WF Refuses to "graduate" my secured card, should I just cancel it?

[p-]

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@Anonymous wrote:

Nearly 2 years ago I opened up a secured WF credit card with a $500 deposit. I'm always on time with my payments, and have aquired other accounts with perfect history since this card. I have a Macy's card, a conn's installment loan, and a capital one with an unsecured $500 CL.

After the 1 year was up I'd assume i'd get my deposit back automatically. They said they weren't graduating due to new laws and stuff. OK whatever. I've been calling on/off, same thing. Yesterday I called, FINALLY they accepted to run me trough to see if I am eligible.

Long story short I went through the process and I was declined. I was then told I was actually applying for a 2nd WF CC and I would have had to end up canceling the secured to get my deposit back, anyways. I was under the assumption that after the year I'd be graduated automatically, have my deposit back and the account would stay open. To get my deposit back in any situation, i'd have to close the account completely.

I'd love to keep this open since its my oldest tradeline (1yr 10mos) but I'm quite upset since I feel like WF has screwed me over. If I was collecting interest I wouldn't give a crap but it just feels like they're using MY money and being assholes with it.

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You're right about where I was a little while ago...  I had a WF secured card at 1k, and had been approved for a 3k amex, 3k Cap1, and 2k Chase.  Why do I need a secured card if I have that?  I called WF to talk about graduating, and they said they were no longer graduatng cards, ever, but that I could apply for a new card and close the secured one.  I did, and they denied me.  

So, I got a little pissed, and decided to cancel the secured card.  I figured better to get it done now if they are going to be like that.  I also didn't want to wait too long for my $, since they quote up to 60 days to refund, so I used the card for everything; groceries, gas, bills, until it was 95% of limit, then closed it.  That way the deposit covered the balance on the card.  Good thing I did, too, because it took about a month to get the remaining deposit back.  If you want detail on how that affected my score, look at my log.

Good luck-

[p-]

So, denied for a credit card at 1k, but they had no problem loaning be 179k for a house.  Take your business elsewhere if they won't work with you.  

[flyingmd]

FWIW,

I had a very good experience with BofA secured cared. It was right after my divorce and there was some dings plus I had to close everything, some of which had a 25 year history! I put 10K in cd and for 12 months made sure the card was paid on time and in full each month. After 12 months I called them and they unsecured the card (they did do a hard pull). It has been repeatedly said on these boards that Wells Fargo (along with CRap 1) never graduate their unsecured product. If I had other cards I would close the account and get my deposit back. If you need that credit card because of lack of credit then I would keep it open and bite the bullet. But from all I have heard on this board and other customers, WF will never unsecure a secure card. Good Luck I know it is frustrating. Bet you wish you read this forum BEFORE you got a WF unsecured CC.

[misfit928]

I was actually thinking about opening up a secured card with WF since I currently bank with them. I think I will look elsewhere for a secured card since the graduation of the card is almost impossible.

I have lost all faith in WF and will be pulling out all of my money. My credit union offers much better banking needs and cc options.

Thanks for the info.

[p-]

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@misfit928 wrote:

I was actually thinking about opening up a secured card with WF since I currently bank with them. I think I will look elsewhere for a secured card since the graduation of the card is almost impossible.

I have lost all faith in WF and will be pulling out all of my money. My credit union offers much better banking needs and cc options.

Thanks for the info.

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You might consider a USAA card if you're eligible.  They started offering a secured card to again if you don't get approved; I would have done that if they had it when I needed one.