Inside a bank, the DTI certainly comes into play with any loan, whether auto, unsecured or mortgage.
1111mel wrote:
With auto loans DTI doesn't matter. The top score wins the prize with autos. The mid score and DTI wins the prize with a mortgage loan.
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
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Leggo, you are right, Wells Fargo has not wanted to do consumer loans for sometime now. When everyone else (1.5 years ago) was doing HELOCs at 95-100% LTV, they were at 90% max. They also were among the first to raise the score requirements to get a HELOC.
leggo wrote:
Went for a new auto loan in August. Applied with Wells Fargo Internet. Was given a loan for 28k at 7.75% with a 771 EX. Got to dealer to pickup truck and he said FICO was 815 and gave me 5.8% thru Bank West. Dealer even called Wells Fargo Dealer Finance and they quoted a rate higher than my 7.75%. Dealer says he can't understand how my book any loans. I told him it's b/c they don't want to book any. Too many bad HELOC's and that WF was a subprime bank anyways. WTF Wells. T. Fargo?
Starting Score: 469Current Score: 824
Goal Score: 850
Highest Scores: EQ 850 EX 849 TU 850
Take the myFICO Fitness Challenge