Mortgage Loans

[Noah_Bodie]

Tried to get a $15K personal LOC with Wells Fargo Bank at 12%. Denied.

But, they refered us to Wells Fargo Financial and they approved DW and I.

• $7K installment loan (14.74% at $181 a month) on our free and clear 2000 Saturn
• $5K personal LOC at 18.9% (only pay on what we withdrawal, and no BT fees)
• $3K CC at 19 something % APR (already have one Wells Fargo CC, $4K at about 23% with 1-9 util)

Thought about trying a CU, but with the paying on collection from Penfed CU, it seems that all CUs have us blacklisted and filed in their "We Hate You" 3x5 card box.

Planning to use the $7K to PIF my old defaulted AMEX, and get back in their good graces. Then try to PFD the paying on collection--unless I can get 'em on a DV violation. Still researching it, but I think I'm gonna go ahead and talk with a lawyer. I'd rather pay a retainer than a PFD.

Tentatively planning to go sign the paperwork tomorrow on the loans. Gonna talk with DW and sleep on it.

[rcktman]

Hi Noah,

What are your ficos?  Do you think it helped to get all 3 at the same time?

[Noah_Bodie]

EQ is 595 today and was 593 on 5/10. EX was 582 on 5/10, TU was 634 on 5/10. EX and TU are probably within 5 to 10 points either way of what they were on 5/10. These are FICOs not FAKOs.

After WF Bank said no, I talked to someone at WF Financial, they confirmed info, then said they'd see what they could do. They came up with the 3 loan offer.

Told 'em I wanted to PIF the collection plus PIF about $1K in CC debt, and keep the rest as a reserve as we wanted to get in a house in the near future. Wanted the reserve in case a water heat blew or something. Figured that might wet their appetite in the hopes of me getting a mortgage with 'em soon.

Guy at WFF seemed to know what he was talking about. Said I had a good installment payment history (2 vehicles thru GMAC) and that installment debt was better than revolving.

[Tuscani]

I have a very good contact at WFF if you ever need it.

Message Edited by Tuscani on 07-20-2007 03:53 PM

[ficohelp]

Does Wells Fargo report the total amount due including finance charge to CB's or just the balance?