topic Re: Wells Fargo Inside info... in Credit Cards

Wells Fargo Inside info...

zeusta20 — Sat, 23 Mar 2013 09:15:01 GMT

So, I am an employee of WF. I had applied one of my clients for a Line of Credit and she got declined. Had a 783 Fico Score, Gross income was about 4k... BUT, her DTI was about 81%. Her and her husband had a 1st and 2nd mortgage. But since they got those together, since she was applying for the PLOC on her own, that messed up the whole DTI. When I spoke to the underwriter to try to talk to her to get her approved, she also mentioned (I don't know if she slipped up or what), that the MAXIMUM that WF looks at when approving loans/LOC is to have a DTI of no more than 55%.

Some pretty useful info when I heard that.

Just thought I'd share with you all

Re: Wells Fargo Inside info...

dodgerslv — Sat, 23 Mar 2013 15:43:10 GMT

@zeusta20 wrote:
So, I am an employee of WF. I had applied one of my clients for a Line of Credit and she got declined. Had a 783 Fico Score, Gross income was about 4k... BUT, her DTI was about 81%. Her and her husband had a 1st and 2nd mortgage. But since they got those together, since she was applying for the PLOC on her own, that messed up the whole DTI. When I spoke to the underwriter to try to talk to her to get her approved, she also mentioned (I don't know if she slipped up or what), that the MAXIMUM that WF looks at when approving loans/LOC is to have a DTI of no more than 55%.

Some pretty useful info when I heard that.

Just thought I'd share with you all

thanks for the info zeusta. WF is my main bank and at least this will be helpful if i ever do need a LOC down the road.

Re: Wells Fargo Inside info...

zeusta20 — Sat, 23 Mar 2013 15:49:24 GMT

No problem

I was glad I found out that info. Even though someone may work for a bank, they still don't know the ins and outs because we're not given all the info since we have direct contact with customers.

As far as credit card reviews go...I know they review them every april and october. So if you're looking to have an increase in CL, or graduate to the unsecured, then you wanna have the best activity (low UTL) around those times of the year.

Re: Wells Fargo Inside info...

Open123 — Sat, 23 Mar 2013 16:07:32 GMT

Good information. Always suspected and knew they had a DTI ratio in mind, but had never been privy to a hard figure.

Thanks!

Re: Wells Fargo Inside info...

shorrttyycm1 — Sat, 23 Mar 2013 16:33:07 GMT

Thanks for the info...very helpful!

Re: Wells Fargo Inside info...

Creditaddict — Sat, 23 Mar 2013 16:33:23 GMT

My partner was pre-approved for "Personal Line of Credit" back last year "up to $25k" and he was approved at $16,200, which they said was max with income stated. He also has a Wells Credit Card that he NEVER uses for $8600. Keep you posted, Monday or Tuesday we will be applying for Business Credit Card and probably a Business Line also!

Re: Wells Fargo Inside info...

dodgerslv — Sat, 23 Mar 2013 16:44:52 GMT

@zeusta20 wrote:
No problem

I was glad I found out that info. Even though someone may work for a bank, they still don't know the ins and outs because we're not given all the info since we have direct contact with customers.

As far as credit card reviews go...I know they review them every april and october. So if you're looking to have an increase in CL, or graduate to the unsecured, then you wanna have the best activity (low UTL) around those times of the year.

yeah...my card is eligible for graduation next month (had it since Jan 2012) Do you think giving me an auto CLI without needing additional funds and only having a 5 annual fee instead of the usual 25 is a good sign that indeed my card become unsecured? My utility is around 9-10%

Re: Wells Fargo Inside info...

gen-specific — Sat, 23 Mar 2013 16:47:16 GMT

10 months ago a Wells Fargo bank manager called me unsolicited about getting a LoC for $10,000

this turned into the most convoluted run around I had ever seen in my life, needing tax documents which I didn't have for the past two years and alternatively a 4056T, I think it was because I said independent contractor instead of mentioning a corporation I worked for! All for $10,000 , I say that now, but then it would have matched my highest limit

fast forward to now, I multipled my wells fargo credit card limit from $5000 to $15,000 on stated income, possibly online.

Makes me think "**bleep**"

anyway what is a "DTI?"

Re: Wells Fargo Inside info...

dodgerslv — Sat, 23 Mar 2013 16:57:27 GMT

@gen-specific wrote:
10 months ago a Wells Fargo bank manager called me unsolicited about getting a LoC for $10,000

this turned into the most convoluted run around I had ever seen in my life, needing tax documents which I didn't have for the past two years and alternatively a 4056T, I think it was because I said independent contractor instead of mentioning a corporation I worked for! All for $10,000 , I say that now, but then it would have matched my highest limit

fast forward to now, I multipled my wells fargo credit card limit from $5000 to $15,000 on stated income, possibly online.

Makes me think "**bleep**"

anyway what is a "DTI?"

first of all congrats on the increase and DTI i think means Debt to Income ratio?

Re: Wells Fargo Inside info...

SnackTrader — Sat, 23 Mar 2013 17:01:27 GMT

Yes, it means Debt to Income ratio.

Re: Wells Fargo Inside info...

youngandcreditwrthy — Sun, 24 Mar 2013 00:40:49 GMT

In regards to personal finance, it's generally accepted to NEVER exceed 50% dti...

There is what is called "front end" dti
And "back end" dti..
I think this is right. It's been a while since I had that class. One measure just includes mortgage,
The other includes all "consumer debt" min pmts and installment loan payments.

I feel like a mortgage would limit my credit limits LOL. Having a mortgage sounds horrible!

Re: Wells Fargo Inside info...

thom02099 — Sun, 24 Mar 2013 02:24:44 GMT

Question for the OP:

I have a Wells Fargo Platinum Visa and I also have a mortgage with WF. I'm sitting at $7K CLI on the card, have had it a while, only one CLI.

Does WF do auto-CLI in conjunction with looking at other accounts such as a mortgage, and granting CLI based upon having multiple accounts with WF? Or do they take more of a "big picture" approach and look at just scores and credit report?

Re: Wells Fargo Inside info...

zeusta20 — Sun, 24 Mar 2013 07:55:43 GMT

@thom02099 wrote:
Question for the OP:

I have a Wells Fargo Platinum Visa and I also have a mortgage with WF. I'm sitting at $7K CLI on the card, have had it a while, only one CLI.

Does WF do auto-CLI in conjunction with looking at other accounts such as a mortgage, and granting CLI based upon having multiple accounts with WF? Or do they take more of a "big picture" approach and look at just scores and credit report?

Wells Fargo is pretty big on relationships. There's credit cards that would get declined due to lack of recent deposits in WF chk account, or lack of relationship with WF, etc. They also like to see activity on the CC too. If you have a high limit, but never use it, WF most likely won't want to give you an auto CLI. So to answer your question, the more of a relationship with WF that you have, and you carry good balances in your current chk and sav account, they'll be more open to CLI. They review every april and october. So thats the time where you wanna have your best activity.