Hi all,
I'm new to the community but have been reading so much into rebuilding my fico score and credit history since making bad decisions a long while ago. So here's alittle bit of my story I banked with Wells Fargo back in 2005 and after a year or so I messed up and my account got closed and years later again I think in 2015 I reopened a checking and savings account with Wells Fargo again. Finally after all the bad stuff fell off on my credit reports I applied for a Wells Fargo Platinum back in February 2021 and got approved for $1,000 SL after about 6 months I finally had my first fico scores after so long I think they were around 692-696.
Then I applied for this Tomo Mastercard in 6/2021 and got approved in mid 7/2021 for $2k, they go off on what you have in all your accounts combine and do not do a HP (I had alot more than $2k so not sure what happened there with my SL with Tomo). So by the time 10/2021 came around Tomo finally reported to EQ only and it dipped my EQ score by around 47 points (Why so much of a dip??) I was around 750 with EQ before that happened 😔. I was really bummed out because I thought the 2nd card would help, then I decided to get some more information on rebuilding, and other stuff. On my CR's it kept saying that I need an installment loan or something like that so I finally decided after debating for weeks to go ahead and apply for a WF unsecured personal (my average age was about 9 months only). The Tomo card dropped my age for EQ to 6-7 months.
I decided to call WFP C.S., asked for a CLI on 11/16/21, they did a SP but only gave me a $300 CLI, and I also asked for a product switch that same day to the WF Active Cash. I got approved for a switch then decided to apply for the unsecured personal loan on 11/18/21, I got approved yesterday for $3k at 11.99% with a 0.25% savings on top of that since I've a relationship with WF, I know it is abit high but I gotta start somewhere, right?? I went for 36 months but am planning to pay most of it off after it reports and then make the monthly payments of less than $100 (WF sets up automatic payments so I could also keep the 0.25% savings). I want to boost my Fico scores higher and I will let my accounts age too. So WF did pull my EQ Fico Score 9 at 732. I had 1 HP from 2/2021 and payments always made on time and I always paid more and left a small balance to report. When I applied for the PL I had $15 reporting on my WFP and I had money in checking/savings but did not want to use those. Hopefully things will get better in time so that when I am ready to buy my first home I could (in better market conditions). Hopefully that helps someone if they're with WF and ever decides to take a chance with a PL or something. **Note: WF doesn't have secured personal loans anymore.**
My fico scores across the boards for Fico 8 as of today: EQ: 717 TU: 771 EX: 769 not sure what EQ will be like because WF checked into my all CR's I haven't seen my scores drop yet so maybe after a month I'll know??? or I guess whenever WF starts reporting the new loan account, right???
**I forgot to mention that I live in Minnesota and when I first applied for my loan I had notifications sent telling me that WF PL&L did HP's on all 3 credit reports??? Does anyone know why they do that??? For my first CC with WF they only HP my EQ.**
