Reply
New Member
Posts: 1
Registered: ‎12-09-2012
0

HELP!! Wells Fargo Secured Visa - Why won't they graduate me?

I opened a Wells Fargo secured visa card two years ago March.  When I opened the account I started it at $1,500, but quickly deposited more funds and raised that to $2,000, as I was using it for business travel and regularly using most of the limit each month.  Since I've had the card, I have paid the balance in full every month, have not missed a payment, and have called numerous times to inquire about graduation, and even written one letter.  Each time I call I get the same answer - that I'm not eligible and I can write another letter and send it to their main office, or apply for an unsecured card.  

 

I have numerous other open accounts at this point, including:

2 accounts w/ Capital One

Discover it

AMEX business platinum for my small business (no credit limit - regularly exceed $20k/month in charges and pay the balance in full every month)  

 

I don't carry a balance on any of the other cards, and when I use them I pay them off in full each month.  

 

I also have 3 auto loans: (Capital One, Chase, PNC) on which I pay more than the payment amounts each month).  

 

I make over $120k/year, have liquid assets both in my business and personally, but still, Wells Fargo refuses to graduate me from the secured card.  In addition to the secured card with Wells Fargo, I also have a checking account with them that I use to pay household bills, and a savings account as well.  I don't keep much in either account because Wells Fargo is the devil and I now hate them, so most of my personal & business banking with a smaller local bank.  

 

HELP!!!  How on earth can I get this card converted to an unsecured account?  I don't even need the money, it just pisses me off that WF reuses to graduate the card and return my $$ to me.  I will NEVER EVER do another ounce of business with Wells Fargo as a rsult of how I've been treated since having the card.  That said, I still use the card occasionally but I don't want to close the account because I'm afraid they'll just keep my collateral funds as long as they want.  I'm considering a lawsuit against them for fraudulent practices and breach of contract...It also hows up as a positive on my report because I pay the bill every month. on time.

 

Any advice on the best course of action would be greatly appreciated. 

Epic Contributor
Posts: 25,216
Registered: ‎10-23-2007
0

Re: HELP!! Wells Fargo Secured Visa - Why won't they graduate me?

Close it and take your money to a bank that cares.

What are your scores now?

Why don't you get a Personal American Express Charge and a Blue or SPG or something?

Chase Freedom or southwest or something also. even CSP maybe?

 

Keep in mind though that other than Amex, others are not seeing what you are doing on your Amex Business card each month because it doesn't report to your personal credit, that's why I suggest applying for a charge and credit card for personal with amex because I bet your internal scoring with them is really good!

Fico Scores: EQ- 670., TU 710 Sync, EX 728 SoFi(05/04/15)
I'm just trying to catch up to RON1
95 Cards and Counting Smiley Tongue
Established Contributor
Posts: 766
Registered: ‎01-16-2012
0

Re: HELP!! Wells Fargo Secured Visa - Why won't they graduate me?

I had this same problem a few years ago. After ending up on a conference call between myself, my branch manager and a senior credit analyst I was told flat out that graduation its done by computer algorithm and there is no mechanism to over ride. I closed the card, moved my accounts to chase and have never looked back. I now get a letter every other week with a pre approval offer for the wells better balance our mortgage refund card.
Just close the card and move on. Whatever value you got from that card will still be there for 10years and you will save a lot of stress and effort.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.