be able to see the reflection in your account.
What is a Good Credit Score on Equifax, Experian, and TransUnion?
Trying to build a good credit score can be tough, but knowing the target to aim for can help you refine your strategy for building your credit score. Let’s look at the scores each of the three Wells Fargo credit bureaus looks for.
Equifax: You would need to score between 670 to 739 credits score to be considered a good point. But scoring between 740 and 799 is better, and it is best to score above 800.
Experian: Experian cardholders desiring a good credit score should target a score between 670 and 739. A score between 740 and 799 is better. Scoring between 800 and 850 is best.
TransUnion: Cardholders with scores between 720 and 780 are considered good. A better score would be that which falls between 781 and 850.
How Much Do Wells Fargo’s Credit Bureaus Charge for Credit Reports?
Accessing your credit card report is free every twelve months, but trying to get more than that would require you to part with a fee, and it differs across the three bureaus that Wells Fargo uses.
For Equifax Credit Score: Equifax credit report can be accessed with a fee of $23.95 for thirty days.
For Experian Credit Score: You can access your Experian Credit Score for a fee of $14.95. You will be able to share your report after your payment.
For TransUnion: You can sign up with $1 to check your credit. Should you fail to cancel it before seven days, it will be renewed, and you’ll be paying $19.95 per month as a TransUnion member.
Wells Fargo Credit Card Holders Can Increase Their Credit Limit
To increase your Credit card limit:
- Contact Wells Fargo’s customer service on 1-800-642-4720.
- Ask for a credit limit increase.
- Present your credit card number if needed.
- Tell them the increment you seek.
- Tell them why you want the increment.
Wells Fargo also increases users’ credit limits after some time on their own, but there is no assurance that you would be granted an increase.
What Do You Need To Have A Wells Fargo Credit Card?
To own a Wells Fargo Credit Card, you need to be/show:
- 18 years or older.
- State your source of income.
- Your U.S home address.
- Your Social Security Number.
- Your driver’s license and your birth certificate could help your case.
For more specialized cards, you need to meet other conditions. So, if you want:
The Wells Fargo Store Cards: You must have a minimum of 640 credit card scores and a review of your ability to own the credit card.
The Wells Fargo Platinum Card: You must have a credit score of 700 and above, plus a good housing payment and debt payment record.
The Wells Fargo Hotels Rewards Visa Card: you must score 700 points and above. They will also check your housing payment and debt payment records.
The Wells Fargo Active Cash Card: You also need to score a minimum of 700 Credit card scores in addition to your debt payment and ability to operate a credit card.
Conclusion
Wells Fargo Uses both Equifax, Experian, and TransUnion to evaluate cardholders’ credit information. The particular credit bureau they use anytime depends on some factors, including the state of residence of the cardholder.
