Credit Fargo Line Well

B/c of the CC companies going nuts-my Wells Fargo credit line will raise my interest rate from 19% to 35% in August. Since I have elected to close the account (yes I know this will ding my credit score BUT, I have NEVER been late or missed a payment since the account was opened 3 years ago, and I wont pay 35% interest when I have been a good customer).
My questions are; when I close the account, I will have a large balance left to pay, is there a time limit to pay it (nothing in the contract states anything).
Also, each payment that I pay monthly towards the closed account, will the interest still be taken out or will payments go directly towards balance (since it is closed). Normally I would pay $190 monthly, but $124-$140 would go directly to interest only).

Usually the existing account terms & conditions continue to apply for the unpaid balance. Interest most definitely continues to accrue on any unpaid balance - your payments do NOT "go directly towards balance" if you mean principal.

2009-06-16 12:27:16 by West Elm Girl

The Federal Reserve's new snapshot of business conditions showed the economy continued to lose traction, reflecting mounting damage as ...

I have just applied for a Wells Fargo Credit Card--I also have a checking account with them as well. Anyways, i was approved for a secured credit card of 800 dollars and denied a personal line of credit? I have to send them 300 dollars for collateral to get my card. Can someone explain this to me more thoroughly. Thank you.

Your best bet is to actually ask Wells Fargo.

Being a Banking industry vet, I can assume that what Wells Fargo terms a "personal line of credit" is actually an unsecured credit card.

You may not have enough credit or a low credit score, so they have offered you a secured credit card, i.e. one backed by some collateral (your $300) and most likely a higher rate of interest.

Hopefully after some time with responsible usage and on-time payments, they will reconsider.

2007-03-16 18:54:41 by blue11

I've been in Telesales/Telemarketing for over 7 years and am currently trying to be hired for a credit manager position w/ Wells Fargo. I've never sold financial services/products before but am confident that I can be successful w/ sufficient training. If you have or currently work as a credit manager (selling credit cards, home equity lines of credit, auto-refi) for Wells Fargo what are some tips that you can give me so that I can improve my chances of getting a call back interview?

Think of as many questions that they may ask as you can and prepare for them. Be ready for anything.
To get a callback remember to thank them for their time, dress nicely but not so much that you risk looking superior to them. Comb your hair nicely and practice exeptional cleanliness. Send them a thank you note for the interview and call back a week or so later and aks if the position was filled, it shows commitment if you take it upon yourself to inquire.

2006-12-14 16:55:45 by Twinki

I asked this question before-but im still confused. I applied for a Secured Credit Card and it said that I have been conditionally approved for a Wells Fargo Credit Card (pending final confirmation that funds have been received to establish your Collateral Account) with a $800 credit line. So, does this mean that I have to send them 800 dollars or have that in my checkings? i talked to a rep yesterday and he said i needed to send $300, and my limit was 800 so i assumed i would have 800 on my card when i recieved it. I called today and the woman asked me if i had 800 and i said no i only have 300 and she said that if i sent them 300 then that would be my limit. Im confused. Is this like a pre-paid credit card or something? I got two different stories. Can someone please elaborate for me??

It means you need to send them $800 to get an $800 credit limit, or send them $300 to get a $300 credit limit. WF needs to see the money: it's a security deposit. It can't just sit in your checking account: WF must have its hands on your money. In most cases, you will earn interest on this deposit.

It is NOT a pre-paid credit or debit card. They hold your security deposit, and you make charges to the account. They do NOT use your security deposit to pay off your balance unless you default and become delinquent. Do not become delinquent - it will l ruin your FICO credit score. Pay on time, every time. They want to see 6 to 12 timely monthly payments in a row. You'll need to pay from your checking account or some other source of cash.

Strategy: Buy small items on it and quickly pay it in full each month. Do not charge anything the first month, not until you see your first bill: just pay off the up front fees they charge in the first month. So you'll start off with a small limit ($300 or $800), charge less than $30 on it, pay it in full every month, and increase the security deposit if you can every couple of months, if you have the extra cash to spare while it's temporarily tied up in the security deposit. The higher you can get the limit while it's secured, the better it will look when it's unsecured.

Never charge more than 30% of your credit limit: it will hurt your FICO credit score if you utilize more than 30% of your credit limit. Call Wells Fargo and ask them which of the 3 major Credit Reporting Agencies (CRAs) they report to. You want them to tell you all 3 so that you can build your FICO credit score with all 3 CRAs.

After 6 - 12 months of making a small charge each month and paying it off on time each month, you can ask the bank to convert your card to unsecured and get your deposit back. When it goes unsecured, call them and ask that they permanently waive your annual fee. If the customer rep refuses, ask for the rep's direct supervisor. If the supervisor refuses, ask for the customer retention department.

Myth-busting fact: You do NOT need to carry a balance month-to-month (and thus pay Finance Charges) to improve your FICO score.

You can redeposit the security deposit money back into a money market account and earn interest. This account will become a nest egg for you, a nice emergency fund.

Best wishes.

2007-03-17 18:41:24 by blue11

Im planning on starting a new online small business soon but at wells fargo they said i would have to put 20% of how much im borrowing to get a line of credit but i dont have the money. I have so so good credit, any suggestions on where i can go?

See if you can set up a personal line of credit at your own bank or somewhere else. DON"T tell them why... you just want a personal line of credit. After you get this, you can lend your new business money and pay yourself back as time and cashflow permit.

2007-07-10 12:30:38 by shala74252