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Videogamesrock

Wells Fargo LOC

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Blake,

 

I have a 698 experian....maybe 175k in sales...what were your numbers, if you dont mind me asking? And, what do you think they are looking at the most, the actual fico score? Or, the revs?

They did a hard pull from Experian. I had a 705 score. I show about 250k per month in deposits per month in my account. I think they want a relationship.

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Blake,

 

I have a 698 experian....maybe 175k in sales...what were your numbers, if you dont mind me asking? And, what do you think they are looking at the most, the actual fico score? Or, the revs?

They did a hard pull from Experian. I had a 705 score. I show about 250k per month in deposits per month in my account. I think they want a relationship.

 

Thanks, much higher revs than mine. I guess my better bet is to try with my credit union then.

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We were denied. 723 FICO, 203K in revenue with $115k in income.

 

Reason no relationship and too high debt to credit? None are above 10% on any of my cards.

 

I do have $500,000 in real estate debt, but that wasn't an issue.

 

Kind of disappointed, the app sat on the desk of the underwriter for 3 weeks untouched.

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Video,

Those are pretty good #S. Do you have a decent amount of business credit card debt? Just wondering why they would say that. If you cant get approved for anything with that score and revs, dont know who would get approved. The other guy in this thread had a lot more revenues, but, a lot of small businesses dont have those kind of numbers, and need funding to get there.

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Business cc debt is $380.00. It boils down to not having an account with them. I'm going to get my CC's down to zero and open an acct then reapply. Wish bankers weren't so useless not knowing about their products.

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Yes I had to PG. we just switched our credit card processing with Wells so I figured I would try. My banker told me that Wells is a "relationship " bank, so since I have accounts with them... 50k or less was no doc LOC. Anything over 50 and they need tax returns etc. so we applied for 50k. 2 days later I received a call for verification and then she said she could approve us. 13.25% but I don't plan on revolving long. I am planning to use the 50k then once it reports I will pay it off in full. That should boost

I'm tempted to open a biz WF checking account now. You think a WF Biz cc will help the relationship enough for a Biz LOC later on?

 

I keep getting these offers in the mail for my biz from WF. I have to stop throwing them out haha.

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Turns out you have to have business savings or checking with them for at least a year before you can apply to their cc.

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Turns out you have to have business savings or checking with them for at least a year before you can apply to their cc.

oh I didn't realize this

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If someone requests more than the $50k (no docs), what will they ask for?

Usually tax returns and PNL and last 3 months bank statements

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