topic Re: Wells Fargo secured card advice in Credit Cards

Wells Fargo secured card advice

pat0812 — Wed, 10 Oct 2012 02:25:44 GMT

Hello,

i have just starting building credit 5 months ago

i have 3 cards

1) Wells Fargo $300 secured card

2) walmart $400 store card

3) capital one $500 unsecured

i want to raise my CL so I was thinking

About raising my secured deposit with Wells Fargo

to $2500 so the next good card I will apply for

will maybe match me the $2500

my question is if that will help me a lot? If I end up

by getting another card that will match me the same CL,

will I be able afterwards to ask from Wells Fargo to reduce again

to a lower secured deposit so I can get some money back? Or I

Will need to close the account or wait for graduation?

Re: Wells Fargo secured card advice

Revelate — Wed, 10 Oct 2012 02:30:39 GMT

Decent strategy but you'd want to carry te deposit through graduation ideally. Not worth it for a short-term raise in my opinion.

Depends on he lender but you can almost assuredly reduce your deposit/limit by doing a cash advance on the card. Most lenders will take the advance straight out of your deposit.

Re: Wells Fargo secured card advice

pat0812 — Wed, 10 Oct 2012 02:57:35 GMT

So when my card graduates with a $2500 secured deposit, will my

unsecured card stay at the same limit ?

if not what happens if I graduate too fast? I will lose my high limit if the don't mmatch me the

same CL on my graduated card

Re: Wells Fargo secured card advice

Wolf3 — Wed, 10 Oct 2012 03:14:13 GMT

pat0812 wrote:
Hello,

i have just starting building credit 5 months ago
i have 3 cards
1) Wells Fargo $300 secured card
2) walmart $400 store card
3) capital one $500 unsecured

i want to raise my CL so I was thinking
About raising my secured deposit with Wells Fargo
to $2500 so the next good card I will apply for
will maybe match me the $2500

my question is if that will help me a lot? If I end up
by getting another card that will match me the same CL,
will I be able afterwards to ask from Wells Fargo to reduce again
to a lower secured deposit so I can get some money back? Or I
Will need to close the account or wait for graduation?

It helps some of the time. Maybe you should wait a while and do it closer to graduation, so you can have a larger deposit at that time.

Re: Wells Fargo secured card advice

pat0812 — Wed, 10 Oct 2012 05:14:39 GMT

will adding an extra $2000 deposit on my secured card request a soft or hard pull ?

if it graduates, will it graduate to a new credit limit or will stay the same as it was on secured ?

Re: Wells Fargo secured card advice

Dustink — Wed, 10 Oct 2012 05:34:16 GMT

pat0812 wrote:
will adding an extra $2000 deposit on my secured card request a soft or hard pull ?

if it graduates, will it graduate to a new credit limit or will stay the same as it was on secured ?

Usually they remain the same. The higher the deposit the better. It really doesn't matter whether it is SP or HP because you will be in the garden for awhile anyways.

Re: Wells Fargo secured card advice

pat0812 — Wed, 10 Oct 2012 05:44:02 GMT

i want to raise it to $2500 at least

i read in the forums that wells fargo are not always graduating cards. some people it happens and some not

i want to know if with wells fargo at any time i can go back to $500 secured deposit and get back my $2000 ?

Re: Wells Fargo secured card advice

Dustink — Thu, 11 Oct 2012 01:14:47 GMT

pat0812 wrote:
i want to raise it to $2500 at least
i read in the forums that wells fargo are not always graduating cards. some people it happens and some not
i want to know if with wells fargo at any time i can go back to $500 secured deposit and get back my $2000 ?

The sooner you add the funds the better.

Re: Wells Fargo secured card advice

nuggets321 — Thu, 11 Oct 2012 01:46:47 GMT

They say higher limits beget higher limits. When I had my WF Secured card , I started with 500, then a couple months later I added 2k... I do NOT recall ANY hard pull by them for just increasing my CL. I ran with it for a year then tried to get them to "un-secure" it... didnt get anywhere ! Got the standard message that they were not graduating cards. She asked if I would like to apply for another card ? I was totally disgruntled, as how were they going to approve an unsecured card when they wont just graduate my existing ? Out of sheer anger, I applied with her and got the 7-10 mssg, but BAM ! Got an email saying Congradulations on your NEW 3800CL rewards card ! Havent lloked back since... also search wf secured on this site... theres a ton of posts

Re: Wells Fargo secured card advice

Dustink — Thu, 11 Oct 2012 02:26:25 GMT

nuggets321 wrote:
They say higher limits beget higher limits. When I had my WF Secured card , I started with 500, then a couple months later I added 2k... I do NOT recall ANY hard pull by them for just increasing my CL. I ran with it for a year then tried to get them to "un-secure" it... didnt get anywhere ! Got the standard message that they were not graduating cards. She asked if I would like to apply for another card ? I was totally disgruntled, as how were they going to approve an unsecured card when they wont just graduate my existing ? Out of sheer anger, I applied with her and got the 7-10 mssg, but BAM ! Got an email saying Congradulations on your NEW 3800CL rewards card ! Havent lloked back since... also search wf secured on this site... theres a ton of posts

Exactly, the high limit isn't just for this card. It is for your credit report, which will grant you other higher limit cards. I always recommend a $5k secured card, because it seems $5k is the ideal number for most prime reward cards.

Re: Wells Fargo secured card advice

pat0812 — Thu, 11 Oct 2012 03:30:26 GMT

if i put $5000 will it help me increase my walmart store card faster as well? or they will give me CLI depending on my usage with them ?

After how long of having a $5000 secured deposit should i call them and ask for graduation? or apply for a new one and that's it ?

Re: Wells Fargo secured card advice

Dustink — Thu, 11 Oct 2012 16:57:12 GMT

Just apply for a different card after at least 6 months. It may take awhile to graduate.