topic Re: wells fargo financial cash on demand card in Credit Cards

wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 13:22:11 GMT

my boyfriend has one of these and was wondering if anyone has info on it. I don't think it has a AF he hasn't used it in like over a year (apr is 19.99%) and his credit limit is not to bad ($1250). I was wondering what does this report as and does it hurt him to have it on his credit report? Would it be beneficial to ask for a CLI?

Never uses it and alwasy gets those calls from them asking if he wants a home equity line of credit with them as well...he says no of course(no more hard pulls till next year!!)

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 14:35:45 GMT

Hi laila, I found this on WF's website:

http://financial.wellsfargo.com/consumer/personal/benefits.html

"Get quick and convenient access to the funds you need with a Cash on Demand® personal loan account from Wells Fargo Financial Bank. Whether you need to consolidate your high-interest credit cards into one convenient payment or simply pay unexpected bills, we have the solution for all your financial needs.

Cash on Demand Benefits:
* Revolving Line of Credit – No need to reapply when you need additional funds.
* Balance Transfers – Consolidate other bills and high-interest credit cards into one convenient payment.
* Emergency Cash – Your money is available 24/7 at ATMs so you will be prepared for whatever comes along.
* FREE Online Account Access – Get your balance and payment details, available credit, credit limit information and transaction history.
* FREE Online Payments – Make your Wells Fargo Financial Bank payments online. Schedule or cancel payments and see your 12-month payment history.
* No Annual Fee – There is no annual fee for your Cash on Demand account."

I'm no expert in the LOC area but I would THINK that it adds to the credit mix of credit instruments(like mortgage, cc's, car loans, LOC'S) that FICO likes to see, as credit mix accounts for 10% of his FICO score.

Let's let others chime in with their thoughts.

I love your tag: "apping spree or shopping spree...lesser of 2 evils???hmmm" ! I think it's one in the same! lol

MyFiCO forum is to credit, as TLC's What Not to Wear is to clothes! The joy is the same, isn't it?

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 15:08:58 GMT

I have this card as well. I got it to use for my down payment when Wells Fargo couldn't do 100% financing when I purchased my home 2 years ago (dumb, I know!).

Wells Fargo Financial is the subprime division of Wells Fargo. In addition to the insane 19% interest, they also charge a fee when you withdraw cash using this card - which is the only way you can use it other than requesting a check that you write out. It doesn't function as a credit card, but does report as "revolving" and reports your credit limit and current balance each month.

I called recently to see if they could increase my limit which is currently $5K, and the rep said they can't do CLI's on those cards and transferred me to see if I wanted to get a HELOC "NowLine" of credit.

I think this card is useless once I pay it off. Maybe just let it sit on my report reporting my limit. I also thought maybe they would do a product change to a regular credit card, but I doubt it because they are subprime anyway, so I'm not sure I would want one of those cards and I'm not sure they would change it to a regular Wells Fargo credit card.

Just my thoughts...

Message Edited by Elexi21 on 02-22-2008 07:08 AM

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 15:16:39 GMT

Elexi21 wrote:
I have this card as well. I got it to use for my down payment when Wells Fargo couldn't do 100% financing when I purchased my home 2 years ago (dumb, I know!).

Wells Fargo Financial is the subprime division of Wells Fargo. In addition to the insane 19% interest, they also charge a fee when you withdraw cash using this card - which is the only way you can use it other than requesting a check that you write out. It doesn't function as a credit card, but does report as "revolving" and reports your credit limit and current balance each month.

I called recently to see if they could increase my limit which is currently $5K, and the rep said they can't do CLI's on those cards and transferred me to see if I wanted to get a HELOC "NowLine" of credit.

I think this card is useless once I pay it off. Maybe just let it sit on my report reporting my limit. I also thought maybe they would do a product change to a regular credit card, but I doubt it because they are subprime anyway, so I'm not sure I would want one of those cards and I'm not sure they would change it to a regular Wells Fargo credit card.

Just my thoughts...

Message Edited by Elexi21 on 02-22-2008 07:08 AM

Hi Elexi,

I'm wondering if you have pulled your MyFICO reports lately. If you have, do you get a "negative factor" indicating you have "consumer finance loans," or something to that effect?

WFF installment loans typically report as CFLs. On a different thread I was soliciting opinions as to whether a CC from WFF would report as a revolving CFL, or whether there even is such a thing.

You've given a lot of information about how your WFF CC reports, but I'm curious if there's any indication on your CRs that FICO is treating it as a CFL. Thanks in advance.

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 16:00:50 GMT

i had a cash on demand card and a visa through wells fargo both reported as revolving and neither gave me the cfl ding. that came up when i accepted the citifinancial loan.

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 17:07:15 GMT

Line of Credit Wells Fargo Financial Ba

Status as of [?] Jan, 2008 Date opened [?] Jun, 2006 Date of last activity [?] Jan, 2008 Date paid out [?] Not Reported Date closed [?] Not Reported Account number [?] XXXXXXXXXXXX Loan type [?] Line of Credit Credit limit [?] $5,000 Largest past balance [?] $5,194 Terms [?] Not Reported Account Type [?] Revolving Account Account holder [?] Individual Account Scheduled payment amount [?] Not Reported Account status [?]

Account is Open

Maybe this helps?? I guess it does state "Line of Credit", however there is the credit card icon at the top and it does state "Revolving." No negative factor that has been listed for me though that I've noticed...

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 21:18:03 GMT

His reports on his as a revolving account too. I think we will just keep that little puppy in the sock drawer for now..possible ever for that interest rate...So Elexi there is no way to get a CLI on this card.he currently has a 1200 CL. Maybe to 5K?

Message Edited by laila08 on 02-22-2008 01:18 PM

Re: wells fargo financial cash on demand card

Anonymous — Fri, 22 Feb 2008 21:17:13 GMT

Thanks for the replies, everyone.

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 01:41:15 GMT

Cheddar: The line of credit that I was speaking of with regards to WFF is the cash on demand. The myfico report that I have does not ding it as a cfl.

Whoever had that 19.9% they do offer lower rates. Mine is at 18%. See if they will reduce your apr.

You can also do a bt by calling them. I think this is the only way to avoid a bt fee. But with their rates the apr on the card transfering from would have to be quite high.

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 01:53:30 GMT

cowpaddi wrote:
Cheddar: The line of credit that I was speaking of with regards to WFF is the cash on demand. The myfico report that I have does not ding it as a cfl.

Whoever had that 19.9% they do offer lower rates. Mine is at 18%. See if they will reduce your apr.
You can also do a bt by calling them. I think this is the only way to avoid a bt fee. But with their rates the apr on the card transfering from would have to be quite high.

IT WAS ME COWPADDI!!! *waves hands* well my BF rather..he has the cash on demand card NOT a WF CC...this i know for sure and it reports a a revolving line of credit. I think i might get him to ask if they can go lower on that interest rate or give a CLI. No worries about the BT thing I have never done one and don't need to at the moment.

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 05:09:50 GMT

Laila, to increase the cl you would probably have to do a new cash on demand loan. If you have paid off the current one and just want the higher limit to help with credit score apply for a new one and tell them you will close the old one when your new one comes in with a higher limit. If your scores have already approved you might get a better rate. You might also get a better rate due to the Fed having lowered there rates.

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 06:38:44 GMT

cowpaddi wrote:
Laila, to increase the cl you would probably have to do a new cash on demand loan. If you have paid off the current one and just want the higher limit to help with credit score apply for a new one and tell them you will close the old one when your new one comes in with a higher limit. If your scores have already approved you might get a better rate. You might also get a better rate due to the Fed having lowered there rates.

ohh sounds interesting..i might tell my boyfriend to do that in a few months( his account) wouldn't hurt...its currently collecting dust...no balance too

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 20:15:01 GMT

what score do you need for this card --and who do they check

Re: wells fargo financial cash on demand card

Anonymous — Sat, 23 Feb 2008 20:18:57 GMT

on me wf was always tu and a 640 or up used to be good.