Secured Card: Bofa or Wells Fargo?

[Give_Me_Credit_Please]

I bank at Wells Fargo and I've been reading alot about bofa secured card, I was wondering base on your experiences, which secured card would be easier, beneficial and will grow with me to get? I was looking at Wells Fargo since I bank with them but ultimately I want the best card that will benefit me in the long run and easy approval? I appreciate any help. Thanks

[Tran92]

Wells Fargo would be easier to get since you bank with them. I hear that both graduates, but I would say BofA has a higher chance to graduate than Wells Fargo. Both has a annual fee. They both serve a good purpose, but I plan on getting the BofA secured to add the 123 cash back reward.

[Revelate]

BOFA reliably graduates, and has the best rewards package of any secured product in existance currently.  Wells does graduate, but it's not consistent in the timeline with many users reporting wildly varied experiences.

Wells in your case likely has a better chance of approval, albeit it all depends what's on your record currently.  Generally speaking judgements and possibly open collections are the typical potential barriers to secured cards, but it's all YMMV in those situations with either lender.

Typically you want two revolving tradelines anyway for building or re-building one's credit file and score; there's no real downside to applying for both.

Edit: just saw you have a C1 secured already, personally I'd do BOFA first, a denial isn't a big deal while still in the subprime strata and establishing initial accounts and the card is well worth the shot at this point in time for virtually anyone seeking a secured card.

[toppers555]

I burned wells fargo when I was younge on a checking account , so they will not touch me for even secure products.  I went with BOFA secure card after being declined once, and I had it gradurate with a 5500 at years mark.  It was a hp for me since I intiated it but the analyist always loved how i took care of the account ,and always warned me repeatly yo check my credit report for mistakes in the months leading up to my year.. Also 40 buck as an AF is not bad , I have no problem paying it as they gave me a foot in the door, and I will try to get it removed next year, if not , its no biggie tbh.

[Wolf3]

IMO, You should make the decision on all the services of the bank and which do you want to go with long term.   I would say WF unless you want to move your checking savings to BofA. 

[Give_Me_Credit_Please]

I just applied for Wells Fargo yesterday gave me a message " Your application need for processing to verify information" I don't know if that's a good thing or bad but I guess I'll find out. I'll keep you updated. I appreciate everyone's feedback and help. Thank you.

[dodgerslv]

I have both a secured WF and BofA card...I bank with Wells fargo though...what i like about WF is that if you want to increase your limit on your card (add more money), its not a hard pull on your credit report as to Bank of America, it is (learned that the hard way).  WF gave me an auto CLI without having to send them more money. Bank of America does not. My APR on my WF is lower than on my BofA. But on the upside, as some posters have said here, you are more likely to graduate at the one year mark with the BofA card. WF only graduates twice a year and its no guarantee.

[Give_Me_Credit_Please]

Thanks fo the info, when you appliedfor thr Wells Fargo secured, did you apply online or at store and if online did it give you a message saying "We need to verify a few information before we can give you a credit decision"? That's what my message said and not sure if it's a good or bad thing. Thanks

[dodgerslv]

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@Give_Me_Credit_Please wrote:

Thanks fo the info, when you appliedfor thr Wells Fargo secured, did you apply online or at store and if online did it give you a message saying "We need to verify a few information before we can give you a credit decision"? That's what my message said and not sure if it's a good or bad thing. Thanks

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I applied online..i dont think secured card credit applications are instant approvals...i remember my wasnt so that doesnt mean you are getting denied. I would check to see if your secured collateral is getting withdrawn from your account (if thats where they are taking the money from) the next few days or you could just call them and check the status ( i think the number is on the pending review message).

[jsucool76]

Sounds like they need to verify your identity. I would call up if you dont want to wait for a letter in the mail.