02-22-2008 05:22 AM
02-22-2008 06:35 AM
02-22-2008 07:07 AM - edited 02-22-2008 07:08 AM
02-22-2008 07:16 AM
Elexi21 wrote:I have this card as well. I got it to use for my down payment when Wells Fargo couldn't do 100% financing when I purchased my home 2 years ago (dumb, I know!).Wells Fargo Financial is the subprime division of Wells Fargo. In addition to the insane 19% interest, they also charge a fee when you withdraw cash using this card - which is the only way you can use it other than requesting a check that you write out. It doesn't function as a credit card, but does report as "revolving" and reports your credit limit and current balance each month.I called recently to see if they could increase my limit which is currently $5K, and the rep said they can't do CLI's on those cards and transferred me to see if I wanted to get a HELOC "NowLine" of credit.I think this card is useless once I pay it off. Maybe just let it sit on my report reporting my limit. I also thought maybe they would do a product change to a regular credit card, but I doubt it because they are subprime anyway, so I'm not sure I would want one of those cards and I'm not sure they would change it to a regular Wells Fargo credit card.Just my thoughts...
Message Edited by Elexi21 on 02-22-2008 07:08 AM
02-22-2008 08:00 AM
02-22-2008 09:07 AM
Account is Open
Maybe this helps?? I guess it does state "Line of Credit", however there is the credit card icon at the top and it does state "Revolving." No negative factor that has been listed for me though that I've noticed...
02-22-2008 01:16 PM - edited 02-22-2008 01:18 PM
His reports on his as a revolving account too. I think we will just keep that little puppy in the sock drawer for now..possible ever for that interest rate...So Elexi there is no way to get a CLI on this card.he currently has a 1200 CL. Maybe to 5K?
02-22-2008 05:41 PM
02-22-2008 05:53 PM
IT WAS ME COWPADDI!!! *waves hands* well my BF rather..he has the cash on demand card NOT a WF CC...this i know for sure and it reports a a revolving line of credit. I think i might get him to ask if they can go lower on that interest rate or give a CLI. No worries about the BT thing I have never done one and don't need to at the moment.
cowpaddi wrote:Cheddar: The line of credit that I was speaking of with regards to WFF is the cash on demand. The myfico report that I have does not ding it as a cfl.Whoever had that 19.9% they do offer lower rates. Mine is at 18%. See if they will reduce your apr.You can also do a bt by calling them. I think this is the only way to avoid a bt fee. But with their rates the apr on the card transfering from would have to be quite high.
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.
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.