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Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?

Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?

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.**

Message 1 of 6
5 REPLIES 5
CreditInspired
Super Contributor

Re: Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?

Hi OP

 

It's good you've recovered and are back on track to building a nice credit profile. I just want to note that the personal loan is not an installment loan. Example of an installment loan is either a mortgage or auto loan.


Please work hard on paying that $3K off well ahead of schedule. The monthly interest alone is ~$30--earning WF a healthy profit of ~$8-900 over the life of the loan. Yikes!


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 2 of 6
OmarGB9
Community Leader
Super Contributor

Re: Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?


@CreditInspired wrote:

Hi OP

 

It's good you've recovered and are back on track to building a nice credit profile. I just want to note that the personal loan is not an installment loan. Example of an installment loan is either a mortgage or auto loan.


Please work hard on paying that $3K off well ahead of schedule. The monthly interest alone is ~$30--earning WF a healthy profit of ~$8-900 over the life of the loan. Yikes!


Why do you say that personal loans aren't installment loans? Of course they are. Installment loans aren't just limited to auto and mortgage loans. Installment loan also covers furniture, personal, consolidation, and student loans.


Last App: 05/30/2021
Capital One Auto Refinance Loan

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 3 of 6
gingerflower
Valued Contributor

Re: Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?

@OmarGB9 

+ 1 agree thank you for the info..

Message 4 of 6

Re: Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?

Hi,

Thanks! I am planning to pay off half of it or more when it first reports and I get my first payment taken out. So hopefully this loan will help with mix credit instead of my credit cards only.

Message 5 of 6
CreditInspired
Super Contributor

Re: Unsecured Personal Loan from Wells Fargo. Reporting/Score Impacts?


@OmarGB9 wrote:

@CreditInspired wrote:

Hi OP

 

It's good you've recovered and are back on track to building a nice credit profile. I just want to note that the personal loan is not an installment loan. Example of an installment loan is either a mortgage or auto loan.


Please work hard on paying that $3K off well ahead of schedule. The monthly interest alone is ~$30--earning WF a healthy profit of ~$8-900 over the life of the loan. Yikes!


Why do you say that personal loans aren't installment loans? Of course they are. Installment loans aren't just limited to auto and mortgage loans. Installment loan also covers furniture, personal, consolidation, and student loans.


Oops, my bad. Thanks @OmarGB9 for the correction. 


|| AmX Cash Magnet $40.5K || NFCU CashRewards $30K || Discover IT $24.7K || Macys $20K || NFCU CLOC $15K || CitiCostco $12.7K || NFCU Platinum $12.5K || Apple Card $7K || BOA CashRewards $6K
Message 6 of 6
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