Has anyone had this happen with Wells Fargo?

SemperGumby · ‎01-07-2013

So I applied for for an auto loan through Wells Fargo and the person over the phone told me it was declined but not before sayng they have no idea why. Said that they had seen people with an equifax well lower than mine, 622 at the time of the pull get approved with 10% rates. This was with an income of almost $54000 and requesting a loan of $23-24000.

The person who took my application is going to call me on Tuesday to let me know what his supervisor said after he speaks with him.

StartingOver10 · ‎01-08-2013

What is your debt?

If its not credit related it has to be because your DTI is too high.

Find out what your debt to income is right now. Remember they are using the min payments for the balances shown on your cr report, so if there is other information like extra income or not as much debt, that will affect your approval too.

SemperGumby · ‎01-08-2013

DTI is roughly 35%

StartingOver10 · ‎01-08-2013

Was the 622 score from Wells Fargo or is that a score you had before you applied?

@SemperGumby wrote:
DTI is roughly 35%

SemperGumby · ‎01-08-2013

622 is what Wells Fargo told me. I double checked it on here. Even checking my credit report there has never been a missed payment on an auto loan. The only thing I can think is possibly too many recent inquiries. But everything I have read says that is very uncommon denial reason on an auto loan.

SemperGumby · ‎01-08-2013

And the vehicle was a 2011 RAM 1500, 20k miles.

SemperGumby · ‎01-08-2013

I just spoke with Wells Fargo, someone said they were able to look back at the numbers and get it approved. However it was $16000 max and 21.49%. The guy on the phone even said the credit score should have been a lower interest rate but Wells holds the old missed payments against me. Well, I guess it's time to do some gardening.

pizzadude · ‎01-08-2013

Yowza, even if they approved you for more, I would run away quickly from that interest rate......

March2010 FICO® ~ 695 TU, 653 EQ, 697 EX

StartingOver10 · ‎01-08-2013

@SemperGumby wrote:
I just spoke with Wells Fargo, someone said they were able to look back at the numbers and get it approved. However it was $16000 max and 21.49%. The guy on the phone even said the credit score should have been a lower interest rate but Wells holds the old missed payments against me. Well, I guess it's time to do some gardening.

I agree with Pizzadude!

So to interpret what they were saying, it was DTI because given their interest rate your payment is going to be enormous.

Go to a CU instead. Or work on your score a little and then go to a CU. I would run away from Wells Fargo, especially at that rate.