Wells Fargo Secured card

[floweryu]

I opened Wells Fargo secured card ($300) back in July when my credit scores were in low 500's. Now my scores are close to 800, I opened 3 additional credit cards in January and I called Wells Fargo to ask to have my account reviewed to unsecure it. I was told that the process is random and you can't ask for your account to be reviewed. That sounded a bit odd to me. The guy told me that they don't care about my credit scores or anything else: if I am randomly chosen to be reviewed, I might get lucky, or I might have to wait unspecified amount of time. I am not using the card at all any more, so I was wondering (1) is what he told me true (2) should I cancel the card?

[CostantinoA]

I was told the same thing.  Mine is still secured.

[sjt]

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@floweryu wrote:

I opened Wells Fargo secured card ($300) back in July when my credit scores were in low 500's. Now my scores are close to 800, I opened 3 additional credit cards in January and I called Wells Fargo to ask to have my account reviewed to unsecure it. I was told that the process is random and you can't ask for your account to be reviewed. That sounded a bit odd to me. The guy told me that they don't care about my credit scores or anything else: if I am randomly chosen to be reviewed, I might get lucky, or I might have to wait unspecified amount of time. I am not using the card at all any more, so I was wondering (1) is what he told me true (2) should I cancel the card?

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I would just keep it until your AF comes up.

[RonM21]

I'd keep it also. If your scores went up that much and you have other cards already, it seems you have more options now besides them. I'd use those cards for now.

[Anonymous]

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@floweryu wrote:

I opened Wells Fargo secured card ($300) back in July when my credit scores were in low 500's. Now my scores are close to 800, I opened 3 additional credit cards in January and I called Wells Fargo to ask to have my account reviewed to unsecure it. I was told that the process is random and you can't ask for your account to be reviewed. That sounded a bit odd to me. The guy told me that they don't care about my credit scores or anything else: if I am randomly chosen to be reviewed, I might get lucky, or I might have to wait unspecified amount of time. I am not using the card at all any more, so I was wondering (1) is what he told me true (2) should I cancel the card?

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Close it and move on.

[Anonymous]

I too have the secured WF Secured Visa since last July and when I spoke to the banker guy a couple of weeks ago he said that he's starting to see them graduating cards at 9 months.  It still seems quite random to me but based on our further conversation, if I were you with your scores, I'd apply for the WF no fee Amex or Visa before you close the secured card.  I like that I get instant available credit on my secured card when I make a payment on the mobile app.  It's been a great rebuilder for me in many ways.  After I had it a few months I added $400 and brought it up to $700 and that was huge at that time.  Now it's my smallest credit line LOL.

[Anonymous]

With your scores near the 800s, and with being able to get better prime cards, I'd say close it. Whats the point in having it at this point. If a wells fargo card is what you truly want, I feel certain with a score close to 800 and good revolving credit payments you can probably get an unsecured through them. You really have no need for that toy card anymore.

[Anonymous]

What did you do to get your scores that high? I got a secured wf a few months ago $600 limit and highest charged was $372, just paid it down to zero couple hours ago, now only going to use for small bill every month like it was meant for in the beginning, but hey life happens!!!!!

[floweryu]

I was lucky. I disputed 2 paid collections and had them removed and after that I disputed inaccurate payment information on the charged off card and they removed all lates. It still shows as charge off, but no missed payments, so I am not going to complain. I also have all balances paid on the day when my cc reports.