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Established Contributor
Posts: 624
Registered: ‎01-04-2009
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Wells Fargo Secured - should I close?

I've had my Wells Fargo secured for approx 2 years (just came up on the anniversary a couple weeks ago) without it graduating.  I just opened a Navy FCU account and am switching my checking account to them, and am wondering if I should just close down my Wells Fargo secured card and get an nRewards secured card instead with the money?  I wouldn't have to pay any annual fee, and would actually get interest on my deposit...and I'm more interested in getting an eventual unsecured card through them anyway.  But I also would like to retain the WF tradeline history and am sort of hoping if I hold out it will eventually graduate.  What would you do in my situation?

 

FYI I did actually apply for an unsecured card through NFCU but was declined.  I've heard from some that not having direct deposit setup (I don't yet, but will) factors into their decision a bit.  Maybe if I just waited a while I could re-apply and get approved for an unsecured?

Senior Contributor
Posts: 3,197
Registered: ‎01-24-2010
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Re: Wells Fargo Secured - should I close?

 


vonMannstein wrote:

I've had my Wells Fargo secured for approx 2 years (just came up on the anniversary a couple weeks ago) without it graduating.  I just opened a Navy FCU account and am switching my checking account to them, and am wondering if I should just close down my Wells Fargo secured card and get an nRewards secured card instead with the money?  I wouldn't have to pay any annual fee, and would actually get interest on my deposit...and I'm more interested in getting an eventual unsecured card through them anyway.  But I also would like to retain the WF tradeline history and am sort of hoping if I hold out it will eventually graduate.  What would you do in my situation?

 

FYI I did actually apply for an unsecured card through NFCU but was declined.  I've heard from some that not having direct deposit setup (I don't yet, but will) factors into their decision a bit.  Maybe if I just waited a while I could re-apply and get approved for an unsecured?


 

You may want to wait a while longer.   People are reporting the WF is just starting to unsecure cards in the last few months.   Long term it would be good to have both WF and NFCU.  If you have the funds, I would open NFCU secured card at minimum amount and give WF some more time.

 

If you close WF, it remain a positive TL for 10 years, so no real harm to credit.

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
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Re: Wells Fargo Secured - should I close?


vonMannstein wrote:

I've had my Wells Fargo secured for approx 2 years (just came up on the anniversary a couple weeks ago) without it graduating.  I just opened a Navy FCU account and am switching my checking account to them, and am wondering if I should just close down my Wells Fargo secured card and get an nRewards secured card instead with the money?  I wouldn't have to pay any annual fee, and would actually get interest on my deposit...and I'm more interested in getting an eventual unsecured card through them anyway.  But I also would like to retain the WF tradeline history and am sort of hoping if I hold out it will eventually graduate.  What would you do in my situation?

 

FYI I did actually apply for an unsecured card through NFCU but was declined.  I've heard from some that not having direct deposit setup (I don't yet, but will) factors into their decision a bit.  Maybe if I just waited a while I could re-apply and get approved for an unsecured?


What reason did NFCU give you for the denial?  Could that not be the same reason Wells Fargo does not graduate you?

IAALBNYL
Established Contributor
Posts: 624
Registered: ‎01-04-2009
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Re: Wells Fargo Secured - should I close?

This is the somewhat ambiguous rejection reason given by NFCU:

 

Unsatisfactory credit experience with present account

 

The letter sent stated this decision was based on information collected from Csc Credit Services...I'm curious what exactly they found.

 

Re: Wells Fargo  They've teased me twice giving me unsecured line increases, I don't understand why they don't just unsecure the card entirely.  I think you're right though...if I just hold out for a while longer I'm sure it'll happen.

 

NFCU did counter with an offer for the secured nRewards Visa/MC.  I think I may just wait and establish a banking relationship with d/d and with them as my main checking for a while, age my accounts, then try again.

Senior Contributor
Posts: 3,626
Registered: ‎10-13-2009
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Re: Wells Fargo Secured - should I close?


vonMannstein wrote:

This is the somewhat ambiguous rejection reason given by NFCU:

 

Unsatisfactory credit experience with present account

 

The letter sent stated this decision was based on information collected from Csc Credit Services...I'm curious what exactly they found.

 

Re: Wells Fargo  They've teased me twice giving me unsecured line increases, I don't understand why they don't just unsecure the card entirely.  I think you're right though...if I just hold out for a while longer I'm sure it'll happen.

 

NFCU did counter with an offer for the secured nRewards Visa/MC.  I think I may just wait and establish a banking relationship with d/d and with them as my main checking for a while, age my accounts, then try again.


 

You're right -- their stated reason is not very clear.  Probably means there is one derogatory on your CR.

 

CSC is, I believe, the local affiliate of either TU, EX or EQ.  Wouldn't hurt to get a copy and see what they are referring to.

 

NFCU secured card is a great option -- no annual fee. 

IAALBNYL
Established Contributor
Posts: 624
Registered: ‎01-04-2009
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Re: Wells Fargo Secured - should I close?

Ah, it was EQ that they pulled....maybe accounts too new or util slightly too high?
Regular Contributor
Posts: 164
Registered: ‎08-22-2009
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Re: Wells Fargo Secured - should I close?

You stand a better chance of getting approved for a NFCU cash rewards card. I was reading up on another site & most people that applied for the other rewards card with Navy got shot down & it was suggested that 1 should apply for the cash rewards card instead so, I decided to pull the trigger & applied for the cash rewards card & it was approved for $1500. My credit isn't the best in the world so, I didn't want to take any chances so, I went straight for the cash rewards card. If you didn't apply for that 1 I would. Oh yes, I heard about the Direct Deposit issue too so, I waited until my 1st round of direct deposit went through when I applied. Good luck to you !

Established Contributor
Posts: 624
Registered: ‎01-04-2009
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Re: Wells Fargo Secured - should I close?

Well CashRewards was the one I applied for, I was actually kind of wondering if the other would have been easier, but maybe that's not the case.  I should have really waited to get my Util down <20% or even 10% though before applying, and setting up direct deposit.  Think it'd be OK to apply as soon as 3 months? Or another 6? Or more?  I'm not really in a huge hurry as long as I know I'm getting a card that will grow with me.

 

MidnightOwl:  Just curious but what score did you have when you got approved for the $1500?

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Regular Contributor
Posts: 164
Registered: ‎08-22-2009
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Re: Wells Fargo Secured - should I close?

They approved me with a 636 score.

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