Wells Fargo Secured CC 'Graduation' Instructions

[Scamp]

I've been doing a late 'spring clean' of my apartment, including going through an unholy amount of old paperwork (shredder's been getting a workout), and came across these 'instructions' on how to 'graduate to the next stage' that came with my Wells Fargo Secured CC back in 2005.  Thought the info'd be useful to current secured card holders, give an idea of what banks/ccc's look for in use/handling of their cards in order to graduate you to unsecured:

1.  Keep your account open.

2.  Use your secured card and pay at least the minimum monthly payment on time for 12 consecutive months.

3.  For all other creditors, keep your monthly payments current during that same 12-month period   (this includes loans and lines of credit).

4.  Keep tabs on your outstanding credit card balance - be sure it does not exceed your credit limit at any time during those 12 consecutive months.

5.  Follow the above steps and attain a credit bureau score of at least 600 at the time we review your account for possible graduation (Wells Fargo will determine which credit bureau and which credit bureau score to use).

FWIW, when I had this, it was my only reporting bit of credit, and after treating it right for a year, I had an EX of 738 and got graduated to an unsecured card with a nice CLI of $500.

Hope this is helpful and informative. 

[Anonymous]

Great info, scapegrace!  Thanks for posting.  I'm sure many people will find it helpful.

[voidman]

It's almost the same when i got the card in Nov'07
Over that, last year, the fine print mentioned that they will only graduate the secured card only for permanent resident (green card holders) and citizen. I didn't read this ( i am a Immigrant) while getting the card. I now have the card for past 7-8 months for $1000.

But seems like, they have removed this from their fineprint. Hopefully they will graduate me to secured card, if not. I will reduced the CL from $1000 to $300 & SD it and move my checking and saving to some other bank.

Message Edited by voidman on 07-05-2008 07:10 PM

[CreditDrama85]

i would like to know if they are strict about getting a 600 fico for graduation. i guess i will find out soon enough. i have maintained my account perfect but do not have a 600 fico. and i see where wells constantly does soft pulls on experian (which is my lowest score).

if i end up getting graduated, it will have more to do with how i handled the individual account.

[Anonymous]

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@CreditDrama85 wrote:

i would like to know if they are strict about getting a 600 fico for graduation. i guess i will find out soon enough. i have maintained my account perfect but do not have a 600 fico. and i see where wells constantly does soft pulls on experian (which is my lowest score).

if i end up getting graduated, it will have more to do with how i handled the individual account.

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Yes, and that counts for quite a bit too, especially if you have a checking or savings account with the financial institution in question.

How many revolving accounts do you have now?

[Scamp]

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CreditDrama85 wrote:

i would like to know if they are strict about getting a 600 fico for graduation.

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I would have to say 'yes', on this, as when I (unknowingly, at the time) tanked my scores to below 600 with super-high util across the board, they rate-jacked me big-time despite my having paid more than the minimum on time, every time, with them and all my other creditors.  When I spoke to them, it was clear that 600 was the minimum threshold for avoiding AA.

And their credit dept. people have been snotty to me ever since, refusing to lower my APR or give me a CLI despite the fact that I've fixed the issues that prompted the rate-jacking.

The card mostly lives in the sock drawer, these days.

[johnpalley]

im getting the feeling that after the card turns unsecure there not good with credit limit increases. is that true? 500 just seems to be a low starting limit. how big have you all seen the credit limit increases every 6 months after it turns unsecure?