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Established Contributor
zeusta20
Posts: 586
Registered: ‎02-22-2011

Wells Fargo Inside info...

So, I am an employee of WF. I had applied one of my clients for a Line of Credit and she got declined. Had a 783 Fico Score, Gross income was about 4k... BUT, her DTI was about 81%. Her and her husband had a 1st and 2nd mortgage. But since they got those together, since she was applying for the PLOC on her own, that messed up the whole DTI. When I spoke to the underwriter to try to talk to her to get her approved, she also mentioned (I don't know if she slipped up or what), that the MAXIMUM that WF looks at when approving loans/LOC is to have a DTI of no more than 55%.

 

Some pretty useful info when I heard that.

 

Just thought I'd share with you all :smileyhappy:

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Valued Contributor
dodgerslv
Posts: 1,462
Registered: ‎06-16-2012

Re: Wells Fargo Inside info...


zeusta20 wrote:

So, I am an employee of WF. I had applied one of my clients for a Line of Credit and she got declined. Had a 783 Fico Score, Gross income was about 4k... BUT, her DTI was about 81%. Her and her husband had a 1st and 2nd mortgage. But since they got those together, since she was applying for the PLOC on her own, that messed up the whole DTI. When I spoke to the underwriter to try to talk to her to get her approved, she also mentioned (I don't know if she slipped up or what), that the MAXIMUM that WF looks at when approving loans/LOC is to have a DTI of no more than 55%.

 

Some pretty useful info when I heard that.

 

Just thought I'd share with you all :smileyhappy:


thanks for the info zeusta. WF is my main bank and at least this will be helpful if i ever do need a LOC down the road.

last app: 4/14/14---Barclays US Airways (10k)---US Bank Flex Travel Rewards (7.5K)---no more applications till September (Amex Delta)

cards in wallet for daily use: Chase CSP(15k), BofA Privilege(30K), Amex BCP(2K), Green, Discover (8k)
cards for travel: Citi AA WEMC(20K), Citi Prestige(11.5K), Chase Ritz(20K) or Marriott(5K), Barclays Arrival(5.5K)



Established Contributor
zeusta20
Posts: 586
Registered: ‎02-22-2011

Re: Wells Fargo Inside info...

No problem :smileyhappy:

 

I was glad I found out that info. Even though someone may work for a bank, they still don't know the ins and outs because we're not given all the info since we have direct contact with customers.

 

As far as credit card reviews go...I know they review them every april and october. So if you're looking to have an increase in CL, or graduate to the unsecured, then you wanna have the best activity (low UTL) around those times of the year.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Senior Contributor
Open123
Posts: 3,849
Registered: ‎02-23-2011

Re: Wells Fargo Inside info...

Good information.  Always suspected and knew they had a DTI ratio in mind, but had never been privy to a hard figure.

 

Thanks!

Frequent Contributor
shorrttyycm1
Posts: 392
Registered: ‎03-29-2011

Re: Wells Fargo Inside info...

Thanks for the info...very helpful!

Starting Score: 530
3-2013Score: TU 680 EQ 683 EXP 679 FAKO
Current Score (lender pull): TU 693 EQ 649 EXP 699 Lender Pull
Goal Score: 700


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Mega Contributor
Creditaddict
Posts: 16,863
Registered: ‎10-23-2007

Re: Wells Fargo Inside info...

My partner was pre-approved for "Personal Line of Credit" back last year "up to $25k" and he was approved at $16,200, which they said was max with income stated.  He also has a Wells Credit Card that he NEVER uses for $8600.  Keep you posted, Monday or Tuesday we will be applying for Business Credit Card and probably a Business Line also!

Fico Scores: EQ 620, TU 675 & EX 703 (4-1-14)
Joint Cards: Navy NavCheck $15000, Discover iT $9000, Macy Amex $4000, Macy Store $3000, Macy Furniture $5800
AU: Virgin America $8500, CSP $27,000, Fidelity Amex $25,000, AA Biz $25,000, Barclay USAir Biz $6640
Mine: Navy NavCheck $3000, Kay Jewelry $2700, Pottery Barn $2800, FleetCard MC Biz $1800, HSN $1500, Vitacost MC $1500, Navy Cash $1500 and nRewards $1500, Bill Me Later $772, Cap1 Sony $750, Cap1 Spark $750, Best Buy MC $750, GE 76 Gas $650, Von Maur $600, Cap1 QuickSilver $500, Burbank CU $500, Kohls $300, Target1 $300, Target2 $300, Buckle $250, Express $250, Target3 $200
Valued Contributor
dodgerslv
Posts: 1,462
Registered: ‎06-16-2012

Re: Wells Fargo Inside info...


zeusta20 wrote:

No problem :smileyhappy:

 

I was glad I found out that info. Even though someone may work for a bank, they still don't know the ins and outs because we're not given all the info since we have direct contact with customers.

 

As far as credit card reviews go...I know they review them every april and october. So if you're looking to have an increase in CL, or graduate to the unsecured, then you wanna have the best activity (low UTL) around those times of the year.


yeah...my card is eligible for graduation next month (had it since Jan 2012) Do you think giving me an auto CLI without needing additional funds and only having a 5 annual fee instead of the usual 25 is a good sign that indeed my card become unsecured? My utility is around 9-10%

last app: 4/14/14---Barclays US Airways (10k)---US Bank Flex Travel Rewards (7.5K)---no more applications till September (Amex Delta)

cards in wallet for daily use: Chase CSP(15k), BofA Privilege(30K), Amex BCP(2K), Green, Discover (8k)
cards for travel: Citi AA WEMC(20K), Citi Prestige(11.5K), Chase Ritz(20K) or Marriott(5K), Barclays Arrival(5.5K)



Regular Contributor
gen-specific
Posts: 215
Registered: ‎02-27-2013

Re: Wells Fargo Inside info...

10 months ago a Wells Fargo bank manager called me unsolicited about getting a LoC for $10,000

 

this turned into the most convoluted run around I had ever seen in my life, needing tax documents which I didn't have for the past two years and alternatively a 4056T, I think it was because I said independent contractor instead of mentioning a corporation I worked for! All for $10,000 , I say that now, but then it would have matched my highest limit

 

fast forward to now, I multipled my wells fargo credit card limit from $5000 to $15,000 on stated income, possibly online.

 

Makes me think "**bleep**"

 

anyway what is a "DTI?"

AMEX Blue 30k, Chase Sapphire Preferred 30k, Citi Thank You 24.9k , BoA VISA Rewards 17.5k, Wells Fargo 15k, Barclays 8.6k, Citibank Custom Credit Line 12k, Citi Diamond 7k, Macys/AMEX 2.5k/500

EFX 768, EXP 706, TU 747, AVG 740 GOOD - Oct 2013
EFX 667, EXP 658, TU 662, AVG 662 WEAK - Feb 2014
EFX ???, EXP 731, TU ???, AVG ??? ------------ Apr 2014
Valued Contributor
dodgerslv
Posts: 1,462
Registered: ‎06-16-2012

Re: Wells Fargo Inside info...


gen-specific wrote:

10 months ago a Wells Fargo bank manager called me unsolicited about getting a LoC for $10,000

 

this turned into the most convoluted run around I had ever seen in my life, needing tax documents which I didn't have for the past two years and alternatively a 4056T, I think it was because I said independent contractor instead of mentioning a corporation I worked for! All for $10,000 , I say that now, but then it would have matched my highest limit

 

fast forward to now, I multipled my wells fargo credit card limit from $5000 to $15,000 on stated income, possibly online.

 

Makes me think "**bleep**"

 

anyway what is a "DTI?"


first of all congrats on the increase and DTI i think means Debt to Income ratio?

last app: 4/14/14---Barclays US Airways (10k)---US Bank Flex Travel Rewards (7.5K)---no more applications till September (Amex Delta)

cards in wallet for daily use: Chase CSP(15k), BofA Privilege(30K), Amex BCP(2K), Green, Discover (8k)
cards for travel: Citi AA WEMC(20K), Citi Prestige(11.5K), Chase Ritz(20K) or Marriott(5K), Barclays Arrival(5.5K)



Valued Contributor
SnackTrader
Posts: 1,533
Registered: ‎09-15-2012

Re: Wells Fargo Inside info...

Yes, it means Debt to Income ratio.
In My Wallet: Amex BCP (12/12) $22.200, Chase CSP (4/14) $12,000, Barclaycard Arrival (5/13) $10,500, Citi Forward (12/12) $9,600, Cap1 Cash Rewards (6/12) $9,000, Chase Freedom (12/12) $5,000

Last App: April 2, 2014

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