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ldeazy

Wells Fargo Personal LOC 20k Approved

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Wells fargo personal LOC 20k approved! Wohoo! Anybody with any experience with Wells fargo LOC?

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Wells fargo personal LOC 20k approved! Wohoo! Anybody with any experience with Wells fargo LOC?
What were your FICO scores and which bureau did they pull from. Thx

Sent from my SM-N950U using Tapatalk

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1 hour ago, nyquil556 said:

What were your FICO scores and which bureau did they pull from. Thx

Sent from my SM-N950U using Tapatalk
 

low 700 something I cant remember exact score. They pulled from experian. 

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I used them when installing a new HVAC in a house I had renovated a few years ago. It was one of those "no interest if paid in full  in 6 months." It worked, I got to use OPM for free. :D

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5 hours ago, nooneimportant said:

I recall reading that they have an annual fee on their LOC.

They do I think its $250

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11 hours ago, nooneimportant said:

I recall reading that they have an annual fee on their LOC.

 

5 hours ago, ldeazy said:

They do I think its $250

Ouch

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4 hours ago, nyquil556 said:

Which report did they pull and what are your FICOs? Thx


Sent from my SM-N950U using Tapatalk
 

 

They pulled Experian for both my LOC app and my Propel Amex  application.

 

$20,000 LOC approval

$5,000 Propel Amex approval.

 

I already had a $20,000 credit card (cash back rewards) for the past two years with Wells Fargo plus a checking account. That might play a part in my numbers. I should have been denied the Propel because I am over the 5/24 rule right now with too many new accounts from 21 months ago. But they approved me anyway.

 

My Experian FICO 8 score before I started my app spree was 835. Now that my inquiries and a few new accounts have landed, it is down to 807. It is probably going lower. I just got 5 new accounts and a new car loan.

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Rocket:   will you please post that in CreditPulls if you haven't already.   Thanks for the information.

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On 8/9/2018 at 3:26 AM, RocketGoBoom said:

 

I already had a $20,000 credit card (cash back rewards) for the past two years with Wells Fargo plus a checking account. That might play a part in my numbers. I should have been denied the Propel because I am over the 5/24 rule right now with too many new accounts from 21 months ago. But they approved me anyway.

The only entity that 5/24 is consistently attached to is Chase.  They do not appear to be the financial entity in either of the approvals you discuss here.   

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1 hour ago, centex said:

The only entity that 5/24 is consistently attached to is Chase.  They do not appear to be the financial entity in either of the approvals you discuss here.   

 

Someone else in another Wells Fargo topic recently mentioned that WF also appears to be following the 5/24 rule. When that person called to find out why they were denied, they were told it is automatic with that many new cards.

 

Then someone else after that said that having a checking relationship with WF gets you around that rule.

 

I am merely offering my own anecdotal experience with WF.

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Whats the best strategy for utilization? Lets say I have a 6k balance on my personal CC. Is it smart to put 3k on my personal LOC and the other 3k on my biz loc and have my personal cc paid off?

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3 hours ago, ldeazy said:

Whats the best strategy for utilization? Lets say I have a 6k balance on my personal CC. Is it smart to put 3k on my personal LOC and the other 3k on my biz loc and have my personal cc paid off?

 

Maybe, it depends on other variables that you have not shared.

 

What is the credit limit on the personal CC and what is the interest rate?

 

What is the credit limit of your personal LOC? What is the interest rate of the LOC? Is the interest rate on the LOC lower than the rate on your personal CC?

 

Same questions on the business LOC. Does the business LOC even report on your personal credit files? Some do not.

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I have to look it up it was around 9-10% which are lower than my cc I believe... No the business LOC doesnt report to my personal. 

 

The limit on both are 20k. The interest rates were around the same. 

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If the business LOC does not report on your personal credit files, and the interest rate of the business LOC is lower than your personal credit cards ... then the answer seems obvious here. 🙂

 

Unless there is some real business or accounting reason not to mix the business LOC with personal stuff.

Edited by RocketGoBoom

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On 8/31/2018 at 12:35 PM, RocketGoBoom said:

If the business LOC does not report on your personal credit files, and the interest rate of the business LOC is lower than your personal credit cards ... then the answer seems obvious here. 🙂

 

Unless there is some real business or accounting reason not to mix the business LOC with personal stuff.

Thanks

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