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ldeazy

Wells Fargo Business LOC

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Just got approved for 20k Wells fargo business line of credit. I had recently been denied over a year ago without a counter. Does anyone else have experience with wells fargo business loc? The rate was prime + 7.25


I have a favorable amount. In the low 700's credit score. Business have been in existence for over 10years.

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On 8/6/2018 at 12:15 PM, isol said:

i applied twice with no luck. any tips?

How many trade lines do you have open? like cc's? they like to see about 3-5.  I only had two. But really high amounts. What is the history of your business? Did you make some money in last yr/two tax return? Whats your credit scores looking like?

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I received a pre-approval from them for up to $100,000 and returned it. My personal ficos are 600-650 but business credit is pretty decent

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On 8/11/2018 at 8:04 PM, Kpwise509 said:

I received a pre-approval from them for up to $100,000 and returned it. My personal ficos are 600-650 but business credit is pretty decent

What documents did they ask you for before approval? Taxes? Or did they just go off what you put on the application, and your credit reports? 

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Posted (edited)

So, just to follow up. I was just approved for a Wells Fargo Business LOC. NO DOCS, just what was stated on the apps. I had applied for $50K, but only received $35K. Prime + 4.99% for the first year. No fee for the first year either. 

 

I have had my business banking account with them for nearly 3 years and I have been in business coming up on 3 years. They have seen money move in and out of my account. When I applied I had around six figures in my account. I was approved for a credit card 2 days prior to this LOC application for $15K. They hard pulled for the card and didn’t pull again for the LOC. That was great. 

 

My utilization on my reports is less than 1% and scores are EX 772, EQ 791, TU 775. 

 

Hope this helps some people. 

Edited by JayH33

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Congrats on the approval.  After you show some positive usage I am sure you can get it raised, provided your financials warrant it.

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50 minutes ago, CTSoxFan said:

Congrats on the approval.  After you show some positive usage I am sure you can get it raised, provided your financials warrant it.

Thank you. And yes, that’s the aim! 

 

Do you have any other experiences you’d like to share that could be useful?

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Yes.  Keep your eyes on everything and trust but verify.  Learned that lesson the hard way.

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