09-07-2012 08:42 AM
I applied for a Wells Fargo consolidation loan about 3 weeks ago. They finally called me yesterday and wanted to discuss my application. I was at work, so the nice woman told me that she would send me an email with a number to call when I was free. I followed the email to a secure message site and was told that I needed a cosigner. I do not know anyone that could or would be willing to be a cosigner on my loan. I get the feeling that they tell most people that they need a cosigner.
I called the number and was told that my debt was too high. I applied for $39,000 consolidation loan with a total of $91,000 in student loans, the rest are federal. I make $55,000 a year, and I live with my parents so that I can try to pay down this debt faster. My Equifax FICO score, when they pulled it, was 761. I have paid all of my loans, on time, for the last 22 months. The only reason that I applied for this loan was to try to lower my interest rate. I don't need to lower my payments or extend the terms of the loan.
I don't want anyone here to think that I feel entitled to get this loan, or don't understand where Wells Fargo is coming from. I understand that they want to limit their risk, and I also understand that I am biased towards thinking that I am low risk (although I think that my credit score and report is proof of that).
My real frustration came from the person that I talked to telling me the same thing over and over, and Wells Fargo's policy against letting me talk to the underwriting department. The only thing that I was told was the I need a cosigner. I wanted to have a discussion with someone who was a specialist about credit and what I would need to do before I could be approved on my own. The only people that I was allowed to talk to were specialists on the loans themselves.
This maybe more a vent than anything else, but if anyone knows how to talk to the underwriting departmen, that would be much appreciated.