What is needed?

[John060675]

I am kicking around the idea of taking out an unsecured personal loan from Wells Fargo, and I would like to know if anyone has gotten one from them.

I am interested in a $20,000 to $30,000 loan.  My information is as follows:

TU:  687

EX:  668

EQ:  662

1 charge off from 2003, 60 day lates from late last year.

Currently, all paid on time, 8 open accounts, 1% utilization rate.

No real assets to speak of, will own my car outright within 1 year (for what it is worth). 

Anyone know if I stand a chance, or if they would laugh me out of the bank?

Thanks for any ideas.

[CreditBob]

The problem is the charge off and your fico scores. You are very likely to get turned down. How long before the negative accounts fall off your credit report? When that happens, unless you can get them to have it removed early, then your score will go up. On your 1% utilization on your revolving accounts increase it between 3 & 5% and your score should go up. How much that it will go up, I have no anwer for that. It will depend on everything that is on your credit reports. Contact the creditor and if you ahve had an extenuating circumstance then tell them. But if anyoen who has been following the tv news the credit crunch is causing tighter and stricter loan requirements. One of them is having a higher fico score. The other ones are lates and other negative trade lines that are on your credit report. And last that I can think of is your overall length of your payment history-I am not talking about a few months to a year. i am talking about a few years, especially if coming out of a bankruptcy or ahving soem other public record. Late on child support will definately get you denied.