topic Re: Home Projects Wells Fargo VISA in Credit Cards

Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:10:19 GMT

Hi guys,

So my 14 year old furnace and A/C are at end of life and we need to start planning on replacing them in the Fall - so we don't risk a heatless week in the middle of winter if they were to fail.

I am in a Debt Management Plan (almost done) and I am not allowed to open any new revolving credit - there are no problems with installment loans (I applied and received a mortgage and a car loan while in the DMP) but the pricing specialist for the HVAC company told me the financing they use which is via Wells Fargo reports as a VISA product called Home Projects.

My husband doesnt have great credit, I think he is in the 600-620 range right now after paying off some collections and stuff. We definitely dont have time to tackle a full-on rebuilding effort with him because we're waiting for most of his baddies to stop reporting in January. Do you guys think he can get approved for this product? Everywhere I've read it says they are considered a sub-prime and that they will approve in the bottom of the 600 range (according to Credit Karma). Anyone have any information? The offer is 0% for 12 months which is perfect because we both get bonuses for work in March and can pay it off immediately.

Thoughts?

Astrid

Re: Home Projects Wells Fargo VISA

myjourney — Wed, 24 Jul 2013 21:26:04 GMT

@Anonymous wrote:
Hi guys,

So my 14 year old furnace and A/C are at end of life and we need to start planning on replacing them in the Fall - so we don't risk a heatless week in the middle of winter if they were to fail.

I am in a Debt Management Plan (almost done) and I am not allowed to open any new revolving credit - there are no problems with installment loans (I applied and received a mortgage and a car loan while in the DMP) but the pricing specialist for the HVAC company told me the financing they use which is via Wells Fargo reports as a VISA product called Home Projects.

My husband doesnt have great credit, I think he is in the 600-620 range right now after paying off some collections and stuff. We definitely dont have time to tackle a full-on rebuilding effort with him because we're waiting for most of his baddies to stop reporting in January. Do you guys think he can get approved for this product? Everywhere I've read it says they are considered a sub-prime and that they will approve in the bottom of the 600 range (according to Credit Karma). Anyone have any information? The offer is 0% for 12 months which is perfect because we both get bonuses for work in March and can pay it off immediately.

Thoughts?
Astrid

What type of loans,CC's do you have now and balances on them?

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:36:17 GMT

I have 2 closed credit cards with balances being paid off by DMP - Amex 6K and Wells Fargo $900.

I have one open credit card that they allowed me to keep open for work expenses: Capital One Best Buy Master Card with $750 limit and $350 balance.

I have one car loan (20K balance) one mortgage loan (175K balance) and one student loan (1K balance).

That's all I got. My last EX and TU credit scores were 660 and 673.

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:39:43 GMT

It depends on how Wells Fargo labels that product as. If its an installment loan you shouldn't have an issue. If its a revolving line of credit you might not qualify due to the DMP. It's best to talk to a banker to find out.

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:41:07 GMT

^^^ plus will WF approve with a cc in DMP regardless if its an installment loan?

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:43:23 GMT

It is a VISA card and I definitely cannot apply for it.

From my investigation they call it a "dual" line of credit. So they extend you a credit limit - say $1200 - when you apply through your HVAC provider and then the company doing the job calls in what the amount of the project will be and they extend you the additional amount as an installment. However, it reports as a revolving credit line (credit card) not an installment loan and it reports only the part of it that was extended as a credit limit. The installment part doesnt appear anywhere unless you like stop paying and get charged off.

Just wondering if anybody knows what kind of scores are needed to get approved so I can make DH file the app.

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:46:22 GMT

@Anonymous wrote:
It is a VISA card and I definitely cannot apply for it.

From my investigation they call it a "dual" line of credit. So they extend you a credit limit - say $1200 - when you apply through your HVAC provider and then the company doing the job calls in what the amount of the project will be and they extend you the additional amount as an installment. However, it reports as a revolving credit line (credit card) not an installment loan and it reports only the part of it that was extended as a credit limit. The installment part doesnt appear anywhere unless you like stop paying and get charged off.

Just wondering if anybody knows what kind of scores are needed to get approved so I can make DH file the app.

You can check whogavemecredit or google search "credit pulls database". Hopefully those sites will have some info on scores required.

I think you should talk to a WF banker about this as well.

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 21:51:40 GMT

Thanks!

Re: Home Projects Wells Fargo VISA

CreditControl — Wed, 24 Jul 2013 21:54:35 GMT

My husband got this card a few years ago when we were redoing our kitchen but his scores would have been low 700s.

I wanted to clarify that it is reported as revolving and yes, the business puts the app through with the $ amount of the work but in my husband's instance he was approved for an amount more than just the work so this is possible. It was a 0% offer for 18 months I believe and the card also has a cash advance amount as a portion of the total limit.

Re: Home Projects Wells Fargo VISA

myjourney — Wed, 24 Jul 2013 21:55:49 GMT

@Anonymous wrote:
I have 2 closed credit cards with balances being paid off by DMP - Amex 6K and Wells Fargo $900.
I have one open credit card that they allowed me to keep open for work expenses: Capital One Best Buy Master Card with $750 limit and $350 balance.
I have one car loan (20K balance) one mortgage loan (175K balance) and one student loan (1K balance).
That's all I got. My last EX and TU credit scores were 660 and 673.

Does the DMP show on CR yet? If not contact CAP1 EO and shoot for the stars on a CLI first ....insist on SP

Then call wells and ask how this will be reported and take it from there

Re: Home Projects Wells Fargo VISA

Anonymous — Wed, 24 Jul 2013 22:01:30 GMT

I have been on the DMP for 3 years. I've already paid off more than 60K in debt. I have a few months left, but the repair is too soon. It has to be my husband that applies.

Re: Home Projects Wells Fargo VISA

Anonymous — Sun, 04 Aug 2013 01:37:46 GMT

As an update. He applied to this this afternoon - his TU score is 620 and he got an immediate denial. Guess I'm going to have to get a working fireplace to make it through the winter now.

Re: Home Projects Wells Fargo VISA

djc1puno — Sun, 04 Aug 2013 06:56:26 GMT

Sorry to hear...perhaps another avenue will open up for you...gl!