topic Re: Wells Fargo Line of Credit... Anyone Have one? in Credit Cards

Wells Fargo Line of Credit... Anyone Have one?

Creditaddict — Fri, 27 Apr 2012 05:49:39 GMT

I was shocked when my Partner handed me a special "Thank You" letter from Wells Fargo asking him to apply for an unsecured line of credit and taking .75% off rate established if auto-paid. First I have not really seen any banks offering "Unsecured Lines of Credit" outside of CU since the credit crash.

Has anyone else seen this one, have experience?

He has been with Wells since the beginning I think and has a credit card that was opened with checking for overdraft and it had not been used in over 5 years $8600, I just got him to put Cable on it, so it reports (not dormant)

The rate range is 7%-19.75% - Clearly a 7% and then a .75% off would be amazing!! but not sure what they are looking for for that.

Also doesn't mention how much you can get, What's Max?

Best part is the only fee is $25/Annually, No BT Fee, No Cash Advance Fee!

Re: Wells Fargo Line of Credit... Anyone Have one?

Anonymous — Fri, 27 Apr 2012 06:24:39 GMT

I know US Bank offers a LoC. I haven't heard of any banks discontinuing this product. I have heard WF was closing LoC for customers not using it regularly.

Re: Wells Fargo Line of Credit... Anyone Have one?

scottwagnon — Fri, 27 Apr 2012 06:52:46 GMT

@Creditaddict wrote:
I was shocked when my Partner handed me a special "Thank You" letter from Wells Fargo asking him to apply for an unsecured line of credit and taking .75% off rate established if auto-paid. First I have not really seen any banks offering "Unsecured Lines of Credit" outside of CU since the credit crash.
Has anyone else seen this one, have experience?
He has been with Wells since the beginning I think and has a credit card that was opened with checking for overdraft and it had not been used in over 5 years $8600, I just got him to put Cable on it, so it reports (not dormant)
The rate range is 7%-19.75% - Clearly a 7% and then a .75% off would be amazing!! but not sure what they are looking for for that.
Also doesn't mention how much you can get, What's Max?
Best part is the only fee is $25/Annually, No BT Fee, No Cash Advance Fee!

his story is almost identical to mine. i never received a letter, however, when i called to increase my credit limit, they told me i was pre approved for their unsecured LOC. i don't want it, and because first off, it has an annual fee of 25.

second of all and most importantly, my card comes with an online bill pay advance with no fees! i can send anyone a check online and they can cash it for the amount i sent it. i only pay for the interest on the date that it was sent. and because it is treated as if it were a purchase, and because i have a 0 promo on purchases, i get to do this for free!

Re: Wells Fargo Line of Credit... Anyone Have one? UPDATE

Creditaddict — Sat, 05 May 2012 22:29:19 GMT

Came in the mail today... Good thing I was all over it when he opened, because he read "unfortunately but your income was not sufficient for the amount you asked for"

Asked for $25k to match Navy CC

I then take the letter with a WHAT?... DECLINED! Was about to go postal when I see a money sign and my eyes dart down the page to...

"We can however offer you $16,200!". He has to stop in the branch and accept it, I'll update once he does that and gets the APR, that wasn't in letter.

They also pulled EX Fico stage 2 or something (forget the wording?) and it's a 776, which he remarked that is not good at all! (Silly Teir 1 Credit Borrowers!)

Re: Wells Fargo Line of Credit... Anyone Have one?

andre181 — Sat, 05 May 2012 23:15:31 GMT

I got the same letter this week.

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks!

Re: Wells Fargo Line of Credit... Anyone Have one?

Creditaddict — Sat, 05 May 2012 23:13:01 GMT

@andre181 wrote:
I got the same letter this week.

I don't plan on applying though. I know my income would prevent me from being approved.

Being a college student with excellent credit and little income sucks!

I guess it depends just how low that income is... something got you the offer! if you use them exclusively for banking...

Re: Wells Fargo Line of Credit... Anyone Have one?

andre181 — Sat, 05 May 2012 23:19:09 GMT

I've been a very good Wells Fargo customer: Checking and Savings since 1998 (never had a bounced check), credit card since 2007 ($3600 CL, never late), auto loan ($13,499, paid off in 15 months never late), and numerous student loans (all paid in full and never late).

My income is limited. About $15,000/year.

I already have $63,300 in revolving credit limits so I doubt they'd be willing to extend me anymore credit. And although I've proven that I'm very good with credit, I couldn't blame them for denying me if I applied.

Plus, I'm in gardening mode. I've got to let some inqs fall of from my last app spree.

Re: Wells Fargo Line of Credit... Anyone Have one?

scottwagnon — Sun, 06 May 2012 03:48:30 GMT

@andre181 wrote:
I got the same letter this week.

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks!

I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.

Re: Wells Fargo Line of Credit... Anyone Have one?

Creditaddict — Sun, 06 May 2012 03:59:37 GMT

@scottwagnon wrote:
@andre181 wrote:
I got the same letter this week.

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks!

I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.

I agree, if you have brought them that much business and handled all that business very well, it for them and I believe for you should be looking at progressing you into even more relationships with them.

And althought I don't have Wells Fargo, I closed it when I no longer had direct deposit... but the credit card to use as pay advance is VERY Expensive in my opinion vs. this loc would be free if you move the funds yourself. Plus with the potential of being as low as 7%, that is fantastic for a loc based on rates I have seen in past on locs and also what many "new" credit cards after promo' are going up to.

Re: Wells Fargo Line of Credit... Anyone Have one?

score_building — Sun, 06 May 2012 08:41:35 GMT

@Creditaddict wrote:
@scottwagnon wrote:
@andre181 wrote:
I got the same letter this week.

I don't plan on applying though. I know my income would prevent me from being approved. Being a college student with excellent credit and little income sucks!

I don't agree with this; lenders see the pursuit of achieving a college degree a good reason for the lack of income. Andre, if you were pre approved for a wells Fargo LOC, I would take their word for it. I believe wells Fargo is promoting their LOC more so than most banks. After all, I already have and I believe every wells fargo card holder has a LOC feature built in to their card. It is called bill pay advance.
I agree, if you have brought them that much business and handled all that business very well, it for them and I believe for you should be looking at progressing you into even more relationships with them.
And althought I don't have Wells Fargo, I closed it when I no longer had direct deposit... but the credit card to use as pay advance is VERY Expensive in my opinion vs. this loc would be free if you move the funds yourself. Plus with the potential of being as low as 7%, that is fantastic for a loc based on rates I have seen in past on locs and also what many "new" credit cards after promo' are going up to.

Yes, in theory, but Wells is not known for their great degree of responsiveness in valuing strong banking histories. Nonetheless, agreed- there is merit to the notion that they may be more amenable than andre seems to think based on his future earning potential and very impressive level of performance on nice roster of products at WF. Just wish he was talking about another lender (like USAA, for e.g.) IMO WF too frequently turns a blind eye to customers w/ profiles that've earned them many other excellent options and is not infrequently willing to lose good business, rather than further enage/ reward them.

Re: Wells Fargo Line of Credit... Anyone Have one?

scottwagnon — Sun, 06 May 2012 09:40:25 GMT

CD, I don't know where you are getting the idea that the bill pay is expensive, because it's quite inexpensive. I borrowed 800 dollars for 2 weeks; it only costed 4 dollars, going by the purchase rate of 15.56%. I am currently doing a promo apr, so now I can borrow the same amount for the same amount of time for free! I need to post the statement to prove this.

Re: Wells Fargo Line of Credit... Anyone Have one?

Creditaddict — Sun, 06 May 2012 18:34:09 GMT

@scottwagnon wrote:
CD, I don't know where you are getting the idea that the bill pay is expensive, because it's quite inexpensive. I borrowed 800 dollars for 2 weeks; it only costed 4 dollars, going by the purchase rate of 15.56%. I am currently doing a promo apr, so now I can borrow the same amount for the same amount of time for free! I need to post the statement to prove this.

Sorry, not to familiar with some of the options, but I spoke with a rep at some point about OverDraft protection with no line, with line, with credit card... and this is not to transfer yourself, this is if they had to transfer... the fees to pull from credit card was very high. I was use to Chase that was $10 from my credit card.

Re: Wells Fargo Line of Credit... Anyone Have one?

scottwagnon — Sun, 06 May 2012 22:15:24 GMT

Creditaddict wrote:

Sorry, not to familiar with some of the options, but I spoke with a rep at some point about OverDraft protection with no line, with line, with credit card... and this is not to transfer yourself, this is if they had to transfer... the fees to pull from credit card was very high. I was use to Chase that was $10 from my credit card.

No. this is not overdraft transfer or cash advance. they offer a service called "online bill pay advance". it requires you to send payment in the form of a check online to the payee of your choice. i pay my landlord and electric this way. my landlord gets a paper check and FPL receives electronic cash payment. in any event, the payee never has to accept any fees for payment. so NO fees issued to EITHER payee or payer. but you have to do this online only.

like discover's cashover, you are only charged interest with the wells fargo credit card account as if it were a purchase. however, there is no grace period, and the moment the payment is sent to the payee, you accrue interest from that moment on. however, unlike discover's cashover, you can transact up to 10k per day; unline discover cashover, where you can only do 100 per day per card.

Re: Wells Fargo Line of Credit... Anyone Have one?

Creditaddict — Sun, 06 May 2012 22:17:57 GMT

@scottwagnon wrote:
@Creditaddict wrote:

Sorry, not to familiar with some of the options, but I spoke with a rep at some point about OverDraft protection with no line, with line, with credit card... and this is not to transfer yourself, this is if they had to transfer... the fees to pull from credit card was very high. I was use to Chase that was $10 from my credit card.

No. this is not overdraft transfer or cash advance. they offer a service called "online bill pay advance". it requires you to send payment in the form of a check online to the payee of your choice. i pay my landlord and electric this way. my landlord gets a paper check and FPL receives electronic cash payment. in any event, the payee never has to accept any fees for payment. so NO fees issued to EITHER payee or payer. but you have to do this online only.

like discover's cashover, you are only charged interest with the wells fargo credit card account as if it were a purchase. however, there is no grace period, and the moment the payment is sent to the payee, you accrue interest from that moment on. however, unlike discover's cashover, you can transact up to 10k per day; unline discover cashover, where you can only do 100 per day per card.

Wait, I'm confused... Are you paying with a check because you can't sent Electronic Payments to a person or you are taking an advance because you don't have the money to cover it?

I was only talking about covering negatives and overdraft options.

Re: Wells Fargo Line of Credit... Anyone Have one?

scottwagnon — Sun, 06 May 2012 22:35:36 GMT

@Creditaddict wrote:
Wait, I'm confused... Are you paying with a check because you can't sent Electronic Payments to a person or you are taking an advance because you don't have the money to cover it?
I was only talking about covering negatives and overdraft options.

i am indeed paying my landlord with a check that is both printed and sent by wells fargo. i never see or print the check that they send to my landlord.

yes, i am paying my landlord and electric bill through credit and not my checking; this is part of my objective to assure 99.9 percent of all of my spending goes through credit.

i also enjoy the option to have piece of mind when sending a paper check via online bill pay advance to my landlord, knowing that he could claim that he did not receive the check or that the check could get lost; in any event i am covered as i just cancel the check and start over never having to touch my checking account.

as soon as my landlord cashes his check at wells fargo of course, wells fargo sends me a confirmation that the check has been cashed. as soon as i receive this notification, i pay the balance in full (usually both electric and landlord runs about the same time). the great thing about this, if i am short on funds in checking, i can wait it out as long as i need to with the interest rate of 15.56 (right now its 0!) i think i did wait it out a day or two once or twice.

Re: Wells Fargo Line of Credit... Anyone Have one?

score_building — Sun, 06 May 2012 22:51:55 GMT

OT: I send no fee check or electronic payments through billpay from AFCU cc at 8.X...USAA at 10.X and pay immediately, decent rates in a pinch though. Both AFCU and USAA cc are attached to their respective checking accounts as secondary (no fee) OD.