Wells Fargo PLOC

[TrueGeminiNC]

Has anyone had any luck with a Wells Fargo PLOC.  I am considering moving my banking (currnetly split between BOA & Citi) solely to Wells Fargo in an attempt to consolidate everything.  Also, I plan to apply for a mortgage in the coming months.  Conversely, I wanted to attempt to build a relatinship with WF.

I am wondering if the underwritting guidelines are very strict for a Wells Fargo PLOC.  I moved 15K to Wells Fargo when I opened my checking & savings account the other day.  I told the banker that I would move another $15K if the PLOC is approved.  

From reading the forums, everyone appears to consider WF as a more conservative lender.  But, its interesting that they lead the big banks in mortgage loan originations.  

Thoughts?

[Anonymous]

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@TrueGeminiNC wrote:

Has anyone had any luck with a Wells Fargo PLOC.  I am considering moving my banking (currnetly split between BOA & Citi) solely to Wells Fargo in an attempt to consolidate everything.  Also, I plan to apply for a mortgage in the coming months.  Conversely, I wanted to attempt to build a relatinship with WF.

I am wondering if the underwritting guidelines are very strict for a Wells Fargo PLOC.  I moved 15K to Wells Fargo when I opened my checking & savings account the other day.  I told the banker that I would move another $15K if the PLOC is approved.  

From reading the forums, everyone appears to consider WF as a more conservative lender.  But, its interesting that they lead the big banks in mortgage loan originations.  

Thoughts?

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You are going to get a fair amount of negative responses so I will chime in with positive feedback.  Wells (previously Wachovia) has been my primary bank for 20+ years.  They do tend to be conservative but I have had nothing but tremendous experiences with them in regards to customer service.  I do not have a PLOC with them but they have been generous with all my credit needs.

[youdontkillmoney]

I have PLOCs with:

Wells Fargo: $11,200 (13.75%)

Citibank: $9,000 (12.99%)

LA Financial Credit Union: $20,000 (15%)

PenFed: $1,000 (10.25%)

US Bank: $5,000 (9.25%)

I have checking and saving with all of those banks, though I mainly use Wells Fargo, Bank of America and First Republic.

I also have credit cards with all of the above named banks.

My FICO is about 780+

NO delinquencies, lates, or any baddies since 1991 (when I turned 18 and got my first CC).

Wells is conservative and they asked for all sorts of financial docs to prove income.

My tactic was to open checking and savings and a credit card with them to build a relationship and show my creditworthiness in paying my cards with them, then apply for a PLOC after 3 months.

I was for approved for all PLOCs on the first try, except PenFed, even after recon I was denied. It was a few months later when I tried again I got approved for $1,000. Which I don't care since I just want a PLOC opened with them. I didn't negotiate the credit lines or interest rates with any of them, just took what they offered since I don't really use them all that much.

Good luck.

[Anonymous]

Currently a PB for WF. Their underwriting is very conservative. They will only double whatever credit limit you have. You can qualify anywhere from $3000-$100,000. Good payment history (least 2 years or more) and no baddies whatsoever needed to be approved for any unsecured credit. Debt to income ratio cannot be over 30%, the lower the better. Rates will be variable and if you have a relationship with them, with $25k+ combined deposits you can have a portfolio management account which will give you a relationship discount. They like to see a good amount of time with them with good balances in your accounts.

[youdontkillmoney]

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@Anonymous wrote:

Currently a PB for WF. Their underwriting is very conservative. They will only double whatever credit limit you have. You can qualify anywhere from $3000-$100,000. Good payment history (least 2 years or more) and no baddies whatsoever needed to be approved for any unsecured credit. Debt to income ratio cannot be over 30%, the lower the better. Rates will be variable and if you have a relationship with them, with $25k+ combined deposits you can have a portfolio management account which will give you a relationship discount. They like to see a good amount of time with them with good balances in your accounts.

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^^^^^

good info from an insider...thanks!