Wells Fargo graduating my secured card.

[Creditaddict]

I ended up closing the National City because what they were telling me I had to have before they would un-secure was just not going to happen within 2 years so didn't feel it was worth holding on to.

The BofA, I just called the secured card line and asked them if I could graduate, I even convinced them which credit report to pull! when the underwriter approved it, I was sent out a Platinum Plus to replace the other card, don't believe the trade line ever changed on credit.

[Wolf3]

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@Anonymous wrote:

So I logged on my account today, and saw that my secured account was closed. Of course I called them and the representative said they're graduating my card, yay! I only put in $300 and never increased the limit but she said they're going to give me a $1000 cli. I opened it last year in September and always paid in full. I'm 21 and it was my first and only cc so it feels nice to get an unsecured card. Anyway that's my little update since they haven't been graduating cards lately.

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After you get this, please let us know how this shows up on your credit report.   Is it a new account?   Did you keep your original opening date or is it a new date?

Your case is most relevant, since WF initiated the graduation.

[Anonymous]

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@Wolf3 wrote:

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@Anonymous wrote:

So I logged on my account today, and saw that my secured account was closed. Of course I called them and the representative said they're graduating my card, yay! I only put in $300 and never increased the limit but she said they're going to give me a $1000 cli. I opened it last year in September and always paid in full. I'm 21 and it was my first and only cc so it feels nice to get an unsecured card. Anyway that's my little update since they haven't been graduating cards lately.

---

After you get this, please let us know how this shows up on your credit report.   Is it a new account?   Did you keep your original opening date or is it a new date?

Your case is most relevant, since WF initiated the graduation.

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It is a new account and I didn't get to keep the original date (opened August 2010). The secured account also shows up on EQ as  "account closed at consumer's request/ closed or paid account / zero balance". Do we also know how long the closed account will stay on my report?

[Wolf3]

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@Anonymous wrote:

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@Wolf3 wrote:

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@Anonymous wrote:

So I logged on my account today, and saw that my secured account was closed. Of course I called them and the representative said they're graduating my card, yay! I only put in $300 and never increased the limit but she said they're going to give me a $1000 cli. I opened it last year in September and always paid in full. I'm 21 and it was my first and only cc so it feels nice to get an unsecured card. Anyway that's my little update since they haven't been graduating cards lately.

---

After you get this, please let us know how this shows up on your credit report.   Is it a new account?   Did you keep your original opening date or is it a new date?

Your case is most relevant, since WF initiated the graduation.

---

It is a new account and I didn't get to keep the original date (opened August 2010). The secured account also shows up on EQ as  "account closed at consumer's request/ closed or paid account / zero balance". Do we also know how long the closed account will stay on my report?

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Thanks

Accounts stay on your report for 10 years.

[cashnocredit]

WF just unsecured my 10k secured Visa. It was a surprise when I logged onto the online banking account and noticed two Visa cards listed. I called CS and found out it was unsecured and they issued a new card with a different number. They  linked the accounts together so I can still use the old one for a while. The new CC was mailed yesterday but I haven't recieved it yet.. Same CL.

I don't know how this will be reported to the CRAs. They still show as secured. I will post an update after the new card reports.

[cashnocredit]

Update:

The unsecured card account is reported with a new acct no. but retains the old history of the secured card in EX and EQ.

[92235]

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@cashnocredit wrote:

Update:

The unsecured card account is reported with a new acct no. but retains the old history of the secured card in EX and EQ.

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Thank you. They just made my $2200 secured card unsecured. That was the biggest question I had.

[Anonymous]

cashnocredit: "The unsecured card account is reported with a new acct no. but retains the old history of the secured card in EX and EQ"  -- this was the answer I was looking for. Thanks for the post.

92235: Congratulations! I started my WF secured card with $1000  3years ago. I steadily kept increasing the collateral every so often and it got up to $2600 about 6 months ago.  I logged in 2 days ago and found a new CC account.  I called and the rep said they graduated me.  Today I got my unsecured card with a CL of $2600.  My question is... do you know how or when we will get our collateral for the secured card???   

[92235]

I havn't talked to anyone at Wells Fargo yet, so I am not sure when we will get our money. I will give them about a month before I call them. If you find something out let me know.

[Brusilov]

I'm assuming you had $0 balance when it graduated too?