09-13-2011 06:56 AM
Very interesting! And congratulations! I just tried this with my WF secured card about 3 weeks ago and they said they weren't graduating cards at the moment but I was "welcome to apply for a new unsecured card" if I wanted to. I don't. I have enough credit now. I just am sick to death with WF not graduating this card. I've had it since early 2005. I was late on it two months in a row, each 30 days late, back in the fall of 2005 but I haven't been late on this card OR ANYTHING ELSE in 6 plus years now.
You've inspired me to call them and try yet again to convince them to convert me. If they won't I may just drop the card. A $700 limit card with an annual fee and high APR just doesn't squeeze into my wallet like it used to. In just the past two months I've been approved for a $3000 CL Barclays CC, a $10,000 CL Chase biz CC, and a $15,000 Chase LOC tied to a CC. This little WF card just can't run with the big dogs anymore.
I'll post a follow up to see if WF finally graduates my card or if they dis me again.
09-13-2011 07:14 AM - last edited on 09-13-2011 09:01 AM by beamMEup
OK then. I officially loathe WF. Just spoke to a manager regarding my secured CC with them. She said that they cannot graduate my card at this time. That I am welcome to apply for a new unsecured card if I like but that they will not be able to graduate my secured card at this time. They said that they will "periodically review your account" and if they determine at some point in the future I qualify for graduation they will send me a letter stating such.
This really burns me, frankly. WF just loaned me $377,000 at 4.5% fixed APR so I could buy a house. Their underwriters put us through hell having to prove and justify everything we've ever done in our financial lives. But they are unwilling to graduate a $700 CL secured card that I haven't been late in payment on in over SIX YEARS. That's it. I'm canceling this useless, over-priced, over-APR'ed card today. Actually, I'm about to buy a car... after that financing is complete then I'll cancel the card. Go ahead, ding my score WF.... it'll bounce back quickly anyway. They need my money more than I need their money at this point. I have a house, a car, and a handful of far more useable credit cards. Buh-bye WF secured card.
Would you tell me what you scores are? Mine at 660 (TU) 640 (EQ) and 635 (EX). My current CC util is under 30%, DTI is low even after the new mortgage (only used 45% of the amount we were pre-approved for), I have five figure checking account balances (not high five but five nonetheless) in both personal and business checking accounts, etc...
09-13-2011 07:56 AM
I am sorry to hear about that. I am not sure their reasoning for not graduating your card. My scores are not impressive and are actually bad. My FICO EQ is 604 and TU is 591. EX is unknown since they stopped giving true FICO scores. My utilization hovers between 0% and 2% with only a $3,000 credit line. My AMEX CC has not shown yet on my credit reports, which is a $5,000 limit.
As you can see, I am shocked at my graduation (but very happy).
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