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Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
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Wells fargo requirements

I talked to wells Fargo and was told their minimum requirement is 600 and that my recent 30 day late in December and January on my one credit card does not necessarily mean I need to wait an entire year before trying for a mortgage. I want to buy in august and right now my middle score is 547 (lender pulled) but it has gone up some recently and I am pretty confident I can get a 600 or 620 in six months. I will have 12 months with no late pays on all accounts except the one. I sent a stack of gw letters out today including to the one card that had the recent 30 day lates. However I am not real hopeful they will remove them. Your thoughts? Do I have a shot at a mortgage in six months? I only want 100,000 or so I have longterm employment, make just over 40k and if I pay off my small cards my debt payment is 170 and 90 a month.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Established Contributor
Posts: 945
Registered: ‎02-07-2011
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Re: Wells fargo requirements

It's almost impossible to predict what will happen with scores because everyone's experience is different, but it's definitely possible to gain 50-70 points in 6 months. What are the exact negative marks on your credit reports and do you have any revolving debt? Paying down revolving debt (e.g. credit cards) is the absolutely fastest and easiest way to get a score increase.

 

On a sidenote about Wells Fargo, many people here have reported that WF will actually go down to a score of 580, but requires a minimum of %5 down for a middle score less than 620.

 

Good luck!

Mid-2010 Starting Scores: FAKO EQ 476 FAKO EX 506 FICO TU98 575
Jan 2012 Current Scores: FICO EQ 604 FICO EX ??? TU98 623
Feb 2012 Goal Scores: EQ 620 EX 620 TR 620 (or just the middle to be 620!!)
Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
0

Re: Wells fargo requirements

I can do 5 percent if need be and yes I will be working hard these next six months to pay down my revolving debt.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
0

Re: Wells fargo requirements

I have three paid collections, one unpaid, a short sale that is three years out, and then the revolving debt and one car loan. The revolving debt will have 12 months no late pays exCept the one credit card. I sent a stack of gw letters out today on the paid collections, a credit card and the car loan that had just one 30 day late in June and a gw to fia card services asking them to remove the December and January 30 day late pay. Other then that the plan is to pay down the revolving and hope that atleast one or two of the gw letters work and something gets deleted. Wells Fargo suggested I leave the unpaid collection alone because we do not want to restart the clock but I may need to pay it at closing. Since it's only 270.00 that wouldn't be a big deal so for now we will leave it alone.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Valued Contributor
Posts: 1,863
Registered: ‎09-20-2011
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Re: Wells fargo requirements

Six month old lates are going to hurt bad but you likely won't know for sure until you get to UW.  Typically they want one year of no lates but exceptions can be made. 

Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
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Re: Wells fargo requirements

Yep if I can't get a gw removal on those let's hope for an exception. We will see. I am going to wait about a month see who responds to my letters and then go into a wells Fargo branch and talk to someone.
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
0

Re: Wells fargo requirements

It will actually be seven months I know that is not a huge difference but maybe....
Equifax my fico 629
Transunion my fico 669
Experian fako 663
New Contributor
Posts: 64
Registered: ‎06-22-2011
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Re: Wells fargo requirements

I am in a similar situation.

I had a short sale closed in March 2010.  After the short sale reported, my creditors reduced my credit limits.  I also had a few medical collections.  Anyway, right after the short sale closed, I paid off all medical collections and sent out GW letters.  That didn't work.  I disputed with all 3 credit agencies.  I asked them to send me the contract with my signature on it, otherwise, they're not mine and should be deleted immediately.  After two months, all medical collections were gone from my reports.  I saw the light :-).  I started using my credit cards wisely and setup automatic minimum payment + $50 five days before the due date.  I sat back and watched my scores climbing slowly from 538 to a mid FICO score of 676 as of a few days ago.

 

My LO said I qualify for up-to 635k if I have 20% down payment.  But, no no, I am looking for something under 300k for easier payment :-)

 

So, I'd suggested that you try to send a PFD to get rid of that $270 and your score will jump at least 40+ points.  Google PFD for sample letter.

 

G'luck.

 

BTW, thanks for the info on WF.  I might also check with them or Chase to see what they got to offer.

FICO scores Experian: 693; Equifax: 656; TransUnion: 707

Goal: 700+ on at least two reports
Frequent Contributor
Posts: 293
Registered: ‎01-12-2012
0

Re: Wells fargo requirements

I send a Pfd and they deny me will it restart the clock?
Equifax my fico 629
Transunion my fico 669
Experian fako 663
Valued Member
Posts: 33
Registered: ‎10-25-2012
0

Re: Wells fargo requirements

I was just denied a FHA Wells Fargo pre-approval with a high credit score of 676 and a mid score of 637. He told me I had to wait 3 months and see if my mid score goes up 3 points.

 

He told me I had to have a 640 mid score to qualify. I thought Wells Fargo did FHA loans at 620, I was wrong.

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