Wells Fargo Secured Credit No Good!

[Open123]

This thread title has my vote already for "Title" of the year.

Couldn't agree with you more.  Wells Fargo Secured - No Good!  

[Give_Me_Credit_Please]

I was approved last week and should be receiving my card any day now, but from all the negativity I've been hearing, I might just cancel it and open BofA instead. My luck I'll get denied for BofA and not have anythink.

[Open123]

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@Give_Me_Credit_Please wrote:

I was approved last week and should be receiving my card any day now, but from all the negativity I've been hearing, I might just cancel it and open BofA instead. My luck I'll get denied for BofA and not have anythink.

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I wouldn't cancel it yet, but just be mindful that WF doesn't have any predictability when it comes to graduating.  I'd keep the Wells, and apply for a BofA secured (the best in my view), which almost always graduates in 10 - 12 months.

Then, you can close the Wells after BofA graduates and get your deposit back.  Even if Wells graduates, they don't have any compelling rewards cards.

[aplast]

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@Open123 wrote:

This thread title has my vote already for "Title" of the year.

Couldn't agree with you more.  Wells Fargo Secured - No Good!  

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I would agree with you that there may be better secured cards out there. BOA seems to be pretty popular. Some folks like Cap1 because it doesnt report as "secured" even though that one never fully graduates. but hey its a name brand secured card, and It was my first card starting with a 530. Now I have a much better score as well as an Amex, Discover, and a few other nice cards with nice limits. Totally did the job I wanted it to.

[Revelate]

Couldn't agree with Open123 more.

WF secured has not ever been one of the top secured cards, and there's not much to their unsecured credit cards to write home about either.

I would likewise get a BOFA secured card in your situation in addition to the WF one. Having multiple tradelines is nothing but goodness and honestly the BOFA secured product is the best everyday card obtainable below 640 FICO once the rewards package is tacked on.

It is even better in the lower credit strata it can be obtained in too. Very much worth the inquiry when rebuilding is my opinion.

[Give_Me_Credit_Please]

The only reason I opened the WF was because I have bank account with them and just for convenience purpose. I'm gonna try for the BofA as well. Thank you for everyone's advice!!

[dodgerslv]

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@Give_Me_Credit_Please wrote:

The only reason I opened the WF was because I have bank account with them and just for convenience purpose. I'm gonna try for the BofA as well. Thank you for everyone's advice!!

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same here...have been with WF for 12 years. I actually have both a WF and BOA secured cc...doubled my chances...

[chrisst]

Same for me as well. I'm actually going for BOA some time next month, I don't have time to put up with this stuff.

[chrisst]

They said my credit was strong enough...or something like that. They encouraged me to wait until April and most likely I will graduate, so we'll see. Oh they mentioned that I had a charge off for $128 which was paid like 4 days after but still makes a difference..

[Give_Me_Credit_Please]

Good Idea, it's not gonna hurt if anything it will help.