Wells Fargo Secured Graduating!!

hoboscientist · ‎07-12-2014

Having heard that WF graduations usually happen in April and October, when I got my notice in the mail about my upcoming annual fee around a month ago I figured I'd have to wait until October to see if WF would upgrade me. But today, I got a letter in the mail congratulating me, and telling me that my graduation would happen within the next 45 days!

It's a nice bit of good news after having a mostly stagnant couple of months where rebuilding is concerned.

For anyone who's curious, I opened my card in June 2013 and put down a deposit of $300. Never increased my deposit, but I did use the card frequently. For the first six months or so, I only used it for my cell phone payment, but eventually, I started running more of my usual spending through it, usually clearing $600-800 perr month and making several payments per month to ensure that my utilization was under 10%.

Here's hoping for a CLI once the card unsecures!

srchick · ‎07-12-2014

Curious: Since you say you never increased your deposit, did they allow you to go over the limit for purchases? I have one that should graduate soon (got it Sep 2013) and I put down a $500 deposit. Anxiously watching the mail every day for a notification letter!.

Starting Score Feb. 2013: 568
Current Scores: TU (715) {Myfico} EQ {Myfico} (723) EX (751)
Goal Scores: All at 750 by 3rd Qtr 2016 (Before tackling 800's) Don't procrastinate, take the first step!

hoboscientist · ‎07-12-2014

No, I never went over my limit. I would charge $200 or so, pay that off, rinse, repeat. I thought that the high activity would look better when they reviewed my account. I can't say for sure whether it did, but I don't imagine that it hurt!

Something else that may have helped is that I have a banking relationship with WF, 1999-2004, and 2010-present.

baller4life · ‎07-12-2014

Congrats!! You are on your way!

J_G · ‎07-12-2014

I just graduated my WF card with $600 I asked for a credit increase and was denied. Then when it showed up on credit report as regular credit card from secured my site does 8 points. I have had nothing but positive things happen to my credit over the last month and have watched my score plummet :-(

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669

J_G · ‎07-12-2014

Credit dropped 8 points.

7/1/13 - EQ = 593 TU = 578 EXP = 573 FICO
8/11/13 - EQ = 600 TU = 590 EXP = 603 FICO
10/1/13 - EQ = 611 TU = 689 EXP = 605 FICO
12/4/13 - EQ = 625 TU = 648 EXP = 604
Lender Pull 2/18/14 - EQ = 630 TU = 678 EXP = 594
Lender Pull 2/28/14 (EQ 640) (TU 660) (EX 655) Rapid re-score =)
9/30/14 - EQ = 660 TU = 710 EXP = 669

srchick · ‎07-12-2014

I also have banked with them for 25 years, so come September I'm expecting some "real love" from them! Congrats again to you!

Starting Score Feb. 2013: 568
Current Scores: TU (715) {Myfico} EQ {Myfico} (723) EX (751)
Goal Scores: All at 750 by 3rd Qtr 2016 (Before tackling 800's) Don't procrastinate, take the first step!