Wells Fargo Personal Loan

Anonymous · ‎09-06-2018

So I applied for a joint loan with my husband today on Wells Fargo.

My credit score in the 600-610 range, his is in the mid 700s. I have a lot of collections/charge offs, he has nothing . Been with Wells Fargo now 10+ years.

I was expecting a denial but when applying they sent in email telling us to log In to check the loan status. It says “in process” but when you check the loan details it says loan amount $7000 , approved amount $7000 , APR 11.25%.

Does anyone know the process they normally have? I don’t want to get too excited , just amazed they are letting me take out a loan from them with my horrible credit, even though my husband is on it. Just wondering if someone has had the same only to log in the next day to see it denied?

Anonymous · ‎09-07-2018

Not a Wells Fargo account member, but if it says approved amount is 7k and they have assigned you an interest rate, I would say you're good to go!

Anonymous · ‎09-07-2018

Well I hate to say it but we both got an email today saying it was denied. I’m so mad . I kind of get it, I have crap credit , but my husbands score and report are clean , clean , clean. Nothing bad on there. The only reason we did it joint was to help for income requirements.

I’m mad aswell because how did it get an approval on the system and an apr yet deny the loan still in the end?

I’m just about done giving up on getting a loan for anything, I have applied to so many places and keep getting a denial.

Anonymous · ‎09-08-2018

I’m sorry to hear you were denied and feel angry about it. Is the purpose of your loan to consolidate high balance credit cards? If so maybe using the snowball method and spending the next few months paying down your cards and not using them will improve your scores? I always say that if a bank denies you a loan it means that at this moment you cannot afford it and it’s a blessing in disguise not to get deeper in debt. Best wishes and good luck!

Anonymous · ‎09-09-2018

We are trying to payoff some collection accounts, my husand applied for a marcus loan and was apporved instantly in literally 5 minutes. Signed docs and money is coming tuesday. 9.9 % APR over 36 months. Just sad that our own bank denies us but some other random lender approves us no issues.