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Why You Must Experience Wells Fargo Cash Wise Denied At Least Once In Your Lifetime | wells fargo cash wise denied

A few years ago when I applied for a home equity line of credit (HELOC) in Wells Fargo, CO it was denied. I asked why and was told “Your credit score is too low.” When I asked why again they said, “We cannot guarantee this loan to you. It is based on your credit history which is bad.” They went on to tell me that there was no other way to obtain such financing and that I would have to search for a private lender. After explaining what a mortgage insurance company does with your payments when you take out one, they still claimed that was the only way to get a HELOC.

That was a tough time for me because I didn't know what else I had to do. I had two choices at that point. I could apply to several more banks or I could look to get a home equity line of credit from Wells Fargo itself. What I quickly learned is that most people end up going with the second option. The reason being is that many banks are less than eager to work with someone with bad credit.

The reason is that taking out a home equity loan is a lot like taking out a personal loan. You need to have some form of collateral to secure the loan in the event you can't pay it back. So if you are in a bankruptcy or foreclosure there is no collateral to keep them from repossessing your home. On the other hand when you apply for a HELOC at Wells Fargo they are willing to work with you. That's because they view you as a good risk since you will be able to pay back the loan and not have your home go into foreclosure.

So what are the qualifications? Well Wells Fargo requires that you are 18 years of age or older, that you have been a United States citizen for six months. You must have an open checking account that is in good standing. This means you must have not maxed out any other cards you may have. Also you must have a minimum payment balance of at least $500 dollars as well.

Now, these requirements sound pretty good right? You still may be wondering how you qualify for this type of loan. Well the truth is that they don't judge qualifications based on looks alone. They want to know who you are as a person and what your financial situation is. That is why they will usually approve the loan applications of people who are in the home buying market.

Another way they determine your eligibility is based on your income. If you are making enough money that you can easily pay back your loan then you will more than likely be approved. On the other hand if you are asking for a large sum of money that your salary will not cover then you may not get the cash you need.

Now you may be asking “What do they expect me to do to get an approval?” Most people just follow the directions they give and go with it. There are a few things you can do to get a cash advance approval. For instance if you happen to be in the military or an employer who offers it then most banks will help you.

Now the last thing I want to tell you about getting a cash advance from Wells Fargo is you have to be over eighteen years old. Even if you are over this age you will most likely have to fill out a FHA pre-approval form before they can give you the money. Other than that you have nothing to worry about getting approved for a cash advance from this bank. Just make sure you have the money in order.


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