Is the wells Fargo secured a good card to start credit I would like to start credit with them but I'm not sure if I would aprove for the secured card that they offer I'm not a customer of wells Fargo does anyone know the requirements and if this card is worth it ????
@baronofthenorth wrote:
@arredondo3417 wrote:
Is the wells Fargo secured a good card to start credit I would like to start credit with them but I'm not sure if I would aprove for the secured card that they offer I'm not a customer of wells Fargo does anyone know the requirements and if this card is worth it ????I started with them and a Capital One rebuilder card ($39 annual fee) within a month of each other. WF has a well deserved reputation for not graduating cards over the last few years. Mine is approaching 2 years, and while they did recently raise my CL with no extra deposit and added rewards - it is still a secured card. WF still holds my deposit. However, it is one of the most affordable at $25 per year (they just raised it, was 18 before). Most of the others are $39 and up. If you don't mind tying up your money for an unknown amount of time, they are a good way to get in the door of a prime lender. The Citi card used to be an OK one, but it seems to be hard to get approved for.
If I were to do it all over again, I would get one secured card from any of the main prime lenders that would approve me (Wells Fargo, B of A, US Bank, Citi) build history for a year or two and then replace it when I qualified for a better card. I do not like leaving good sums of money tied-up in low to no yield accounts for long periods of time, but as always YMMV.
+1
I think it's time for you to let that secured card go Baron. 2 years is plenty on a secured card, get your money back and put it to use!!
