Credit Cards Center Credit cards from our partners
Reply
Established Contributor
Posts: 591
Registered: ‎05-05-2012
0

Wells Fargo Secured Card Limit Increase?

Hi everyone.

I would like to know if it is a good idea to increase my Wells Fargo secured limit. Right now it's credit limit is 300. I was thinking of increasing it by 1000 bringing it up to 1300. It's graduation is by the end of August so I don't know if it's a good idea or not. Also at the moment I am gardening and wanting to see my 3 new cc grow age and apply for new credit around January 2013 or so.

Also anyone knows if when your secured card graduates do they check your credit to determine a credit limit or is it going to be the same credit as your deposit. Is it automatic or do you have to request the graduation process?

Thanks for your answers in advance.
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
0

Re: Wells Fargo Secured Card Limit Increase?


ObeyJohnny12 wrote:
Hi everyone.

I would like to know if it is a good idea to increase my Wells Fargo secured limit. Right now it's credit limit is 300. I was thinking of increasing it by 1000 bringing it up to 1300. It's graduation is by the end of August so I don't know if it's a good idea or not. Also at the moment I am gardening and wanting to see my 3 new cc grow age and apply for new credit around January 2013 or so.

Also anyone knows if when your secured card graduates do they check your credit to determine a credit limit or is it going to be the same credit as your deposit. Is it automatic or do you have to request the graduation process?

Thanks for your answers in advance.

I always think it is better to have a bigger deposit and credit limit.    I had 2 secured cards Capital One($2200) and HSBC($1100).   I got unsecured cards from both ot them Capital One($3000) and HSBC($500), so some of the time it helps with a bigger limit.   I also got several store cards with larger than expected limits while I had the secured cards, so I think it helped some there too. 

 

Frequent Contributor
Posts: 373
Registered: ‎03-25-2011
0

Re: Wells Fargo Secured Card Limit Increase?

IMHO , do it ! There is a frequent saying aroung here that bigger limits beget higher limits. I too had a Wells Fargo secured card for just over a year. I called shortly thereafter and they "were not graduating cards" at that time. The CSR asked if I would like to apply for a NEW non-secured card, but I replied if they wont "graduate" my secured card why would they approve me for a new unsecured card, but out of frustration I went ahead and closed my secured card and applied in the same call for a WF Rewards card and was approved for 3800.... Dont hold your breath waiting for it to go "graduated"

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.