Wells Fargo PLOC

[Anonymous]

I was denied for a wells fargo ploc because of insufficient relationship history . (apped the same day i made a checking account)

what does it take to establish a good relationship with wells fargo?

[Anonymous]

1. Bend

2. Over

I tried to resist replying, I honestly did.

[FloydWonder]

I was approved for the $10k I asked for on the PLOC app around May this year after holding a checking account with WF for about a year. F8 scores were in the 670s at the time. One paid collection on file from October 2016. Had two CCs that were less than 1y in age, one of them being a Cash Wise, so go figure. Something to note, they did triple pull me for the PLOC app.

I'd suggest getting a PLOC from a different institution. I could have received a lower interest rate my local CU, but instead am sitting at 13.5% with WF. I only use my PLOC to write checks for rent, and then PIF before the statement closes. The three checks they give me with each mailed statement is kind of nice, saves me from actually ordering a book of those relics.

[Anonymous]

Did u have direct deposits or seasoned a significant amount of money for duration of the year before you applied for the ploc?

[FloydWonder]

I did. WF became my primary banking institution, and therefore my salary was deposited into my checking account from the get-go. Current income is ~44k annually, debt obligations were (and are) a $325 monthly car payment. I hold a few grand in savings there as an emergency fund, and transfer the overflow to my investment account.

I think when I applied, I was holding about $6k between my WF accounts. Also, the 'reason' I chose on the app was the one about establishing credit. I didn't pick any that were talking about making large purchases or remodeling a house.

[redheadtempe36]

Bumping an old thread but I was recently approved for a Wells Fargo PLOC.

The good:

Applied in the morning.  Got a call to verify my identity in a few hours, approved 30 minutes later.  Available on line the next day.  No documentation requested.

The "meh":

$25 annual fee

No grace period (which I'm not surprised - it is a cash loan)

15% rate (which isn't bad - it is lower than any of my credit cards, but still not outstanding or anything)

The bad:

$7500 limit.  This isn't really "bad", but in retrospect, considering I was approved on the spot for it with no documentation, I should have asked for like $20,000 and see what they came back with for an offer.  I asked, and a credit line increase is a hard pull, and you have to go through the whole approval process again.

It can't be used as overdraft protection.  This REALLY surprised me.  I haven't bounced a check since I was in my 20's, but still.  Plus, Wells let you use your credit card for overdraft protection so I don't get it.  You can of course manually transfer the funds if you go into the negative, but it isn't automatic.  I called and verified this, but I may call back in a few months to see if I get a different answer.

It can't be accessed at an ATM.  You can't go to an ATM and withdraw $500 in cash off the line of credit.  You can't transfer funds from it at an ATM.  You can transfer funds within their app, and then withdraw them, so not a huge deal, but annoying.

Been with Wells 7 years.  Have checking, savings, CD, credit card, and a past auto loan.  FICO of 691 off Experian.