Credit Cards Center Credit cards from our partners
Reply
Epic Contributor
Posts: 28,344
Registered: ‎10-23-2007
0

Wells Fargo Line of Credit... Anyone Have one?

I was shocked when my Partner handed me a special "Thank You" letter from Wells Fargo asking him to apply for an unsecured line of credit and taking .75% off rate established if auto-paid.  First I have not really seen any banks offering "Unsecured Lines of Credit" outside of CU since the credit crash.

Has anyone else seen this one, have experience?

He has been with Wells since the beginning I think and has a credit card that was opened with checking for overdraft and it had not been used in over 5 years $8600, I just got him to put Cable on it, so it reports (not dormant)

The rate range is 7%-19.75% - Clearly a 7% and then a .75% off would be amazing!! but not sure what they are looking for for that.

Also doesn't mention how much you can get, What's Max?

Best part is the only fee is $25/Annually, No BT Fee, No Cash Advance Fee!

I may have left the garden 06/20/2016 Smiley Tongue
Partner Joined Garden 04/11/2016
Valued Member
Posts: 65
Registered: ‎04-17-2012
0

Re: Wells Fargo Line of Credit... Anyone Have one?

I know US Bank offers a LoC. I haven't heard of any banks discontinuing this product. I have heard WF was closing LoC for customers not using it regularly.

Valued Contributor
Posts: 1,361
Registered: ‎02-07-2010
0

Re: Wells Fargo Line of Credit... Anyone Have one?


Creditaddict wrote:

I was shocked when my Partner handed me a special "Thank You" letter from Wells Fargo asking him to apply for an unsecured line of credit and taking .75% off rate established if auto-paid.  First I have not really seen any banks offering "Unsecured Lines of Credit" outside of CU since the credit crash.

Has anyone else seen this one, have experience?

He has been with Wells since the beginning I think and has a credit card that was opened with checking for overdraft and it had not been used in over 5 years $8600, I just got him to put Cable on it, so it reports (not dormant)

The rate range is 7%-19.75% - Clearly a 7% and then a .75% off would be amazing!! but not sure what they are looking for for that.

Also doesn't mention how much you can get, What's Max?

Best part is the only fee is $25/Annually, No BT Fee, No Cash Advance Fee!


his story is almost identical to mine. i never received a letter, however, when i called to increase my credit limit, they told me i was pre approved for their unsecured LOC. i don't want it, and because first off, it has an annual fee of 25.

 

second of all and most importantly, my card comes with an online bill pay advance with no fees! i can send anyone a check online and they can cash it for the amount i sent it. i only pay for the interest on the date that it was sent. and because it is treated as if it were a purchase, and because i have a 0 promo on purchases, i get to do this for free!

EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Epic Contributor
Posts: 28,344
Registered: ‎10-23-2007
0

Re: Wells Fargo Line of Credit... Anyone Have one? UPDATE

Came in the mail today... Good thing I was all over it when he opened, because he read "unfortunately but your income was not sufficient for the amount you asked for"

 

Asked for $25k to match Navy CC

 

I then take the letter with a WHAT?... DECLINED! Was about to go postal when I see a money sign and my eyes dart down the page to...

"We can however offer you $16,200!".  He has to stop in the branch and accept it, I'll update once he does that and gets the APR, that wasn't in letter.

 

They also pulled EX  Fico stage 2 or something (forget the wording?) and it's a 776, which he remarked that is not good at all! (Silly Teir 1 Credit Borrowers!)

I may have left the garden 06/20/2016 Smiley Tongue
Partner Joined Garden 04/11/2016
Established Contributor
Posts: 635
Registered: ‎07-29-2010
0

Re: Wells Fargo Line of Credit... Anyone Have one?

[ Edited ]

I got the same letter this week.

 

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks! Smiley Happy

 

 

Discover IT $30K | FNBO Visa $25K | Citi Forward (grandfathered 5x Restaurants!) $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $15K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Southwest Premier $7.8K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity AMEX $7K | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Younkers/Comenity $2.4K | AMEX BCE $3K | Target $1K | EX FICO (from AMEX): 762, TU08 FICO (from Discover): 763, AAoA: 4.3 years
Epic Contributor
Posts: 28,344
Registered: ‎10-23-2007
0

Re: Wells Fargo Line of Credit... Anyone Have one?


andre181 wrote:

I got the same letter this week.

 

I don't plan on applying though. I know my income would prevent me from being approved. 

 

Being a college student with excellent credit and little income sucks! Smiley Happy


I guess it depends just how low that income is... something got you the offer! if you use them exclusively for banking... 

I may have left the garden 06/20/2016 Smiley Tongue
Partner Joined Garden 04/11/2016
Established Contributor
Posts: 635
Registered: ‎07-29-2010
0

Re: Wells Fargo Line of Credit... Anyone Have one?

I've been a very good Wells Fargo customer: Checking and Savings since 1998 (never had a bounced check), credit card since 2007 ($3600 CL, never late), auto loan ($13,499, paid off in 15 months never late), and numerous student loans (all paid in full and never late).

 

My income is limited. About $15,000/year. 

 

I already have $63,300 in revolving credit limits so I doubt they'd be willing to extend me anymore credit. And although I've proven that I'm very good with credit, I couldn't blame them for denying me if I applied.

 

Plus, I'm in gardening mode. I've got to let some inqs fall of from my last app spree.

Discover IT $30K | FNBO Visa $25K | Citi Forward (grandfathered 5x Restaurants!) $14.5K | US Bank Cash+ Visa Sig $15K | Priceline/Barclays $15K | Chase Freedom $10.5K | Amazon/Chase Visa Sig $8.3k | Southwest Premier $7.8K | BoA Cash Rewards 1-2-3 Sig $7.5K | Fidelity AMEX $7K | Citi Double Cash $6.5K | BoA Cash Rewards 1-2-3 Sig $7.5K | Sallie Mae World MC/Barclays $5K | Capital One Cash Rewards $5K | Commerce Bank $5K | WF Cash Back Visa $3.6K | Younkers/Comenity $2.4K | AMEX BCE $3K | Target $1K | EX FICO (from AMEX): 762, TU08 FICO (from Discover): 763, AAoA: 4.3 years
Valued Contributor
Posts: 1,361
Registered: ‎02-07-2010
0

Re: Wells Fargo Line of Credit... Anyone Have one?


andre181 wrote:

I got the same letter this week.

 

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks! Smiley Happy

 

 


I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.
EX BankCard 8 FICO 820 (250-900) 04/08/14
TU FICO 806 (350-850) 04/10/14
EX VT 3.0 805 (300-850) TU VT 2.0 891 (501-990)
Credit.com score 798 (300 - 850) TU transrisk 772
card line up here: http://ficoforums.myfico.com/t5/Credit-Cards/How-Many-Credit-Cards-Do-YOU-have/m-p/1034512#M290859
Epic Contributor
Posts: 28,344
Registered: ‎10-23-2007
0

Re: Wells Fargo Line of Credit... Anyone Have one?


scottwagnon wrote:

andre181 wrote:

I got the same letter this week.

 

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks! Smiley Happy

 

 


I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.

I agree, if you have brought them that much business and handled all that business very well, it for them and I believe for you should be looking at progressing you into even more relationships with them.

And althought I don't have Wells Fargo, I closed it when I no longer had direct deposit... but the credit card to use as pay advance is VERY Expensive in my opinion vs. this loc would be free if you move the funds yourself.  Plus with the potential of being as low as 7%, that is fantastic for a loc based on rates I have seen in past on locs and also what many "new" credit cards after promo' are going up to.

I may have left the garden 06/20/2016 Smiley Tongue
Partner Joined Garden 04/11/2016
Senior Contributor
Posts: 3,841
Registered: ‎01-10-2008
0

Re: Wells Fargo Line of Credit... Anyone Have one?

[ Edited ]

Creditaddict wrote:

scottwagnon wrote:

andre181 wrote:

I got the same letter this week.

 

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks! Smiley Happy

 

 


I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.

I agree, if you have brought them that much business and handled all that business very well, it for them and I believe for you should be looking at progressing you into even more relationships with them.

And althought I don't have Wells Fargo, I closed it when I no longer had direct deposit... but the credit card to use as pay advance is VERY Expensive in my opinion vs. this loc would be free if you move the funds yourself.  Plus with the potential of being as low as 7%, that is fantastic for a loc based on rates I have seen in past on locs and also what many "new" credit cards after promo' are going up to.


Yes, in theory, but Wells is not known for their great degree of responsiveness in valuing strong banking histories. Nonetheless, agreed- there is merit to the notion that they may be more amenable than andre seems to think based on his future earning potential and very impressive level of performance on nice roster of products at WF. Just wish he was talking about another lender (like USAA, for e.g.) IMO WF too frequently turns a blind eye to customers w/ profiles that've earned them many other excellent options and is not infrequently willing to lose good business, rather than further enage/ reward them.

DCU EQ 5.0, Citi EQ 08 Bankcard, PenFed EX NG2
EX 08: Amex, Chase, PSECU EX 98(?)
TU 08: Barclays, Discover

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.