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Wells Fargo secured card advice

Regular Contributor

Wells Fargo secured card advice

Hello,

 

i have just starting building credit 5 months ago

i have 3 cards

1) Wells Fargo $300 secured card

2) walmart $400 store card

3) capital one $500 unsecured

 

i want to raise my CL so I was thinking

 About raising my secured deposit with Wells Fargo 

to $2500 so the next good card I will apply for

will maybe match me the $2500

 

my question is if that will help me a lot? If I end up

by getting another card that will match me the same CL,

will I be able afterwards to ask from Wells Fargo to reduce again 

to a lower secured deposit so I can get some money back? Or I

Will need to close the account or wait for graduation?

 

 

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 1 of 12
11 REPLIES
Moderator

Re: Wells Fargo secured card advice

Decent strategy but you'd want to carry te deposit through graduation ideally. Not worth it for a short-term raise in my opinion.

Depends on he lender but you can almost assuredly reduce your deposit/limit by doing a cash advance on the card. Most lenders will take the advance straight out of your deposit.
Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Message 2 of 12
Regular Contributor

Re: Wells Fargo secured card advice

So when my card graduates with a $2500 secured deposit, will my 

unsecured card stay at the same limit ?

if not what happens if I graduate too fast? I will lose my high limit if the don't mmatch me the 

same CL on my graduated card

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 3 of 12
Senior Contributor

Re: Wells Fargo secured card advice


pat0812 wrote:

Hello,

 

i have just starting building credit 5 months ago

i have 3 cards

1) Wells Fargo $300 secured card

2) walmart $400 store card

3) capital one $500 unsecured

 

i want to raise my CL so I was thinking

 About raising my secured deposit with Wells Fargo 

to $2500 so the next good card I will apply for

will maybe match me the $2500

 

my question is if that will help me a lot? If I end up

by getting another card that will match me the same CL,

will I be able afterwards to ask from Wells Fargo to reduce again 

to a lower secured deposit so I can get some money back? Or I

Will need to close the account or wait for graduation?

 

 


It helps some of the time.    Maybe you should wait a while and do it closer to graduation, so you can have a larger deposit at that time.

 

Message 4 of 12
Regular Contributor

Re: Wells Fargo secured card advice

will adding an extra $2000 deposit on my secured card request a soft or hard pull ?

 

if it graduates, will it graduate to a new credit limit or will stay the same as it was on secured ?

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 5 of 12
Valued Contributor

Re: Wells Fargo secured card advice


pat0812 wrote:

will adding an extra $2000 deposit on my secured card request a soft or hard pull ?

 

if it graduates, will it graduate to a new credit limit or will stay the same as it was on secured ?


Usually they remain the same. The higher the deposit the better. It really doesn't matter whether it is SP or HP because you will be in the garden for awhile anyways.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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Message 6 of 12
Regular Contributor

Re: Wells Fargo secured card advice

i want to raise it to $2500 at least

i read in the forums that wells fargo are not always graduating cards. some people it happens and some not

i want to know if with wells fargo at any time i can go back to $500 secured deposit  and get back my $2000 ?

 

FICO 8's EX 770 EQ 751 TU 771 (1/16/17)
Amex Gold Premier rewards ( Charge Card)
Amex Blue cash - $47,800 Wells Fargo - $15,000 Citibank Simplicity - $13,800 Barclays Apple - $13,000 Walmart Mastercard - $8000 Chase Slate - $7,200 Discover It - $5,500 Capital One - $5,250
Message 7 of 12
Highlighted
Valued Contributor

Re: Wells Fargo secured card advice


pat0812 wrote:

i want to raise it to $2500 at least

i read in the forums that wells fargo are not always graduating cards. some people it happens and some not

i want to know if with wells fargo at any time i can go back to $500 secured deposit  and get back my $2000 ?

 


The sooner you add the funds the better.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


     $17k       $8.5K          Closed          $19k      $6.5k        $24.2k        Closed         $5k       Closed     $8.5k        Closed      @2.49%
Message 8 of 12
Frequent Contributor

Re: Wells Fargo secured card advice

They say higher limits beget higher limits. When I had my WF Secured card ,  I started with 500, then a couple months later I added 2k... I do NOT recall ANY hard pull by them for just increasing my CL. I ran with it for a year then tried to get them to "un-secure" it... didnt get anywhere ! Got the standard message that they were not graduating cards. She asked if I would like to apply for another card ? I was totally disgruntled, as how were they going to approve an unsecured card when they wont just graduate my existing ? Out of sheer anger, I applied with her and got the 7-10 mssg, but BAM ! Got an email saying Congradulations on your NEW 3800CL rewards card ! Havent lloked back since... also search wf secured on this site... theres a ton of posts

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 9 of 12
Valued Contributor

Re: Wells Fargo secured card advice


nuggets321 wrote:

They say higher limits beget higher limits. When I had my WF Secured card ,  I started with 500, then a couple months later I added 2k... I do NOT recall ANY hard pull by them for just increasing my CL. I ran with it for a year then tried to get them to "un-secure" it... didnt get anywhere ! Got the standard message that they were not graduating cards. She asked if I would like to apply for another card ? I was totally disgruntled, as how were they going to approve an unsecured card when they wont just graduate my existing ? Out of sheer anger, I applied with her and got the 7-10 mssg, but BAM ! Got an email saying Congradulations on your NEW 3800CL rewards card ! Havent lloked back since... also search wf secured on this site... theres a ton of posts


Exactly, the high limit isn't just for this card. It is for your credit report, which will grant you other higher limit cards. I always recommend a $5k secured card, because it seems $5k is the ideal number for most prime reward cards.

 

Too many INQs & low AAoA so I'm off to tend the Garden.     Age:23    


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Message 10 of 12