@UncleB wrote:
@pipeguy wrote:
@Anonymous wrote:
I wouldn't apply for any WF product based on the information that has come out over the past few months on their business practices..Without getting into "politics" given the history of major billion(s) dollar fines by the CFPB against Bank of America, Chase, Citi and most other major banks concerning their lending and mortgage practices, I don't think WF is especially "evil" as far as the big banking industry. Yes, they are the latest example that got caught.
15 months 0%, 16.24 APR (middle of the road, but I PIF as a rule), $16k SL - yeah I'm a sucker for always having one or two zero percent cards going, which is one of the reasons I have no interest paid on revolving accounts every year (last 3 at least). Amazon, Lowes, Home Depot all have 23-26% APR's, but they also offer 6-12-18 months 0% financing. Between paying in full for most of my spending, that I carry is on zero percent promos (intro or financing options). After 15 months, the value of this card will be less and we'll probably SD it.
My relationship with lenders is one of greed, on both ends as both lender and borrower are both looking out for the own best interest. WF wants to give me "up to" $16k in no interest usage for 15 months, I'm in for the ride as its to my advantage - WF holds my mortgage and frankly when I was really hurting maybe 9-10 years ago and missed a few payments (couple of 30's one 60 if I remember correctly before I caught up), they didn't go out of the way to foreclose or give us a hard time or even dump tons of late fees on us.Yes they reported to the CRA's for almost 7 years, my fault not theirs.
I choose not to do business with AmEx, that's my experience and choice - even if they offered me 0% for 18 months I would not do business with AmEx, but I have personal reasons and experience for that choice. As far as refusing to do business with any major lender (I'm not talking vultures like Credit One or the like) because of their "ethics" I think you might be tossing away quality options.
+1
While I feel that it's important for everyone to be aware of things that are going on, I do question the value of bringing up Wells Fargo's legal issues in literally each and every thread where someone inquires about one of their products.
I've recently seen a few other threads get derailed by this line of conversation, and it seems like it's beating a dead horse to repeatedly bring it up anytime there's a question or statement on a Wells product.
In the big scheme of things, WF may be no worse than most/all TBTF banks, but what I think attracts attention is that here consumers can easily understand/relate to the wrong doing: as a customer, I might have some accounts that were created without my permission. In contrast, things with potentially much bigger impacts, particularly Barclays et al LIBOR rigging, appear more distant: because of some wrongdoing my rates, and everyone else's, might be higher (or lower) than they "should" be.
