Should I try applying for this line of credit?

Anonymous · ‎03-11-2015

Hey guys how's it going? I just wanted to inquire if you guys had a rough idea of if I'd be eligible for a WF personal (unsecured) line of credit or if I shouldn't bother:

My overview:

Income: 106k

Equifax: 723

Transunion: 670

Experian: 738

I have had a car lease for 10 months - paid off 37% of the total balance.

Wells Fargo Rewards Card: $1000 CL

Credit One CC: $600 CL (I hate this card)

Cap One Quicksilver: $1500 CL

Never missed a payment on anything. However, things that Ding my credit:

Short credit history - longest acct 1 year 3 months. Average age of accounts 8 months.

Quite a few credit inquiries. 11 in total for the past 2 years I believe... (Weird thing, though - I applied for a loan about a month ago and got denied, but yet my TU and EQ went up by 3 points)

Anyway, I bank with Wells Fargo and am interested in getting a 20k line of credit. With that information, do you think it's a pipe dream or should I pursue it? I've filled out the application and have been sweating bullets trying to decide if I should hit "submit", but figured I'd ask people more knowledgable about credit than I am.

Thanks for the input - the whole credit thing is hard for me to wrap my head around. I just pay my balances off at the end of every month and hope for the best.

takeshi74 · ‎03-12-2015

@Anonymous wrote:
Weird thing, though - I applied for a loan about a month ago and got denied, but yet my TU and EQ went up by 3 points

Denials don't factor into scoring. It's just the hard pulls in such cases. Also you're not accounting for all changes that impacted your score. If you're relying on monitoring alerts then be aware that the alerts do not cover all changes.

youdontkillmoney · ‎03-12-2015

Wells fargo is conservative and will definitely ask for documentation, th emany hard inquiries and rejection for a loan do not work in your favor. Try a credit union if you have membership, if not, then try waiting a year if you can hold off on a loan or PLOC.

I have a few PLOCs so I speak from experience:

Wells fargo

Citibank

Credit union - local

PenFed credit union

US Bank

lhcole77 · ‎03-12-2015

Welcome to the Forum. Your income and EX and EQ scores look strong. Is there something on your TU report that is pulling that score down? Seems too low compared to others.

I'm a WF customer as well. A friend of mine who used to work there says he normally saw EX pulled (though not 100% of the time). He said they also look at average daily balance of all deposit accounts over last year.

Have you checked the Products and Offers tab when you log into your account? I've received LOC offers here before, though, again, it's no guarantee.

20K might be high for a short credit history. Would you accept less?

Anonymous · ‎03-12-2015

Do you need the line of credit? With your income, I don't see why you wouldn't get approved. They may ask for proof of income, so be prepared.

Anonymous · ‎03-12-2015

Yeah - the TU is lower for a few reasons that I'm trying to work out. Their personal information like name/address are off. But the major thing is this collection I got 2 years ago before I knew what credit was. Luckily it didn't get reported on EX or EQ.

I'd settle for less - 10-15k would be good.

I'm looking for the extra money (obviously) but also because my car lease is over in about a year. And then I'll sign another for 2 years....and then another....and while I guess the credit cards will be racking up time consistently, I'm looking for a longer installment loan that can just lie dormant most of the time and give me longer history.