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So I started fixing my credit with 3 secured and one unsecured (at the time Orchard) and one of the is Wells Fargo. Fast forward a year or two.
All of these cards graduated and I have gotten signifcant CLI's and upgrades with those. In addition I received a whole lot of other cc's with generous CLI's inlcuding Amex, Discover throughout my journey.
However, this Wells Fargo secured has done nothing, it's been now 16 months. It's a lousy $300 and I only use it for transactions that are linked to my Paypal because it has the lowest limits and I don't use Paypal much except for a company that does auto bill and since they required me to open a bank account as well but in order to waive the fee I had a partial direct deposit going there which I use to pay that CC.
I was thinking about closing all of it all together, but it has a better AAoA since all my other cards are much newer but will this make a difference?
1. Should I bother in contacting them, I read a lot of people say that they got frustrated talking with them
2. Close it and not worry about it
3. Keep it open for some time for AAoA once my other cards with more than 10x the CL get more age on them.
Has anyone had some experience with this?
WF is notoriously slow in unsecuring cards if you don't bank with them call and request it be unsecured and build it into a useful CL
I do bank with them as it was a requirement to get the secured credit card. It is just no my main bank that I use.
You can call the credit analyst number on the Backdoor Numbers thread and ask them if they can add you to the list to be graduated. Apparently it exists as they added me back in April. I've had mine since February of 2014 personally. If this card has not graduated by the 24 month mark; I'll probably close the card down, wait for the collateral to be put into my checking and then close my Wells Fargo account. I have a credit union that's been very good to me so I'll probably just switch my main banking to them.
I have a $500 secured card with Wells Fargo that I would love to have back and added to my emergency fund.
I used to have a secured WF card; April graduation was my experience as mentioned here. Even though my actual 1 year anniversary was in February. of the same year. I had checking and savings accounts with them prior (12+ years) to obtaining the secured card. Some time in April I received a congratulatory letter saying that the card was graduating- it took about 45 days to receive my deposit back, they infomred me of such in the letter.
PS: I never paid one penny of interest, always PIF. Not sure if any of this helps but, just sharing my experience.
I just called the number and customer service was just able to fill out a form for moving my graduation process faster or have someone look at it.
Seems like an antiquated system as she says whenever they consider me they will notify me in the mail. I think it's bogus it one of my older cards with the lower limits. Every other bank graduated me a long time ago. My Bank of America Americard Cash Rewards I received about the same time with $500 deposit since they increased me 2x and I am at $5000. I just got the Amex Everyday and Discover IT as well.
I see what comes back but eventually will close it if nothing happens. Just don't want to do it now for AAoA since majority of my cards are less than a year old.
Random, when they graduated you, what card did you get, what CL in comparison to what you had secured, and did they do a HP ??? I'm just curious because I got approved for the Propel Amex at 2500. CL last week and I still have my 2K secured VISA with them that I opened in February of this year. I hope maybe I can graduate come this October, and if not, no later than next April. If they won't do that after using these 2 Cards (secured & unsecured) and paying in full my 3K secured loan I took out last month, than I'll be closing it. I don't need the money now so I figured I'd lv it there tied up on the secured card and hope I can get another unsecured card from this graduating. I'll be sure to post my results, either way.
I apologize for the late reply, I/m just now seeing this:
The card stayed at the same limit and percentage rate 18%.. I tried to get a CL increase and lower interest rate they would not budge. I waited a few months and they increased it by $300.00 and a few months later I called for a CLI asked for 5k and they only increased it by 400. Both were SP's. They did ask to do a HP and I said no. I am guessing if I would have let them do a HP it would be a lot higher. I just keep it for history.
I only use it for my Verion bill for the phone insurance program they offer...