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Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Secured cards graduation - CR question

I have two secured cards.  One is Crap1 and doesnt say "Secured" on my credit report.  The other is Wells Fargo and this one does say "Secured" in the CR.  The question is this, when/if my WF card graduates to an unsecured card does it change the description on the old card or is an entirely new account created.  I hate having the "secured" tag on my CR.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

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Valued Contributor
daybreakgonesXe
Posts: 1,862
Registered: ‎11-17-2012
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Re: Secured cards graduation - CR question

Most of the time they just switch your secured card to unsecured and keep the same account. I'm not 100% with Wells Fargo, but worst comes to worst if they issue you out a a new account with different numbers they'll list the open date as the same as when you opened the secured. It won't affect your AAoA! Maybe someone with experience with the Wells Fargo secured will be able to let you know what happened to them!

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FICOS: EX 744 EQ 706 TU 733 Credit Karma (TU) 785 Transrisk 808/990 Credit Sesame (EX) 764 Credit.com (EX) 764 VantageScore 3.0 719 Quizzle (EQ) 721
Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
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Re: Secured cards graduation - CR question

Actually, if its a new account it will lower my AAoA.  My AAoA right now is 10 years.  Say I have one secured account from June 2012.  If they close that account and open a new one that is unsecured on June 2013 and still use the old June 2012 date then I have two cards with June 2012 date and my AAoA takes a hit.  If the new account for the unsecured card is a new account with the date of June 2012 then I dont want it unsecured.  If I have to get a new account, even with the 1 year backdating I would rather just open an account that I really want.



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Established Contributor
cashnocredit
Posts: 1,028
Registered: ‎07-18-2009
0

Re: Secured cards graduation - CR question

Agree with daybreak.

 

I had two secured cards, Citi and WF. They both retained their history but the "secured" notation was removed from the account.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k
Valued Contributor
Duncanrr
Posts: 2,857
Registered: ‎06-08-2012
0

Re: Secured cards graduation - CR question

@Cashnocredit

 

What was the process involved in the WF card?  How much of a deposit did you have at time they unsecured the card?  How long did it take to get to your current CL with them?  How many CLI have you had on your WF card and when?



Starting Score: EQ 551 TU 548 CK 607on 6/8/12, EX 542(AMEX pull 3/4/12)
Current Score: EQ 710 TU 727 EX 704 CK 719(FAKO-EX 697, EQ 697, TU 697)
Goal Score: 750

Take the FICO Fitness Challenge
Established Contributor
cashnocredit
Posts: 1,028
Registered: ‎07-18-2009
0

Re: Secured cards graduation - CR question


Duncanrr wrote:

@Cashnocredit

 

What was the process involved in the WF card?  How much of a deposit did you have at time they unsecured the card?  How long did it take to get to your current CL with them?  How many CLI have you had on your WF card and when?



I had stopped using CCs back in the late 90's. The WF was my first card and I got it just under 4 years ago because I was having increased hassles using a debit card. I'm retired but have a good income/investments so I put 10k on it. They unsecured it after 18 mo. They seem to review secured cards twice a year in the spring and fall. At the time they unsecured it I still had a PR and a couple CAs but I have a good regular banking record with them. A month later they auto CLI'ed me to 12k but I don't use it much and they haven't cli'ed me since. It's just a regular plat with no AF but no rewards. On the positive side they didn't HP when they unsecured it.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy15k, Amex Plat (60k H/B), Citi AA EWMC 25k

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