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It means you passed step one of whatever number of steps! Sounds like conditionally qualified to me rather than approval. Generally an approval would include the amount and terms/conditions.
@Anonymous wrote:
Wow it sounds like step one is the easy part now I need to validate my income geez these ppl r tough. I put I make 30K a year I actually have proof that I made less than that oh well this is the outcome of self-employed
You may still be fine considering the low $ amount requested. WF is a bit finicky at best. Probably lots of red tape, but you have a foot in the door. Let us know how it turns out, and good luck to you.
@Anonymous wrote:
Thank you guydiver.
update on my auto application. They verifyed my income everything was good , they just needed to wait 3 days for results. Today I just received a call from Wells Fargo customer agent "Congratulation your approved for $12000" however the intrest is 13.75% Apr my fico was 654 does that sound about right? I'm happy that I'm approved though but 13.75% I guess it could have been worse
Yes. That is a bit high for sure. I assume their risk model, internal or otherwise, puts you at a higher risk. This is a tough one. WF may be one of the few places you can secure financing. But, the good thing is, you can minimize your interest paid by paying more than the amount due, and by financing the least loan term you can afford, say 36 months instead of 48. Then, when your scores improve, say 6-12 months, you can secure other financing. I am a big fan of credit unions. So this one is up to you. A bird in the hand, or the one in the bush? Congratulations, and good luck to you.
'diver