Wells Fargo secured card graduating

[Slowlyrebuilding]

Hi, I just received a notice from Wells Fargo that they plan to graduate my secured card to unsecured and will be refunding my deposit. They did not mention anything about a credit limit increase but made mention of "new increased buying power"
Has anyone else had this card graduate and did you get a cli?

[FixMyCredit1992]

"They did not mention anything about a credit limit increase but made mention of "new increased buying power""

Sounds like a CLI to me.

[MortgageMinded]

I am curious, after almost 18 mos, I still haven't graduated.  Do you have direct deposit with them?

[srchick]

I rec'd pretty much the same letter, and await the arrival of the "robust credit card" (or words to that effect) to see if a CL increase will happen.  I have banked with them for 25 years (including direct deposit), so we'll see if such a long relationship makes a difference in how I'm treated.  I'll post when I hear from them.

[Slowlyrebuilding]

I have banked with them for about 4 years, had direct deposit, savings, investment (small). Ironically I have been closing my accounts with them one at a time and switching my banking to another company. I will hold off now (at least until I see the cli if any)

[dashpt]

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@Slowlyrebuilding wrote:
Hi, I just received a notice from Wells Fargo that they plan to graduate my secured card to unsecured and will be refunding my deposit. They did not mention anything about a credit limit increase but made mention of "new increased buying power"
Has anyone else had this card graduate and did you get a cli?

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Hi there, I have been banking with them since 2010, i have direct deposit and 3 savings account, my card is 2.5 years old and i graduated back in may, may 30th to be exact. I did not recieve a CLI, I never had a over draft, and I keep my accounts in good shape, however that didn't prompt them to be nice with the CLI, I hope they will be a little nicer to you. maybe at the 6 months mark they may increase or just ask for an increase I believe it's a hard pull though.

[moneystinks]

I just got this letter too.  I opened the account in November 2013, so it is almost a year old.   I'm going to be upgraded to a Platinum Card by 10/31/14.  It says I'll benefit from a more robust credit card to better keep pace with my lifestyle.  No annual fee and my deposit will be returned back within 30 days from the date the card is upgraded.  APR is lower also.  Hoping that robust credit card benefits is a CLI!

[ezdriver]

I've had a secured card with Wells Fargo graduate but with no CLI. At least they offer one that graduates. I told my credit union that I no longer needed the $1,000 secured card for credit-building purposes so I need them to give me an unsecured card with a higher limit else I'm taking my business elsewhere. I also had a $500 unsecured card with them so they just upped the limit to $2,000 when I cancelled my secured card. Sometimes you have to ask for what you want.

[srchick]

I said I would update this thread when my card "graduated", so here's my "graduation announcement from Wells Fargo" after my query to them this past weekend:  There is NO automatic CLI.  Now that I've been refunded my security deposit of $500, they have "unsecured" the card, however, "they will now monitor my CC behavior since I am no longer using my money but WF's money".  A review will take place in about 4 to 6 months, and if I have maintained consistency as I did as a secured acct, I would probably get a CLI.   Personally, I will charge approx. $25 per statement then PIF.  I needed this acct a year ago when I began to seriously rebuild.  IMO, I plan to use my current cards with Chase (Freedom) and Barclay (Rewards MC) frequently because the rewards are worth more, and a 25-year banking relationship means zilch to the WF monolith.     

[moneystinks]

My card graduated and my deposit was direct deposited back into my checking account the same day (it was almost a month early).  No credit line increase that I can see and they don't have a button to ask for one. I think I'll let the unsecured status garden for a couple of months before asking for  CLI.