Credit Cards

[corymcd88]

Does the Wells Fargo Secured Card upgrade after one year? Do you have to wait longer? I was told when I got this card upgrade after one year as long as it is in good standing, now they are saying two years of good payment history and they won't wave the AF.

[cashnocredit]

They don't have a specific time to upgrade unlike Citi (end of their 18 mo. CD). WF also just upgrades out of the blue, sends you a letter and refund. You also get a new card with a different account number and no af. In my case WF upgraded after 18 mo. Some have been reported at very different intervals and a large number haven't been upgraded after several years.  It really is a YMMV.

[mrwheezy117]

You generally need to have the secured card for at least a year. They do periodic checks every October and April.

I got this information from my banker and the executive office. You also must be a permanent resident (USCIS definition) or a U.S. Citizen to be eligible as well. 

[MountainHiker]

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mrwheezy117 wrote:

You generally need to have the secured card for at least a year. They do periodic checks every October and April.

I got this information from my banker and the executive office. You also must be a permanent resident (USCIS definition) or a U.S. Citizen to be eligible as well. 

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Your info is acurate.WF does graduate secured cards in oct and may.Usually after 12 months and sometime sooner depending on the finances of the individual canidate.I hit my 12 month mark this month and I'm interested in having my card upgraded if the limit is decent.Otherwise I rather keep the card unsecured and just keep adding money to it in order to get higher approval limit cards from other banks. This is especially helpful for instant approvals process. Having $5K or $7K in one card can garner similar approved cards.

[mrwheezy117]

Only flaw with that is the Wells Fargo reports the card as Secured to at least Equifax. Thus lenders would know that the card was secured and may give you a limit similar to that of unsecured lenders. But I wonder how secured vs unsecured works with instant computerized approvals.

[MountainHiker]

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mrwheezy117 wrote:

Only flaw with that is the Wells Fargo reports the card as Secured to at least Equifax. Thus lenders would know that the card was secured and may give you a limit similar to that of unsecured lenders. But I wonder how secured vs unsecured works with instant computerized approvals.

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If everything in the credit file is good, such as excellent utl,good payment history,high limits even with a secured card and the approval is not a manual processed approval,I'm thinking secured or unsecured will not matter.The high limit will be a big plus.I'd rather use a secured $5K limit vs a unsecured card with a $1K limit for instant approvals via a computerized system.Will put this theory to use in march.