Credit Cards Center Credit cards from our partners
Valued Member
Posts: 35
Registered: ‎08-30-2010

Wells Fargo Unsecured Personal loan denied

OK, I will try to explain my situation which is really not good.


I have 4 credit cards with 19 000 debt Smiley Sad

I have Unsecured Personal loan of 12 000 on which 2600 is left

I have car loan of 21 000 on which 2000 is left 


I tried to apply with Wells Fargo 24000 Unsecured personal loan ( to collect all on one place)  and I was denied.


My pro: 

-I was never late . neither a day with any loan

- I pay my car 54 months, and personal loan for three years

- I am paying 1300 a month for all bill, one loan will be only 550-700 a month


My Con:

- My credit card debt is terrible

- My Fico is 669 and 645 

-I don""t own a house, so I can not use secured loan, but I don't pay rent as wel


My banker told me I was denied , because they are not sure I will not built my credit card debt again. Maybe it will be a joke for you, but I am 1000 % sure i willn ot, since I have plan to close them all.

I know, i should wait few months ( by January 2011 I will pay off my car, by April my loan) and then re apply again.


But I am tired of this cards and would like to see them closed as soon as possible.Is it possible to send them a letter, to re evaluate my loan application, If I promises to close cards somehow to them? is it possible to go somewhere else ( credit union0 even though I am not member, and I am asking for 24 000 unsecured loan)  ?


Anybody that can help me? Thanks.

September 2010: EQ 628, Trans 634, Expir. 641
November 2010: EQ 671, Trans 671, Expir 692
December 2010: EQ 682 Trans 672 , Expir 692
June 2011: EQ 685 Trans 688 Expir 708
Goal : 730
Epic Contributor
Posts: 22,522
Registered: ‎03-19-2007

Re: Wells Fargo Unsecured Personal loan denied

Wow!  I sympathize with your desire to consolidate these debts, hopefully at a lower interest rate.

But, if I put myself in the shoes of the prospective lendor, you are in fact asking them to assume all obligation for payment of debt that you have accrued with others.

Your history, with no offense intended, is to build high, and thus risky, revolving CC debt.  Promises to not do that again are not normally things lendors give a lot of credence to in their lending decisions. Inability to secure the requested credit is also a large factor.

What are your credit limits on each of your revoving cards, and thus your % utilization of each?

I would concentrate on reducing % util on your revolving (CC) debt before putting emphasis on early  paying off your installment debt.  Installment % util is not a large factor in FICO scoring.

Revolving % util is.


New Visitor
Posts: 1
Registered: ‎01-27-2010

Re: Wells Fargo Unsecured Personal loan denied

Have you tried Lending club? Here's the link!

Super Contributor
Posts: 5,703
Registered: ‎10-06-2007

Re: Wells Fargo Unsecured Personal loan denied

A DMP program is FICO score friendly and may lower you interest rates and give you a single payment for up to 5 years.

11/28/2014 FICO: EQ: 796 EX:788 TU:803

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 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.