Wells Fargo Personal Line of Credit Review: Good or Bad Idea?

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beef.stu
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Wells Fargo Personal Line of Credit Review: Good or Bad Idea?

Postby beef.stu » Thu Feb 21, 2013 1:02 am

Do you guys think its a good idea to set up a personal line of credit if I can get it without doing a hard credit pull?

Every time I call Wells Fargo customer assistance, they transfer me over to someone trying to get me to set this up on my account and I just tell them that I'm late for work or some other BS.

Thanks for any input. I cant see any reasons not to, other than a possible hard pull.
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature
(01/17) - Amazon Prime Rewards Visa Signature


DavidNY
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Location: New York

Postby DavidNY » Thu Feb 21, 2013 10:31 am

It sounds like a credit line without any rewards. I'd pass.

darkguy2
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Postby darkguy2 » Thu Feb 21, 2013 10:35 am

I may be wrong but I believe that it helps your credit. I have one for my private student loan that reports a limit of $55,000 on my credit report. It also shows up as revolving credit like a credit card unlike regular loans. I think it also helps with my total utilization on my report. It allowed me to get a $1500 limit on my student Discover it card but I am not completely sure that was because of my LoC.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

beef.stu
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Posts: 122
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Location: Bay Area

Postby beef.stu » Thu Feb 21, 2013 3:13 pm

upon further research, it looks like there is a $25 fee for the service. I hate fees, so thats no good
(01/10) - Wells Fargo VISA Platinum
(05/10) - Techron Advantage
(10/12) - Amex BCE
(02/13) - Chase Freedom VISA
(09/13) - Discover It
(03/14) - Sallie Mae WMC
(09/15) - Citi Double Cash WEMC
(09/16) - US Bank Cash+ VISA Signature
(01/17) - Amazon Prime Rewards Visa Signature

darkguy2
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Posts: 616
Joined: Thu Jan 24, 2013 12:24 am
Location: United States

Postby darkguy2 » Thu Feb 21, 2013 3:37 pm

beef.stu wrote:upon further research, it looks like there is a $25 fee for the service. I hate fees, so thats no good


Yes if it does not give you any benefits then don't get it. They are probably just trying to make more money on you. Just tell them no instead of trying to dodge them.
Discover IT - $5,700
Chase Freedom - $5,700
Costco Citi - $13,000
Sallie Mae - $4,000
Chase Sapphire Preferred - $6,000
Chase Sapphire Reserve - $19,500
Citi Double Cash - $6,500
Amex BCE - $13,000

FICOs: Discover (777), SallieMae (764), Amex (767), Citi (772)
FAKOs: CK- TU (760), EQ (760)

Sevenfeet
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Posts: 532
Joined: Thu Jan 17, 2013 7:20 pm
Location: United States

Postby Sevenfeet » Thu Feb 21, 2013 4:30 pm

I have a credit line and it's useful sometimes for something you need to write a check against or just pay cash versus a credit card (my general contractor comes to mind). Lines of credit are usually cheaper for interest rates than taking a cash advance from a credit card. As long as they don't make it expensive to keep it around, I'd probably do it.
Cards:
American Express Platinum (NPSL)
Penfed Platinum Reward Visa ($28K)
Chase Freedom Visa ($25K)
Fidelity American Express ($20K)
American Express Blue Cash Preferred ($20K)
Bank of America Cash Rewards MasterCard ($20K)
Citi Thank You Preferred Visa ($9.5K)
Chase Sapphire Preferred ($7.5K)
US Bank Cash + Visa Signature ($7K)
Discover IT ($4K)



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