topic Re: Wells Fargo Financial National Bank in Credit Cards

Wells Fargo Financial National Bank

Anonymous — Tue, 11 Jul 2017 23:40:48 GMT

I'd like to apply at a local store for a cc. They said that they finance through Wells Fargo Financial National Bank. Does anyone know which cra they will be use? It is for a furntiture store called Slumberland if that makes a difference.

Thanks in advance!

Re: Wells Fargo Financial National Bank

TheVig — Tue, 11 Jul 2017 23:46:18 GMT

Not sure who they pull. Should be easy to get. Furniture store credit is typically the easiest to get. Only requirement is to be able to fog up a mirror. If you can't get approved, your credit profile has must be toast.

Re: Wells Fargo Financial National Bank

Anonymous — Tue, 11 Jul 2017 23:57:50 GMT

They seem to do a lot of the furniture places, I have my furniture account with them as well. Let me double check what they pulled for me.

Re: Wells Fargo Financial National Bank

Anonymous — Tue, 11 Jul 2017 23:58:55 GMT

Experian only for me

Re: Wells Fargo Financial National Bank

Anonymous — Wed, 12 Jul 2017 05:14:29 GMT

I know that Wells Fargo as a Bank will generally pull an Experian Version 2. Although for a store card I am not sure it its the same underwriting

Re: Wells Fargo Financial National Bank

JSS3 — Wed, 12 Jul 2017 14:03:14 GMT

When I applied for my Home Projects Visa, they pulled Transunion.

State: Pennsylvania

Re: Wells Fargo Financial National Bank

Anonymous — Wed, 12 Jul 2017 19:38:30 GMT

If they did TU that'd be great as its my highest score. EX is only at 694 and doesnt seem to ever budge unfortunately. Do they use Fico 8 or a different version?

Re: Wells Fargo Financial National Bank

EJMiv — Wed, 12 Jul 2017 20:49:39 GMT

I bought a Tempur-Pedic a few years ago, and their financing is through WFFNB. Was living in FL at the time, and sometimes geography affects which agency is pulled. They pulled TU for me, but can't speak to which version it was.

Re: Wells Fargo Financial National Bank

Anonymous — Wed, 12 Jul 2017 20:53:08 GMT

I live in the midwest, Iowa. I wonder if thats TU? I guess I could call the furniture store to see if they know but I highly doubt it.

Re: Wells Fargo Financial National Bank

Anonymous — Wed, 12 Jul 2017 23:12:41 GMT

@Anonymous wrote:
I'd like to apply at a local store for a cc. They said that they finance through Wells Fargo Financial National Bank. Does anyone know which cra they will be use? It is for a furntiture store called Slumberland if that makes a difference.

Thanks in advance!

Be warned that this type of financing is known as a Consumer Finance Account, or CFA and these types of accounts adversely impact your credit report for as long as the account is present. This means that if you close it 3 years from now, it will still be on your report hurting your scores for another 10 years. IMO, CFAs should be avoided. There's really no upside to them. Just apply for another 0% card and use that card to make the furniture purchase.

I speak from personal experience here. I purchased furniture back in 2013 and they used WFFNB. I had the cash to buy the furniture right then and there, but the sales rep twisted my arm into using their financing. He said it would actually "help" my credit when in actuality it hurt it (and still continues to hurt it to this day). At that time, I knew absolutely nothing about credit and didn't realize I was making a bad decision.

Another thing, I ended up paying off the account 6 or 7 months early, or at least I thought I did. I think it was 18 months of 0% and I attempted to make my final payoff in Month 11 or 12. Something happened though with my payment, which in retrospect WAS my fault, but there was $2.93 outstanding on the account that I was unaware of until many months later when I received something in the mail saying the account was still open and in serious delinquency. I ended up with a 90 day late payment on the account for $2.93. This dropped my credit scores by about 100 points. It took me OVER A YEAR of sending snail mail letters, phone calls, emails, etc. to get WFFNB to extend me GW and remove that late payment. For $2.93! Any human upon a MR could see that it was my intention to pay off the account in full and many months ahead of schedule. Anyway, between the CFA on my credit report and the unwillingness of WF to work with me on a very obvious hiccup I was quite rubbed the wrong way from the entire experience.

Re: Wells Fargo Financial National Bank

Anonymous — Thu, 13 Jul 2017 00:13:18 GMT

I'm curious as to why a CFA hurts a credit score? If it does then I'll rethink my plans

Re: Wells Fargo Financial National Bank

Anonymous — Thu, 13 Jul 2017 00:52:02 GMT

@Anonymous wrote:
I'm curious as to why a CFA hurts a credit score? If it does then I'll rethink my plans

CFAs historically have been the easiest form of credit to obtain. Back in the day, they were sort of viewed as "last resort" financing, when people couldn't qualify for a credit card on their own for example. As a result, they're viewed adversely by the FICO algorithm and many people have reported CFAs negatively impacting their scores for years. The kicker to me is that they continue to adversely impact your scores even after the account is closed and we all know that closed accounts stay on your credit report for another 10 years. For those that use monitoring software, many have reported negative reason codes stating something along the lines of, "Presence of a consumer finance account," which clearly means that FICO doesn't like seeing them.

Re: Wells Fargo Financial National Bank

Anonymous — Thu, 13 Jul 2017 01:00:36 GMT

Thanks for the input. I think I'll steer clear of that type of credit. I have worked so hard to rebuild my credit.

Re: Wells Fargo Financial National Bank

Anonymous — Thu, 13 Jul 2017 02:58:42 GMT

Sounds like the smart move during a rebuild. No one can say for sure how much a CFA may adversely impact a credit profile. It could be a few points; it could be 10. There's no way to know for sure. What we do know for sure though is that during a rebuild, every point matters. Once you achieve your credit goals and have 800+ scores maybe a CFA wouldn't be such a big deal, but I'd avoid them whenever possible.

It's pretty easy to avoid them too if you think about it, as aside from a 0% offer they really don't have any perks or benefits over a CC (assuming you can't get a 0% promo card).