I have had my Wells Fargo secured card for over 2 years now. It has a $1300 limit on it. I have always made every payment on time and never gone over my limit, not even close. The original agreement (in writing) was that after 1 year, if my score was over 600, the card would be graduated to a normal card. After 2 years and a score of 651, they declined to graduate it again. I also applied for a normal card through their application process and was declined.
I have around $20k in savings with Wells as well as my checking account that floats between $1000 and $3000 depending on the day. I am pulling all of that and going somewhere else. I am open to suggestions for other banks. Compass and Wamu are out of the question due to bad relationships a long time ago.
I would like a bank that has a secured card program and that will honor their agreements to graduate cards. The only other card I have now is a Capital one that is 1 week old. I do have a large number of inquiries on my credit from trying to purchase a house earlier this year. I believe it is around 10 inquiries.
Starting Score: 580
Funny thing about that is, almost exactly 1 year ago, I was told by Wells Fargo to wait another 6 months and they would have a graduation program in place. I waited 6 months and called back, they told me to call back next month. I did, and every month since then. I am always told the same thing. They are nto graduatign currently but hang in for another few months and it will happen. I get the distinct feelign, they are just trying to string people along and milk them for whatever they can.
I also had a bad experience with their mortgage department about 6 months ago.
I am of the same feeling that CreditAddict voiced.
The sole purpose of a secured card to me is that it will grow with you and unsecure. If Wells Fargo is telling customers they are currently not even considering graduating cards, I'm not going to tie my collateral up anymore and I'm going to stick it in a bank that recognizes why you want a secure product. 2 years already and saying wait a 3rd year... no way! Just my feelings of a secured card.
So any other suggestions on Banks. I will certainly look at the two you reccomended. I wanted to find a bank that had local offices, but that may not be an option. My credit union that I am a member of does not have any type of credit card program other than check cards.
I applied for a Citi Forward card last weekend actually. That and the Capital one I got are the only 2 cards I have apped for in the last 2 years. While Capital One did approve me for $300, Citi declined me saying my debt owed compared to my monthly income was to high for their guidelines. Funny thing is, I have $247 of total debt on my one secured credit card with no other outstanding debt. My income is approching 6 figures.
They must have some incredibly strict guidelines if that doesn't get it. I didn't try to argue with them, it would have been a loosing battle either way.
edit: I live in the Dallas, TX area. I live in Carrolton and work in Duncanville.
@bcdudley wrote:I have had my Wells Fargo secured card for over 2 years now. It has a $1300 limit on it. I have always made every payment on time and never gone over my limit, not even close. The original agreement (in writing) was that after 1 year, if my score was over 600, the card would be graduated to a normal card. After 2 years and a score of 651, they declined to graduate it again. I also applied for a normal card through their application process and was declined.
I have around $20k in savings with Wells as well as my checking account that floats between $1000 and $3000 depending on the day. I am pulling all of that and going somewhere else. I am open to suggestions for other banks. Compass and Wamu are out of the question due to bad relationships a long time ago.
I would like a bank that has a secured card program and that will honor their agreements to graduate cards. The only other card I have now is a Capital one that is 1 week old. I do have a large number of inquiries on my credit from trying to purchase a house earlier this year. I believe it is around 10 inquiries.
How about a CU unsecured? Do you have a relationship with any? I would wait a bit and (if you can) look into a CU, who will (most often) grow with you. Addison Ave maybe? I know they are going through a merger right now though. That is a good CU from what I have read on the boards and it's easy to join.