Answers
I'm looking to apply for a personal line of credit from Wells Fargo and I'm doing my homework on my options before I make a trip to the bank. So far, a personal line of credit seems to be my most logical choice, but I'm not quite sure what this explanation of the SECURED line of credit means:
"Financing your ongoing expenses and multiple major purchases, You get a lower annual percentage rate by securing your line of credit with Wells Fargo savings, CDs or investments."
I get most of it, but I'm not sure where the "Wells Fargo savings, CDs or investments" bit comes in. Help?
It means if you have a savings account, a CD or other investment accounts with them and use that to secure the loan you will get a lower interest rate. They simply put a freeze on one of those assets in the amount of your loan and if you do not make proper payments they take that from one of the accounts you used to secure the loan.
A line of credit right now will mean a perfect credit rating and you probably will still need security or a cosignor to get the loan.
Go get access to $100000 without having to show documentation or put up any collateral. Put your good credit to use and get an unsecured loan ...
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.
Questions is based on Canadian banking =
This question is amid at the banks/ financial for business. I am a small business, not looking to provide lenders with financial / tax fillings. ( why - the past two years I have been doing the business as part time and file little business income ) I am looking for a business line of credit or a business credit card, my business has no credit history and I am looking to secure it with cash - I prefer no personal credit check ( I do have good credit ) I am just having some extra funds and prefer to secure it. Based on this information I am almost unable to find any lenders in Canada to help ( how ever in the US secured business credit is dime a dozen - just not in Canada. So the run down is I am looking for a secured business line of credit / business credit card with very Little questions asked or providing extensive financial / tax papers/ and preferably N0 credit check Any advice from the industry ?
My best perspective is Vancity Business Visa gold, secured. ( The regular card is not securable - ) The only bad point about this lender is that I do not need the gold card, its $ 99 a year. $ 20 is ok. all other lenders for Visa & MC business in Canada seems to be heavey on the paper s of the business - Help ? The limit I am looking for is $ 2000- 6500 Canadian
Only looking for information in Canada,
The first question is what are your long term goals? If you simply want one card try Wells Fargo bank they have a very good secured business credit card.
If your goal is to eventually obtain larger lines of credit or loans I suggest that you
1) open business accounts with both Wells Fargo or Bank of America they both have secured business credit accounts
2) Open a secured credit card with Wells Fargo and a secured line of credit with Bank of America.
3) Both will be excellent sources to help build your business credit profile
For Additional information
DaJuan Tircuit
http://businesscredit.wordpress.com
www.rhemafundingsolutions.com
First of all, I made a grave mistake transferring my 2nd mortgage (9.5%, 20yrs) to a personal line of credit (10.99%, 8 yrs) thinking that an unsecured loan is better than a secured loan. I did not realize that the interests are calculated sooo differently that now, 7 months later, I feel like the loan amount has only gone down a little...it could have been close to being paid off if I had kept my 2nd mortgage.
Second, I did not receive any notification that one of my medical claims from Feb 2007 had not been approved by my insurance. I was told by the hospital that they were working with the insurance company to get this resolved. Last month when I checked my credit report, I noticed there was a collection and that my FICO score had dropped from 760 to 650! Can they do that without notifying me? I paid the collection in full right away. Would they remove the entry from my credit reports? What else can I do to recover my previously good FICO score?
Because of these two problems, I now have a 33% debt to credit ratio and am not in good credit standing to refinance my mortgage at the current low rate.
This is more of a general complaint (and I have a such a big headache). But any comments are welcomed.
Thanks for the info. I'm not having problems paying my bills or anything. I had very good credit (until that collection showed up on my credit report) and have never missed a payment.
The 2nd mortgage had about 13K on it when I paid it off and opened a personal line of credit. My main mortgage is about 77% loan-to-value. I know I can refinance, but it's unfortunately I won't be able to get a good rate for it. It now just looks like I have a lot of credit card debts whereas before, I was debt free except for my mortgages... :(
you should check out hope now, they help people refinance in your situation and fix their loans to lower interest rates.
http://www.hopenow.com/
My Credit score is a 659, I've paid my bills on time. I have a Visa Credit Card from American first credit union as well as a line a credit, A personal loan witch i just recently got. My my credit history is only about 6-7 Months old.
I heard from people that a secured card may help my credit score, or just by raising my credit limit. any ideas?
Thanks
To raise credit score
1. Always pay on time or ahead of time.
2. maintain low balances on credit cards
3.To boost your score: Don't charge anything for at least 60 days before applying for a loan
4. keep your total potential debt to earnings load low - If you have a card with a $15000 credit line, you may ask them to reduce it to something more realistic, like $5000.
5. You should have a recent history of both installment or term (Car or house loans) and revolving credit.
6.To boost your score: Don't close unused accounts when you transfer debt.
7.To boost your score: Consider opening another credit-card account or two, or taking out a car loan or small bank loan.
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http://www.bestcreditrates.net
How many credit cards should you have to rebuild credit? | Credit ...
I am trying to rebuild my credit after ID theft, a couple of problems that were mine and years of basically not having any credit reported. (I primarily use my debit card and pay cash for everything). I make good money now and am trying to rebuild in order to purchase a condo in the next couple of years. My good accounts (rental, club, cable, cell, etc.) have not reported my good credit. So how many cards should I take out that will help boost my credit score but not hinder my credit. Thank you! I would take out no more than 2. I would start out with a secured card. Granted you would have to put a deposit upfront to secure a line of credit, but the deposit would also garner interest while you’re proving your creditworthiness. You could start out small, like $200-300 or larger like $1000-2000. Either way, I strongly suggest you to continue to use your debit card and pay cash like you’ve been doing, and make small purchases that you can pay off in full every month (around $20-50). I would only use the credit card in dire emergencies. After the secured card becomes unsecured, then you could receive offers for other cards, but chances are just the one card could work just as well. Be sure to dispute anything that was involved in the identity theft and make sure that you have a POLICE REPORT. Your "good accounts" (rental, club, cable, cell, etc.) CAN be reported through this reporting agency called PRBC. (http://prbc.com/default.php?) This is for REAL. You can have your good credit reported and complied in a scored report that can be considered with your traditional credit reports. It’s become increasingly popular and I’m certain that it will help you out immensely.
...News
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