Reply
Established Member
Posts: 44
Registered: ‎05-10-2013
0

Wells Fargo Financial & Util Question

Hi All,

 

I spent some time searching these forums and I did not find anything relating to my question...

 

My family and I bought a house a little over a year ago. Around that same time we purchased some furniture and we financed through Wells Fargo. We are in process of paying off a lot of the furniture debt that we accumilated and my question is this... Does the Wells Fargo Furniture loans count against my overall utilization? I'm hoping that it's not the case since if you ask for 3k then they give you 3k, which means your maxed out almost immediately, and I know it's not good to max out any one account. But can you let me know please. I'm trying to figure out if we should pay down CCs first or Wells Fargo Loans first (which has 12-24 month 0% apr promos).

 

Thanks so much for the help and guidance.


Starting Score: 520s (BK7 in 09/08)
Current Score: EQ 676, TU 662 (MyFico Scores)
Goal Score: 700 Club


Take the FICO Fitness Challenge | In the Garden until 10/2013 | Last App in 04/13 (Barclay Card & Cap1 CLI)
Moderator
Posts: 13,755
Registered: ‎04-15-2011
0

Re: Wells Fargo Financial & Util Question

That would depend, is the WF a revolving account?  If so, it would count against your util, if it's an installment, then no.



Starting Score: 504




July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
Posts: 44
Registered: ‎05-10-2013
0

Re: Wells Fargo Financial & Util Question

I finally figured out that the WF accounts were open revolving accounts. I guess Ill pay them off then. Thanks for the help. Much appreciated.


Starting Score: 520s (BK7 in 09/08)
Current Score: EQ 676, TU 662 (MyFico Scores)
Goal Score: 700 Club


Take the FICO Fitness Challenge | In the Garden until 10/2013 | Last App in 04/13 (Barclay Card & Cap1 CLI)
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 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.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com 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.