I had a totally lousy experience with Wells Fargo.....at the time I didn't have that much income and he more or less sarcastically told me to "go buy a house". That was uncalled for. He knew I couldn't afford to do so.
2006-08-11 13:03:03 · 7 answers · asked by CarolJay52 1 in Business & Finance ➔ Other - Business & Finance
I didn't want a home - I simply didn't have enough income at the time to qualify. I have plenty now - I still don't want a house. I'm now contemplating applying for a personal loan with a credit union.
2006-08-11 13:30:43 · update #1
What I will do payment wise is set it up on the bill pay system and it will be automatically deducted. I work two jobs so this would be the best thing to do.
2006-08-11 14:34:33 · update #2
Credit unions typically offer lower rates than other banks, so that may help you qualify for a loan program that you wouldn't have qualified for elsewhere.
2006-08-11 13:09:25 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Personal loans are harder to qualify for because the bank has no collateral (such as a house or car) to take back if you don't make your payments. So, it's a bigger risk for the lender. Resulting in it being harder for you to qualify and the lender charging you a higher interest rate.
I'd work on improving your credit and saving your money. You won't regret it.
Don't let the guy from Wells Fargo upset you. Some people who work in financial services are really passionate and knowledgable about what they do and legitimately want to help. Others are bitter that they are paid on commission and treat anyone who doesn't result in a paycheck for them like dirt.
2006-08-11 14:13:36 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Wells Fargo does have a wit about them. Pretty straight forward answer you have to look at 2 things.
#1. How to improve your credit. You may want to wait a while. I was once told by a broker that if you have at least 6% of the total cost for a down payment that anyone can get approved. It may or may not be realistic but you may want to consider.
#2 Pick a credit union that is not stingy with their money. Some of the smaller credit unions are fine and dandy for a bank account but when you request a loan they deny you because they don't want to lose money if you default. I can understand this with any bank but smaller banks have to take less risk and therefor might not be as generous.
3. You might want to check with countrywide. http://www.countrywide.com/default.aspx
2006-08-11 13:26:42 · answer #3 · answered by Johnsmatrix 3 · 0⤊ 0⤋
Hi,
Check out the web sites of your local credit unions. To find a credit union you qualify for membership in, go to http://www.creditunion.coop/cu_locator/index.html. They're usually better to work with than a bank, but make no mistake, all financial institutions are careful about lending money because they want to make sure they'll get their money repaid!
What do you need the personal loan for? What is your income and more importantly, what is your debt? A financial institution will look at the percentage of debt to income, and most will be concerned if you owe more than 60% of your monthly income in debt repayment.
If you're buying a car or home with the loan, then they have collateral to back up the risk they're taking by loaning you money. If you just want to the money to go on a vacation or spend, then it's going to be tough. Each credit union is different but what you're asking for is an unsecured loan. Check to see if they even offer them. Some do, some don't, but most have a dollar limit on how much they're willing to lend.
As already stated, all of this depends on your having a great credit history. It's free to you to check your credit report. Just go to www.annualcreditreport.com. You can ask for your report from one of the three credit bureaus. Then a few months from now, you can ask from another credit bureau (on the same web site). It's still free and you'll be checking to see if changes you make are affecting your report.
Here's some great info from one of my favorite credit unions: Wright-Patt CU...
http://www.fuzeqna.com/wrightpatt/consumer/kbdetail.asp?kbid=2808
http://www.fuzeqna.com/wrightpatt/consumer/kbdetail.asp?kbid=2808
Good luck!
2006-08-12 15:03:30 · answer #4 · answered by intensefirejr 3 · 0⤊ 0⤋
Yes, Yes, Yes! They have better interest rates by far. They don't go to a in depth detail like a "regular bank" would.
2006-08-11 13:35:09 · answer #5 · answered by redbone001 1 · 0⤊ 0⤋
unfortunately it was not your day, you can try again with a different approach, and they will render good services. I guarantee it.
2006-08-11 13:49:15 · answer #6 · answered by Anonymous · 0⤊ 0⤋
it's all about the credit score no matter where you go
2006-08-11 13:15:42 · answer #7 · answered by dt 5 · 0⤊ 0⤋