Reply
Contributor
Posts: 78
Registered: ‎07-01-2012
0

close Wells Secured ?

I've had this wells sec card for almost 12 months.  Its has $1,000 secured on it I can use right now.  Is it woth it for me to wait until October and see if they MIGHT graduate me.  I don't really bank with Wells.  Do they have any good cash back cards?  I'm scared to close it and have that secured note on there for 10 years.

Community Leader
Senior Contributor
Posts: 26,874
Registered: ‎02-07-2013
0

Re: close Wells Secured ?


TsuSurf wrote:

I've had this wells sec card for almost 12 months.  Its has $1,000 secured on it I can use right now.  Is it woth it for me to wait until October and see if they MIGHT graduate me.  I don't really bank with Wells.  Do they have any good cash back cards?  I'm scared to close it and have that secured note on there for 10 years.


Do you have other TL's?



+ Chase Ink =

Contributor
Posts: 78
Registered: ‎07-01-2012
0

Re: close Wells Secured ?


myjourney wrote:

TsuSurf wrote:

I've had this wells sec card for almost 12 months.  Its has $1,000 secured on it I can use right now.  Is it woth it for me to wait until October and see if they MIGHT graduate me.  I don't really bank with Wells.  Do they have any good cash back cards?  I'm scared to close it and have that secured note on there for 10 years.


Do you have other TL's?


Yes I have four other tradelines with higher credit limits.

Valued Contributor
Posts: 1,346
Registered: ‎04-15-2011
0

Re: close Wells Secured ?

I don't think WF has much for rewards cards.  They seem to be focused more on the full range of banking services than CCs like the rewards cards that are known for points and cash back.

 

They're also usually a bit more "generous" with those who do their everyday banking with them (but not by that much lol).   That said, there are better banks and CUs to choose from for friendly and generous service.

 

If you have higher CLs with other lenders, esp that offer rewards, you may not miss WF that much.

Community Leader
Senior Contributor
Posts: 26,874
Registered: ‎02-07-2013
0

Re: close Wells Secured ?


TsuSurf wrote:

myjourney wrote:

TsuSurf wrote:

I've had this wells sec card for almost 12 months.  Its has $1,000 secured on it I can use right now.  Is it woth it for me to wait until October and see if they MIGHT graduate me.  I don't really bank with Wells.  Do they have any good cash back cards?  I'm scared to close it and have that secured note on there for 10 years.


Do you have other TL's?


Yes I have four other tradelines with higher credit limits.


Then if you need the deposit close it IMHO

Does it even report as secured or unsecured I know most just report as revolving TL



+ Chase Ink =

Contributor
Posts: 78
Registered: ‎07-01-2012
0

Re: close Wells Secured ?


myjourney wrote:

TsuSurf wrote:

myjourney wrote:

TsuSurf wrote:

I've had this wells sec card for almost 12 months.  Its has $1,000 secured on it I can use right now.  Is it woth it for me to wait until October and see if they MIGHT graduate me.  I don't really bank with Wells.  Do they have any good cash back cards?  I'm scared to close it and have that secured note on there for 10 years.


Do you have other TL's?


Yes I have four other tradelines with higher credit limits.


Then if you need the deposit close it IMHO

Does it even report as secured or unsecured I know most just report as revolving TL


It reports secured.  I eventually want to close this card because of the lack of rewards and I don't bank with them.  I'm trying to decide whether I should wait so it wont close as secured or just close now as secured.  I want my money :smileyhappy:.  What does everybody think?  I would use the 1000 to pay down some cards.

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: close Wells Secured ?

Call them now and ask to be upgraded. If not, just close it then IMO.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Frequent Contributor
Posts: 431
Registered: ‎02-06-2008
0

Re: close Wells Secured ?

I just posted the same question not too long ago. I opened my secured card in 2011 with a 10k deposit....it still hasn't been unsecured. I'm going to keep it until October as well because I'm hoping that they improve their other credit products but I'm really wanting my deposit back. 

Super Contributor
Posts: 7,132
Registered: ‎02-27-2013
0

Re: close Wells Secured ?

@tempus, you should just call WF and have them unsecure you for a lower CL. From what I remember your next highest CL is half of your WF CL. I highly doubt WF is going to unsecure you for the full amount
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Frequent Contributor
Posts: 431
Registered: ‎02-06-2008
0

Re: close Wells Secured ?

I called and they said that there was nothing they could do and I could just reapply for a new account. I didn't want any inquiries especially  just to close the other account. They said graduations aren't customer initiated and I would have to wait for my account to be reviewed. I'm just going to wait until October and then I'll pull out the axe. I even told them I was using the money to set aside and wouldn't even mind a 1k limit. They again just said to reapply. I have other great accounts and really just will be a little more patient with them.

Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.