Let's Work Together

Discussion in 'Credit Talk' started by Killer, Oct 21, 2000.

  1. Killer

    Killer Guest


    Hello Everyone!

    Above I placed the address for a new site. It's the direct link to the companies FAQ for credit cards. From there you can click other links and browse other areas. This company is owned by Wells Fargo but does business separate from the its parent company (Wells Fargo Bank). As a matter of fact their credir cards, auto loans, and other products are not apart of parent company. If you go to wellsfargo.com (parent company) there is not a link to wellsfargofinancial.com. This company used to be Norwest but was bought by Wells Fargo. This company gave me a subprime car loan (its shows on my CR as Wells Fargo) about 5 months ago. The rep told me to wait 6 months and apply for their credit card. He said I would probably get a $1000 limit( I think this is the starting limit for all!) with regular reviews for limit increases. Others I have talked to are very pleased with this company (one person told me she went from $1000 limit to $2000 in one year). I think that this might be a great pace for subprimers to get easier approval and high credit limits.

    Here's what I am proposing:

    Everybody call their toll-free number and tell the rep their credit situation. Then ask how easy approval would be and what the possible limit will be. We then all report our findings. Some of us will then maybe apply and report the outcome.

    Check out the site and see if your interested.
  2. Momof3

    Momof3 Well-Known Member

    Thanks Killer, I will check this out:)
  3. roni

    roni Well-Known Member

    Thanks killer, I might go to them to refinance my auto loan with household auto finance co. What kind of interest rate did they offer you if you dont mind me asking?
  4. Killer

    Killer Guest


    My credit was awful at the time and they stuck me with 16%. However, a few weeks ago someone posted that they originally had a 18% damanged credit loan and 6 months later this company refinanced that same loan for 12%. When I got my loan the rep advised me to remain with them for a refinance deal. I plan to apply for refinance and credit card at one time. The rep said I could do that. As a matter of fact, they have a branch not far from me and I am going to do all this in person.
  5. roni

    roni Well-Known Member

    Right now I have 13.95 with Household. I want to refinance by next year. Good to know that I have an option. I dont want a finance co. in my report really since I have read all the negativity associated with it. Thanks again for the wellsfargo info.
  6. Spice

    Spice Guest


    I did not see your response to the post regarding Wells until I searched for it tonite. I refinanced the Mazda before I got my Honda. It went from 20.99% to 11%. I told you when I got my Honda I got an approval for a 10.99%. Well, shortly after giving you that info I called Wells and asked to see if I could get refinancing. I had only had the car for 11 months and 1 week. I was refinanced at 7.99%! I am pleased with them and I thought that my credit bureau reports would reflect Wells Fargo Financial, but they don't. It simple says wells Fargo.

    I also just received my statement from the credit card and the limit was increased from $1500 to $2000. I called and asked if my apr could be lowered and I was transeferred to the credit department and it was not problem. Also it seems as though the same person works on your credit file when you speak with the credit department.

    I am extremely please with them. Any questions just ask....
  7. Killer

    Killer Guest

    Sounds good to me!!! Let me see if I have this straight: You re-financed the Mazda from 20.99% to 11%...that's great! How many months between the 20.99 and 11.00?

    Roni...looks like Wells Fargo Financial has a deal waiting for and me!
  8. Spice

    Spice Guest

    On my second loan I have exactly how long it took with Wells to get the rate refinanced, but because I did not get the Mazda financed orginally with them I don't think I can give a definitive answer.

    I had my car (Mazda) with Norwest for two years before Wells Fargo came into the picture. I had never refinanced the loan and had paid every payment on time. I called in one day to get my balance and last payment date and the rep handling my account asked me if I wanted to refinance. When I went in to do the paperwork (two hours later!) I noticed the rate dropped to 11.00%. I had a lot of factors in my favor. I had an account for over 2 years with Norwest, I never missed one payment in that time period and I had built a relationship with the management in the office in my area. I have worked with the same people in the same office for 4 years. If there was a question about something on my bureau the manager would go over it with me and things always came out in my favor. (I have been getting medical stuff cleared from my report). I have been very pleased with them and that is why I took them up on their offer to get my new car through them.

    I have noticed that they offer skip payments on the car loan and on the credit card if you pay more than the minimum one month the next month there is no payment due. I NEVER take advantage of these options. I am sure that there may be a time when I might have to , but I'll deal with that when it comes.

    Also you will have to do this in person. When you refinance you go to the office and sign everything and the same person handles your account until it's paid off or they leave the company. When I went in for my Mazda refinance my rep gave me a check for $250 for the secured card. That was August of 1999. Now the limit is upt to $2000.

    Hope this helps.....
  9. ShyGuy

    ShyGuy Well-Known Member

    Maybe Wells Fargo Financial is the old Norwest Financial. But what's interesting is that Wells Fargo and Wells Fargo Financial offer different credit card lineups. For example, Wells Fargo has a secured MasterCard and Wells Fargo Financial a secured Visa.
  10. Killer

    Killer Guest

    This is the understanding that I have.

    Norwest Financial owned Dial Bank. When Wells Fargo bought Norwest it combined Norwest and Dial and created Wells Fargo Financial Bank (WFFB). WFFB is owned by Wells Fargo but operates differently. However, it appears on your credit report simply as Wells Fargo. The two have separate product lines but both offer the same products (real confusing). The rep I just talked with explained this to me and said WFFB criteria for approval is easier than Wells Fargo. The rep said they have several products for people with sub-prime credit. I am thinking that this is a chance for us sub-primers to get Wells Fargo listed on our CR's. My car loan shows simply as Wells Fargo. Another poster (Spice) says her car loan and credit card through WFFB is listed just simply as Wells Fargo. She didn't say but I'm guessing the credit card isn't listed as secured. This would be interesting because I have heard that the secured card offered by Wells Fargo (not WFFB) shows as secured on CR. Spice if you read this please comment.
  11. Spice

    Spice Guest

    On my credit report is just reports as Wells Fargo. I have not put any money on the card for deposit. The original $250.00 was provided by Wells Fargo and I have requested several increases and received them without having to send anything in.

    I just received my three reports and none of them list the card as secured.
  12. roni

    roni Well-Known Member

    Listen up!

    Man, you guys have me salivating to refinance through Wells fargo Finance. How long should I have my car loan before applying for refinance: 6mos, 1 year, I really have no idea.
  13. the other

    the other Well-Known Member

    RE: Listen up!

    I have a store account that Wells Fargo Finance services. It shows up as WFFinance.
  14. Cadillac408

    Cadillac408 Well-Known Member

    I would like to refinance also

    I just got an auto loan @ 19.81% through Fireside Thrift Co.! Talk about rape! But I had no choice so I took it. I have made 2 payments so far. When would be a good time to try an refinance?

    I think I might be cool with Wells Fargo Finance because I had 2 prior accounts with Norwest Financial before they converted. One itty bitty problem though....on my report it states for the 2 accounts that I had that "settlement accepted on this account"! :-( One has a R1 rating and the other has a I3 rating! :-(

    What do you guys think?????
  15. Killer

    Killer Guest

    RE: I would like to refinance

    I am not sure but I think you need to wait 6 months before refinancing. From what I understand R1 is top rating and I3 isnt tops but not bad. Give it a try in 6 months.

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