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Thank you all in advance!
Here is my situation. I had two secured CC to help me start my credit history. One was BofA 123 CR Secured and the other one the Wells Fargo secured. I've had the BofA CC about a month and a half longer than the Wells Fargo secured CC. Last month i called BofA in hopes of having my card graduated prior to the 12 month requirement. Surprisingly it was successful. My deposit was returned to my checkings within minutes and my CL increased to 2.5k. Unfortunately Wells Fargo isnt so willing to do this. I called and the CSR was just unwilling to help me graduate my account. Maybe it is true that they can't graduate my card until I have hit the 12month mark. I am just going based on my experience with BofA graduation of my CC. Here is my question, has anybody have any experiences similar to mine with Wells Fargo in particular? Any advice helps!
@Jaylima91 wrote:Thank you all in advance!
Here is my situation. I had two secured CC to help me start my credit history. One was BofA 123 CR Secured and the other one the Wells Fargo secured. I've had the BofA CC about a month and a half longer than the Wells Fargo secured CC. Last month i called BofA in hopes of having my card graduated prior to the 12 month requirement. Surprisingly it was successful. My deposit was returned to my checkings within minutes and my CL increased to 2.5k. Unfortunately Wells Fargo isnt so willing to do this. I called and the CSR was just unwilling to help me graduate my account. Maybe it is true that they can't graduate my card until I have hit the 12month mark. I am just going based on my experience with BofA graduation of my CC. Here is my question, has anybody have any experiences similar to mine with Wells Fargo in particular? Any advice helps!
I hate to tell you this I have had it since Oct 2011 and nothing still a secured. I have asked and asked and nothing. Sorry!
@corymcd88 wrote:
@Jaylima91 wrote:Thank you all in advance!
Here is my situation. I had two secured CC to help me start my credit history. One was BofA 123 CR Secured and the other one the Wells Fargo secured. I've had the BofA CC about a month and a half longer than the Wells Fargo secured CC. Last month i called BofA in hopes of having my card graduated prior to the 12 month requirement. Surprisingly it was successful. My deposit was returned to my checkings within minutes and my CL increased to 2.5k. Unfortunately Wells Fargo isnt so willing to do this. I called and the CSR was just unwilling to help me graduate my account. Maybe it is true that they can't graduate my card until I have hit the 12month mark. I am just going based on my experience with BofA graduation of my CC. Here is my question, has anybody have any experiences similar to mine with Wells Fargo in particular? Any advice helps!
I hate to tell you this I have had it since Oct 2011 and nothing still a secured. I have asked and asked and nothing. Sorry!
So they kept your money? That seems like bad business practice IMO
I have had my WF secured since Sept. 2013 ($500 limit). I recently received a letter from them that it is graduating to "unsecured" by Sept. 10, and my deposit will be returned to my checking account. Will post when it happens. Also hoping for CLI while they're at it!
@srchick wrote:I have had my WF secured since Sept. 2013 ($500 limit). I recently received a letter from them that it is graduating to "unsecured" by Sept. 10, and my deposit will be returned to my checking account. Will post when it happens. Also hoping for CLI while they're at it!
I guess I'll have to wait for the year to hit.
@Jaylima91 wrote:
@srchick wrote:I have had my WF secured since Sept. 2013 ($500 limit). I recently received a letter from them that it is graduating to "unsecured" by Sept. 10, and my deposit will be returned to my checking account. Will post when it happens. Also hoping for CLI while they're at it!
I guess I'll have to wait for the year to hit.
WF is terribly inconsistent in graduation: it was pretty rare previously, though we had a slew last year which were all graduated en masse which we thought was a change to their business practices, but not everyone got one so hard to say.
@Jaylima91 wrote:Thank you all in advance!
Here is my situation. I had two secured CC to help me start my credit history. One was BofA 123 CR Secured and the other one the Wells Fargo secured. I've had the BofA CC about a month and a half longer than the Wells Fargo secured CC. Last month i called BofA in hopes of having my card graduated prior to the 12 month requirement. Surprisingly it was successful. My deposit was returned to my checkings within minutes and my CL increased to 2.5k. Unfortunately Wells Fargo isnt so willing to do this. I called and the CSR was just unwilling to help me graduate my account. Maybe it is true that they can't graduate my card until I have hit the 12month mark. I am just going based on my experience with BofA graduation of my CC. Here is my question, has anybody have any experiences similar to mine with Wells Fargo in particular? Any advice helps!
A couple I know got secured card with WF and got unsecured after 12 months. They didn't ask for graduation or early graduation.
May I ask you your BofA limit before graduation? I have one and want to make some decisions. From what I read most people that ask for early graduation and CLI get both, with mixed results when BofA unsecure the card without a HP (auto graduation). Thanks.
I have to say WF is very greedy on this subject. My fiancé is from the UK and after an extremely compelling year of history and excellent use they informed her that they do not unsecure cards for non permanent resident despite having a social. Have heard of similar problems of graduation for normal US citizens. She now has an amex gold and chase sapphire preferred in just under two years so I think it's just wells being mean ; ) once it wouldn't hurt your AAOA just close, get your money back and app for something with real benefits IMHO.
OP, see thread below. You might find it useful.
You need to decide if the card is worth it for you at this point. Is your credit good enough now for other cards? Are you willing to keep waiting until it graduates or you are approved for the unsecured? Are you OK with your security deposit tied up without knowing when you'll get it back? Is this a card you want to keep for the long term? Once it graduates or you get approved for the unsecured, you might sock drawer it as there are cards out there with better rewards. Many people starting out or rebuiliding get the WF secured without knowing that is it not as easy to graduate as it may sound, ie, that in 12 months your card should graduate. WF wants your business so they won't really tell you everything before you apply.
Keep in mind that when closing any account, the TL will remain on your CR for 10 years after closing so it won't hurt your credit score right now. Your credit score will only be impacted negatively once the TL falls off in 10 years. The TL can be removed from your CR earlier if the creditor volunteers to remove the TL but this is not common.