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Regular Contributor
Posts: 231
Registered: ‎07-08-2008
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Home Projects Wells Fargo VISA

Hi guys,

 

So my 14 year old furnace and A/C are at end of life and we need to start planning on replacing them in the Fall - so we don't risk a heatless week in the middle of winter if they were to fail.

 

I am in a Debt Management Plan (almost done) and I am not allowed to open any new revolving credit - there are no problems with installment loans (I applied and received a mortgage and a car loan while in the DMP) but the pricing specialist for the HVAC company told me the financing they use which is via Wells Fargo reports as a VISA product called Home Projects.

 

My husband doesnt have great credit, I think he is in the 600-620 range right now after paying off some collections and stuff. We definitely dont have time to tackle a full-on rebuilding effort with him because we're waiting for most of his baddies to stop reporting in January. Do you guys think he can get approved for this product? Everywhere I've read it says they are considered a sub-prime and that they will approve in the bottom of the 600 range (according to Credit Karma). Anyone have any information? The offer is 0% for 12 months which is perfect because we both get bonuses for work in March and can pay it off immediately.

 

Thoughts?

Astrid

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Community Leader
Senior Contributor
Posts: 27,589
Registered: ‎02-07-2013
0

Re: Home Projects Wells Fargo VISA


AtmyOffice wrote:

Hi guys,

 

So my 14 year old furnace and A/C are at end of life and we need to start planning on replacing them in the Fall - so we don't risk a heatless week in the middle of winter if they were to fail.

 

I am in a Debt Management Plan (almost done) and I am not allowed to open any new revolving credit - there are no problems with installment loans (I applied and received a mortgage and a car loan while in the DMP) but the pricing specialist for the HVAC company told me the financing they use which is via Wells Fargo reports as a VISA product called Home Projects.

 

My husband doesnt have great credit, I think he is in the 600-620 range right now after paying off some collections and stuff. We definitely dont have time to tackle a full-on rebuilding effort with him because we're waiting for most of his baddies to stop reporting in January. Do you guys think he can get approved for this product? Everywhere I've read it says they are considered a sub-prime and that they will approve in the bottom of the 600 range (according to Credit Karma). Anyone have any information? The offer is 0% for 12 months which is perfect because we both get bonuses for work in March and can pay it off immediately.

 

Thoughts?

Astrid


What type of loans,CC's do you have now and balances on them?

+ Chase ink =




Regular Contributor
Posts: 231
Registered: ‎07-08-2008
0

Re: Home Projects Wells Fargo VISA

I have 2 closed credit cards with balances being paid off by DMP - Amex 6K and Wells Fargo $900.

I have one open credit card that they allowed me to keep open for work expenses: Capital One Best Buy Master Card with $750 limit and $350 balance.

I have one car loan (20K balance) one mortgage loan (175K balance) and one student loan (1K balance).

That's all I got. My last EX and TU credit scores were 660 and 673.

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Home Projects Wells Fargo VISA

It depends on how Wells Fargo labels that product as. If its an installment loan you shouldn't have an issue. If its a revolving line of credit you might not qualify due to the DMP. It's best to talk to a banker to find out.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Moderator
Posts: 27,207
Registered: ‎09-13-2012
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Re: Home Projects Wells Fargo VISA

^^^ plus will WF approve with a cc in DMP regardless if its an installment loan?
Regular Contributor
Posts: 231
Registered: ‎07-08-2008
0

Re: Home Projects Wells Fargo VISA

It is a VISA card and I definitely cannot apply for it.

 

From my investigation they call it a "dual" line of credit. So they extend you a credit limit - say $1200 - when you apply through your HVAC provider and then the company doing the job calls in what the amount of the project will be and they extend you the additional amount as an installment. However, it reports as a revolving credit line (credit card) not an installment loan and it reports only the part of it that was extended as a credit limit. The installment part doesnt appear anywhere unless you like stop paying and get charged off.

 

Just wondering if anybody knows what kind of scores are needed to get approved so I can make DH file the app. 

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: Home Projects Wells Fargo VISA


AtmyOffice wrote:

It is a VISA card and I definitely cannot apply for it.

 

From my investigation they call it a "dual" line of credit. So they extend you a credit limit - say $1200 - when you apply through your HVAC provider and then the company doing the job calls in what the amount of the project will be and they extend you the additional amount as an installment. However, it reports as a revolving credit line (credit card) not an installment loan and it reports only the part of it that was extended as a credit limit. The installment part doesnt appear anywhere unless you like stop paying and get charged off.

 

Just wondering if anybody knows what kind of scores are needed to get approved so I can make DH file the app. 


You can check whogavemecredit or google search "credit pulls database". Hopefully those sites will have some info on scores required.

I think you should talk to a WF banker about this as well.

 

JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Regular Contributor
Posts: 231
Registered: ‎07-08-2008
0

Re: Home Projects Wells Fargo VISA

Thanks!

2/2011
Experian: 658
Equifax: 653
Transunion: 670
Contributor
Posts: 84
Registered: ‎06-29-2009
0

Re: Home Projects Wells Fargo VISA

My husband got this card a few years ago when we were redoing our kitchen but his scores would have been low 700s. 

 

I wanted to clarify that it is reported as revolving and yes, the business puts the app through with the $ amount of the work but in my husband's instance he was approved for an amount more than just the work so this is possible.  It was a 0% offer for 18 months I believe and the card also has a cash advance amount as a portion of the total limit. 

 

 


CSP - 11,000 Chase Freedom 12,000; AMEX Delta Gold 2,000; AMEX Delta Platinum (AU) 15,000; Discover IT 9,500; BOA Cash Rewards 30,000; AMEX BCE 9,900; Belk 7,000; Macys 7,000; Lane Bryant 3,600; HH Gregg 3,000; Care Credit; 7,200; Bloomingdale's 3,000
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Senior Contributor
Posts: 27,589
Registered: ‎02-07-2013
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Re: Home Projects Wells Fargo VISA


AtmyOffice wrote:

I have 2 closed credit cards with balances being paid off by DMP - Amex 6K and Wells Fargo $900.

I have one open credit card that they allowed me to keep open for work expenses: Capital One Best Buy Master Card with $750 limit and $350 balance.

I have one car loan (20K balance) one mortgage loan (175K balance) and one student loan (1K balance).

That's all I got. My last EX and TU credit scores were 660 and 673.


Does the DMP show on CR yet? If not contact CAP1 EO and shoot for the stars on a CLI first ....insist on SP

Then call wells and ask how this will be reported and take it from there

+ Chase ink =




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