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I've had a secured card with wells fargo a little over 2 years with a large deposit and im starting to become a little frustrated that the account hasnt graduated. Should iz close the account or will the relationship be worth it in the future?
Bank of Americard Cash Rewards, Amex Zync, Discover It, Nationwide, Capital One, and 2 store cards.
3 ways you can go about doing this:
1. call them and ask to be graduated.
2. assuming your account is in good standing and overall CR looks decent, you can apply for the unsecured version. Your chances are approval are high assuming there's no serious blemishes on your report. After approval, you can close the secured, and ask them to backdate the unsecured account and even try have that inquiry removed. The backdating works for most people, but getting that inquiry removed is YMMV. Some people were able to get it done, some were not.
3. ignore that card and move onto other prime cards altogether if you think your CR is good. it's hard for anyone to tell you without any info provided.
My report is in good standing and all of my accounts have grown except this one. Only reason I wonder if its worth it is because I could definitely use the deposit back (expecting my 3rd child very soon) and 10k could come in handy right now. Just wondering if anyone has found it worthwhile to have a relationship with Wells. I am clean of inquiries and want to keep it that way until I know I need credit. Thanks for the helpful advice.
can you tell us more about your AAoA and approx limits on the other cards? any lates / collections/ charge-offs / previous BK?
For me personally it has been worthwhile with Wells Fargo. They might not be the bank that gets most of my swipes, but they're the bank I would use if I ever need to carry a balance, assuming I have no 0% APR promos. Currently Wells Fargo is giving me a 8-9% rate (cant remember the exact number). SP CLIs been frequent and easy as well.
There's a lot of rumors about WF ramping up their credit cards, and they seem to be pilot testing a visa signature card as well, so I'm also looking forward to that.
BankofAmericard Cash Rewards opened 2008 1k limit
Discover More converted to It opened 2011 3.5k limit
Amex Zync opened 2011 500 hard limit
Nationwide Visa opened 2008 5k limit
Capital One Platinum opened 2010 3k limit
Wells Fargo Secured opened 2011 10k limit
Target opened 2008 1k limit
JcPenney opened 2010 2k limit
Have 1 collection on all of my reports from 2007 but its paid. Never filed bankruptcy and always on time. Cleaned up my report extremely well. Dont know why they just wont unsecure me and match one of my limits. I wouldn't mind staying with wells but sure could use my deposit lol its been 2 years and a couple months. I know they only graduate twice a year do I think I have to wait til December.
I heard somewhere they auto graduate in April and October, but you can always ask for a manual review right now and try your luck.
If they say no, you can always apply for the unsecured and have them backdate it. Another forums member was able to get that done about a month ago after Wells Fargo wouldnt graduate him. Or if you're patient enough I guess you can wait until end of October I suppose.
One of the reasons why they might be hesitant about graduating you is because of your 10k CL. Normally they retain the same CL upon graduation. However, your next highest CL beside your Wells Fargo secured is your Nationwide card with 5k CL. Wells Fargo might not be comfortable offering you such a high CL when most of your other cards are 2.3k CL on average. You can try talking to an underwriter and see if they're willing to unsecure you for a lower CL. That might just do the trick. CLIs are pretty frequent and common with Wells Fargo, so you can build that back up easily as long as everything is in good standing.
Time to go for a round of CLI on all those cards unless your util. is bad on them too.... you have had at least 2 years on many of them by the looks of it. I would ask for this to unsecure, apply for an unsecured, and or close as third option ($10k with secured Wells for 2 years... NO WAY!)
and get Nationwide up, hit up the president office for capital one and ask for $15k with them, and discover ask for at least double.
@tempusfugit123 wrote:My report is in good standing and all of my accounts have grown except this one. Only reason I wonder if its worth it is because I could definitely use the deposit back (expecting my 3rd child very soon) and 10k could come in handy right now. Just wondering if anyone has found it worthwhile to have a relationship with Wells. I am clean of inquiries and want to keep it that way until I know I need credit. Thanks for the helpful advice.
Had the same issue with them a few years ago. I called to ask for graduation, and they said they don't do that anymore. That policy might have changed, but you may have to close it to get your $$. IMHO, there's no value in a secured card once you have some unsecured primes.
Be prepared for a long wait for your 10k.
Also, +1 on hitting up Cap1 for an increase. They normally soft for those.