A Wells Fargo Unsecured Personal Line of Credit gives consumers the option of borrowing between $5,000 and $25,000, when needed, to cover expenses without taking out a separate loan. An unsecured personal line of credit provides a great way to consolidate high-interest credit card balances and save on interest. Personal Lines of credit have variable APRs but the rates are usually lower than a traditional loan. The charge for using a Wells Fargo line of credit is $25 a year and borrowers must pay a minimum of $25 a month or one-twentieth of the outstanding principal plus accrued interest.
Interesting. I too have credit in the mid-700 range, and a low six-figure income. Nonetheless, WF turned me down for their personal line of credit. Not only was it an embarassment, but it was a huge disappointment as well. After doing a lot of research on rates, terms, and line sizes, WF seems to have the best product out there. . .
Who do they loan to?
I have a FICO credit score of 777, an annual gross income of $170k and have over $150k in CD and other investments with others banks. I applied for a $10k line of credit from them and was rejected on the grounds that my credit history is too short (it's 7 years). I'm still getting over the shock and looking for more information but they won't answer over the phone and it looks like a dead-end. My advice? Save time and don't taint your credit report, go somewhere else.
I really liked the sound of Wells Fargo unsecured personal line of credit. After a lot of paper work and hassle i was rejected. But the APR rates they had were good.
| Type | Today | Week Ago |
|---|---|---|
| 15 Year Fixed | 4.62%  |
4.67% |
| 30 Year Fixed | 5.15% | 5.15% |
| 1 Year ARM | 3.48% |
3.51% |
| 5/1 Year ARM | 3.62% |
3.68% |
| Type | Today | Week Ago |
|---|---|---|
| Line of Credit | 4.89%  |
4.88% |
| 10 Year Loan | 7.47% | 7.47% |
| 15 Year Loan | 7.61% |
7.60% |
| Type | Today | Week Ago |
|---|---|---|
| Interest Checking | 0.28% | 0.28% |
| Money Market/Savings | 0.38% | 0.38% |
| 12 Month CD | 1.13%  |
1.15% |
| 60 Month IRA CD | 2.40% |
2.41% |
| Type | Today | Week Ago |
|---|---|---|
| Cash Back Cards | 12.66% |
12.68% |
| No Annual Fee Cards | 12.08% |
11.97% |
| Reward Cards | 12.75% |
12.61% |
| Small Business Cards | 11.01% |
10.94% |
| Student Cards | 13.77% |
13.49% |
| Platinum Cards | 12.26% |
12.11% |
