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Wells Fargo Inside info...

Established Contributor

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 Smiley Happy

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FICO8-11/2017
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EQ: 722
TU: 735
Message 1 of 13
12 REPLIES
Valued Contributor

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 Smiley Happy


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.

gardening since 5/21/2016
Message 2 of 13
Established Contributor

Re: Wells Fargo Inside info...

No problem Smiley Happy

 

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.

Bank of America Cash Rewards Visa Sig-15k
Chase Sapphire Reserve Visa Infinite-10k
Chase Freedom-4k
1st Financial Bank USA-11.4k
USAA Amex-7.5k
USAA Visa Sig-7k
Citi Thank you Preferred-4.8k
Citi Diamond-2k
Amex Gold-NPSL

FICO8-11/2017
EX: 737
EQ: 722
TU: 735
Message 3 of 13
Super Contributor

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!

Message 4 of 13
Frequent Contributor

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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Message 5 of 13
Epic Contributor

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!

Message 6 of 13
Valued Contributor

Re: Wells Fargo Inside info...


zeusta20 wrote:

No problem Smiley Happy

 

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%

gardening since 5/21/2016
Message 7 of 13
Frequent Contributor

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?"

Message 8 of 13
Valued Contributor

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?

gardening since 5/21/2016
Message 9 of 13
Valued Contributor

Re: Wells Fargo Inside info...

Yes, it means Debt to Income ratio.

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Message 10 of 13