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Wells Fargo Financial & Util Question

Established Member

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)
2 REPLIES
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Established Member

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)