Wells Fargo Personal Loan - Horror Story

[Anonymous]

My husband and I applied for a personal loan to consolidate debt due to unemployment for a time period and medical bills. I have fair credit around a 675 and my husband has great credit about a 760. We went together because he makes the great money and I have the credit history (he's new to the country). Before we went in to apply for the loan we checked our credit on all 3 bureaus and as expected everything is clean and perfect. Applied for the loan yesterday, today we found out it was denied due to negative collections on my husbands credit. We called experian, equifax, and transunion all said they have no reportings of any negative accounts. Called wells Fargo talked to the underwriters and multiple customer service reps but they are still insisting there is negative information on there. We are completely flabbergasted at how they can see negative reportings and no one else can. I am now in the process of disputing their inquiries. I will never bank with Wells Fargo after this and I will tell everyone I know to stay away from them.

Has anyone else had this happen to them and how did they fix it?

[Anonymous]

I'm sorry that happened. Is there any way you can go into a local branch and discuss what the negatives are with an account manager? You may also want to check out your Chex and EWS reports. I believe most major banks look at those also for their internal scoring. best of luck to you.  

[mrsno]

Did you apply online? Print out your credit reports as pulled directly from the 3. Go to a local branch, sit down with a loan officer, show them what you have and have them show you what they have.

[Anonymous]

---

@mrsno wrote:

Did you apply online? Print out your credit reports as pulled directly from the 3. Go to a local branch, sit down with a loan officer, show them what you have and have them show you what they have.

---

Agree...

[Anonymous]

JKaya53 - in dealing with Wells Fargo I can only wish you the best!!!

[redbeard]

A small catch sometimes working directly with a bank.....

Did you check the Chex system?  If he has an unpaid bounced check or a closed account with a negative balance, they may be seeing this and denying based on that alone.  Pure lenders don't normally check this, but banks frequently will.

Also, when you get the denial letter, it will tell you what they checked, make sure you look at why.  Frequently, they throw everything on the letter so you need to look at what you weren't expecting to see.  I'm sure they pulled a different report.

Dan

[Anonymous]

We applied at a branch. First of all the guy who did it put our loan under employee loan so that is causing all kinds of issues too. And nof we find out WF ran my husbands name incorrectly so they decided to run it a second time without telling us!

My husbands credit is pretty new, he's new to the country. The only account he's had here is tmobile which we still currently use and BOA with is connected to our new joint account. I'm going to tomorrow to talk with the branch manager and bringing all of our scores. It's just ridiculous.

[ddemari]

Sorry you are having to deal with that. I hear such iffy and positive things about Wells Fargo.