Wells Fargo Secured CC- ADVICE PLEASE???

[trugem]

What should I do?Im so diappointed in WellsFargo!!! I kept my end of the bargain!!!

My WF secured cc ($3000 cl) was hopefully going to become unsecured next week. I paid in full every month and it was never late. My BoA just became unsecured in may & I have a $5000 cl. I also just purchased a car, 7.5% financing thru Honda, (I know- apr is high) payments start this month. I have my checking and saving with Wachovia. Im debating if I should cancel the wells card, close my wachovia accounts & take my money and go to my local credit union. Or hang in there... I was relly looking forward to getting my $3000 back since I spent the money I have in savings as a down payment for the car. Im also starting college at the end of the month!!!

btw- divorced 2 yrs ago, 37 single, just trying to stand on my own 2 feet!!! Nothing bad on credit just in the process of building. Advice would be helpful. My goal is to be 700 within a year!!!

Eq650 Es662 Trans 645

[Wolf3]

There have been many posts that WF has suspended graduating unsecured cards most of this year.   I think there have been posts that WF will start reviewing files soon.

I would suggest waiting a few months, if you can.  You can call them and ask.

As for the CU, you can open accounts there without closing the WF account.   I find it useful to have accounts in CU and Major Bank. 

[Tazman81]

I would call them and ask to be put on the waiting list for review when they start unsecuring cards.  From what I've heard, they are supposed to start this process in september once the rest of the credit card laws have taken place.

also, if you close the WF secured card, it will take about 60 days for them to send your deposit back, so IMO it would be more beneficial to just wait because if they unsecure the card, then they should be able to just transfer the funds back to your Wachovia account.

[jforsyth]

Like others have said, WF isn't currently graduating cards. Unless you need the money now, I'd wait it out and see what happens. Them not graduating cards is most likely a result of their overtake of Wachovia. They might have a change of heart once the entire process has settled.

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@trugem wrote:

btw- divorced 2 yrs ago, 37 single, just trying to stand on my own 2 feet!!! Nothing bad on credit just in the process of building. Advice would be helpful. My goal is to be 700 within a year!!!

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That's very doable. I hit 735 in 6 months.