05-06-2010 09:37 AM
My husband called last week to see if he could get a loan but instead they told him to apply for a line of credit from. They went through the app and the rep came back and said he was approved for $6k. They told him what the apr should be and asked him if there were any balances that he would like to move over. Well fast foward to today he got a wells fargo visa cc with a limit of $5700 in the mail. He's at work so he can't call them right now but i called the loan officer at the branch that he spoke/applied with and am waiting for a call back. We don't have no other accounts with them and i'm wondering if this is a bait and switch or do they put a line of credit to a cc since we don't have any accounts with them.
Dh really thought he applied for a line of credit not a cc since we don't need anymore than what we have. I'm p'oed right now cause even the rate that they told him isn't right. They said it was 6.99% and the card says that's only for 6 months then it goes to 18.99%. I also don't see the transfers that dh asked them to do. Anybody have any experience with them.
05-06-2010 10:19 PM
A line of credit and and a credit card are both revolving credit (essentially the same). Balance transfers may take a little while to show up.
You got a good rate for 6 months.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO