Wells Fargo Reducing Interest Rates on Home Mortgages and Credit Cards Are Impossible! Internet
I am very discouraged with Wells Fargo. I have been a loyal client for 20 years. I do all my business with Wells Fargo. My mortgage, my personal savings and checking, my business savings & checking, my CD's and my credit cards.
Problem 1: First I called Wells Fargo to reduce my interest rate on my mortgage. I bought in 1999 when interest rates were upward of 8%. I was able to reduce my interest rate to 6.25% 5 years ago. This was considered a pretty good rate at the time. I had equity in my home so it was not a problem.
Now interest rates are about 4.1% however since my property has declined in value I am unable to reduce my interest rate. I was advised to try for a loan modification however only about 4% of loan mods are successful and I'm not interested in jumping through hoops and possibly even falling behind on my payments only to find out I don't qualify.
I am also not interested in losing my home. I have an 800+ FICO score and have always paid my mortgage on time. Wells Fargo should be thanking me for my business and not punishing me.
My loan is not backed by Fannie or Freddie so I won't even be able to take advantage of the Obama program about to rollout mid November.
Problem 2: I have credit cards with Wells Fargo with high balances and interest rates. Like everyone, I am trying to trim the fat. So I called WF to get my interest rates reduced on my credit cards. I was unsuccessful so tried to reach a supervisor. I got caught up in a continuous voicemail loop and was transferred to different departments simply passing the buck. So far I have eliminated one of my WF credit cards and have slowing moved my assets over to a major competitor.
Wells Fargo does not take care of its own clients. I am totally done with Wells Fargo in terms of doing any new business. I am very disappointed that I have been a consistant and loyal client and have gotton nothing in return.
You blew it Wells Fargo. I am in the realestate business and have lots of influence over clients. You won't be getting any referrals from me either.
2 Updates & Rebuttals
Flynrider
Phoenix,Arizona,
USA
Not making sense.
#3Consumer Comment
Tue, October 25, 2011
" I am in the realestate business and have lots of influence over clients. You won't be getting any referrals from me either. "
If you are really in the real estate business then you know that no bank is going to refinance a mortgage that is under water. Do you know of a bank that will do this? Simple math would tell you that no lender is going to refinance your mortgage unless you are willing to come up with the difference between the outstanding balance and the appraisal value. You're complaint makes no sense in that Wells Fargo is no different than any other lender in this respect.
As for the credit cards, if you can find some other bank that will charge less interest (and allow a balance transfer), just move to another card. People do this all the time. If your FICO is really 800+, this should be a piece of cake.
I sense that you think you're entitled to have the terms of your obligations reduced because you're special in some way. I can't see it and neither can Wells Fargo. Neither will the next bank.
Robert
Irvine,California,
U.S.A.
You got nothing?
#3Consumer Comment
Tue, October 25, 2011
I am also not interested in losing my home. I have an 800+ FICO score and have always paid my mortgage on time.
- For some reason this seems to be a common theme lately that because their home has lost value and won't lower the interest they somehow even though they can make the payments they magically will have to walk-away and loose their house. Perhaps you can explain this with your case.
You have an 800+ FICO, you are paying your mortgage on time, you don't want to go delinquent to try and get a modification, and as far as I can tell because of all of the contacts you claim to have it looks like you have a fairly stable job. So if you are being 100% truthful, just how is them not lowering your interest rate going to cause you to loose your home?
I am trying to trim the fat. So I called WF to get my interest rates reduced on my credit cards.
- You want to really trim the fat. If you are serious there are ways. You can get on a Debt Management Program(Credit Counseling). They will negotiate rates with all of your creditors to reduce or eliminate your interest rates. You pay the DMP a set amount every month and they distribute the money to your creditors. This is where your "seriousness" comes in. To get on these programs you have to 1)Put ALL of your credit cards into this program, 2)Not use the credit cards while you are on the program, 3)Not apply for any new credit cards while you are on this program. But it is a legitimate way to reduce your debt. Just be sure you are not in a Credit "Settlement" program that is totally different and can often screw you more than it helps.
So are you serious about "trimming the fat" or just want a better deal? If you are just looking for a better deal then no ripoff. You agreed to the terms and borrowed the money under those terms. Them not lowering the interest rate is not a ripoff.
I am very disappointed that I have been a consistant and loyal client and have gotton nothing in return.
- You got a credit card that they allowed you to borrow money on. What did that buy? You got a mortgage from them that enabled you to buy a house. Yep..nothing in return.