Community Leader
Epic Contributor
Posts: 26,021
Registered: ‎03-19-2007
Re: Wells Fargo Unsecured Personal loan denied

Wow!  I sympathize with your desire to consolidate these debts, hopefully at a lower interest rate.

But, if I put myself in the shoes of the prospective lendor, you are in fact asking them to assume all obligation for payment of debt that you have accrued with others.

Your history, with no offense intended, is to build high, and thus risky, revolving CC debt.  Promises to not do that again are not normally things lendors give a lot of credence to in their lending decisions. Inability to secure the requested credit is also a large factor.

What are your credit limits on each of your revoving cards, and thus your % utilization of each?

I would concentrate on reducing % util on your revolving (CC) debt before putting emphasis on early  paying off your installment debt.  Installment % util is not a large factor in FICO scoring.

Revolving % util is.