Wells Fargo vs. Wells Fargo Financial

[CreditDrama85]

what is the difference between wells fargo and wells fargo financial? after reading reviews on this site i noticed the different names and then noticed that there are two different websites. is one subprime and one prime? im confused.

[fused]

Depending on how it's coded in your CRs, Wells Fargo is prime and Wells Fargo Financial is not.

[Kooliad]

So True

[Anonymous]

I had no clue they were different.

Wells Fargo Financial was calling me for like 3 weeks straight and I knew I paid my car loan so I had no clue why they were calling but I didn't plan to answer.

One day I decided to answer and they were calling to offer me a Platinum card. Do you know why they made the offer? Because I paid my HIGH interest car loan for 12 months in a row. Thought it was a great deal at first of course...I did nothing and they were giving me a card.

They asked if it was okay to check my report. I said yes because I thought I wouldn't get it anyway. They sent the card and I got it in 3 days and they didn't even pull my report. I see they have like 4 soft inquiries though but I've opted out since then because everyone and their mother was checking in on me.

$2500 CL with like an 15-18% APR or something. Don't have it in front of me. But I knew if I got it then my score would get a boost because more open credit.

Even though they're gouging me on my car at like 20% and whatever, they did help me when no one else would. If I didn't have negative equity from trading in my old car then they would refinance me but I can't because I owe over 160% of the current value.

Now that I'm in the mid 600s and my old chargeoffs are dropping, I should be able to refi with someone. Or include my car in a mortgage on one of my upcoming rehab projects.

Feels great when they just give you credit

[SpecFile]

Just spoke with my loan officer at wf and he said that there is no prime or sub-prime difference between wells fargo and wells fargo financial.  He said that wells fargo financial mainly deals with people who have alot of money.  He said that if you were going to purchase a building or something you would do that through WF financial. 

[Anonymous]

Hi SpecFile,

I think that your loan officer @ Wells Fargo is incorrect.  There is a difference between Wells Fargo and Wells Fargo Financial.

Wells Fargo is a bank and is a prime lender.  Wells Fargo Financial is a branch of Wells Fargo Bank that specializes in sub-prime lending. 

This is the quote from Wells Fargo's site that explains the difference:

(source: https://www.wellsfargo.com/personal_credit/products/questions/product)

10. Do you make loans to customers who don't have perfect credit?

Yes. Depending upon your situation, you can apply for a secured loan using a Wells Fargo Savings or Time Account (CD) as collateral. Or Wells Fargo Financial, a nationwide subsidiary of Wells Fargo & Company, specializes in lending to customers with less than perfect credit.

[Anonymous]

Wells Fargo Bank is an FDIC intstitution reports to the U.S. Comptroller of The Currency.

Wells Fargo Financial is a state licensed company ( subsidiary of WFB ). With less supervision, reporting and licensing requirements it was made as a "subprime" investment vehicle for the parent comany.

Same goes for CitiBank and CitiFinancial.

The bank issuies bonds for it's subsidiary and if it looses money inturn, the parent comany has it off it's books. Basically a scheme if you can simplify it. Not a serious business. Usually run by ex - real estate agents, loan officers and used car salesmen.

[SpecFile]

Hi Jenn,

You are right.  My loan officer works for Wells Fargo Home Mortgage which is one of many subsidiaries of Wells Fargo.  He was probably just guessing and figured I wouldn't know the difference between a right and wrong answer.

I sure have news for him now don't I. 

[Anonymous]

When I had a checking account with Wells Fargo, I applied for a Visa online, and I noticed on the application that they would forward the application to their subsidiary Wells Fargo Financial for consideration. I was denied by Wells Fargo because my FICO at the time was something like 570, but one day out of the blue I got the Wells Fargo Financial Visa card. $2500 CL $30 AF and 24.24% APR. I then learned the difference between the two companies: Wells Fargo is prime, and Wells Fargo Financial is not.

About 8 months later (just before I found MyFico forums!) I called and wanted to close the card with a balance of something like $2K. I expected them to be like Cap One and just say "OK! Bye!", but they asked me what they could do to keep me as a cardholder. I said to drop the annual fee and the APR to something like 14.9% and increase my credit. I heard tapping on the keyboard, then she said "all right. We can give you 11.99% APR and no annual fee" Ka-Ching! Credit Increase can only come after 12 months of card membership.

For some reason, after I have passed the 1 year anniversary, I still can't get a CLI, but I am at a $0 balance and it is in the sockdrawer.

So I would say keep the card, but as usual, never be late, don't run it up etc etc etc

And unlike Cap One, they report credit limits!