Valued Contributor
Posts: 1,182
Registered: ‎07-18-2009
Re: WellsFargo Secured Card reports different!!!
[ Edited ]

discernment wrote:

Fresh101 wrote:
Thanks for the reply Decernment, but this card offers a deposit up to $5000 and I only opened it with $300 as my understanding to credit building, it doesn't matter the amount of the credit account. Does it change in my situation, as I don't have that much on the credit line limit? Thanks again

It depends on whether you are focusing on your creditors -- OR whether you are focusing on FICO®. 


With FICO® -- having your credit cards report as being "secured" doesn't matter.  FICO® doesn't make any judgment between secured/unsecured.


But, I found, with creditors -- funding the maximum limit possible on the "secured" credit card helped to diminish whatever stigma there may be for having a credit card that reports as "secured."  And, when I applied for unsecured credit cards, the creditors matched the current limit of $5,000 of the secured credit cards for starting limits on the unsecured cards.  YMMV but, funding the secured cards with the maximum amount possible HELPED in my situation


Helped in my situation as well. I have a 25k WE MC, Amex Plat, and Visa Siggy. 3.5 years ago I only had baddies and no cards.



Oh, ahd the best part of WF is that when they eventually unsecure, they don't do a Hhard pull.

I have reestablished credit over the last couple years
so my moniker is, well, rather out of date.

WM Discover $1800, WF Plat 12k, Chase Freedom Siggy18k, Amex Plat (60k H/B), Citi AA EWMC 25k