topic Re: Wells Fargo Secured Graduated after JUST 9 Months in Credit Cards

Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Tue, 29 Sep 2015 14:52:58 GMT

I opened it Dec 15, 2014. After reading the boards, I had resigned myself to waiting out as long as 2 years before getting a graduation letter. Meanwhile, after using the small $500 limit for a couple of direct debit bills each month -- sometimes paying just the minimum; other times paying in full; twice I came within a hare's breath of the limit, but rushed to pay it down before interest shoved me overboard -- last week I decided to PIF and sock drawer it for the duration, (except for the $25 AF coming due on Jan 1, 2016). I'd also read that ARs are done in October and April and I was trying to zero the account in time for October AR, just in case.

Funnily, I had made 2 online payments, not having yet decided to PIF. When I attempted to do so, it wouldn't allow me to make anymore online payments. Bastards! Luckily, I live within a 5 minute drive from a branch, so paid in person, no problem. This was about a week ago.

But yesterday, lo and behold, I got the "Good News From Wells Fargo-Open Immediately" letter in the post. So WF must have decided to graduate me even before I sock drawered them. Wow! I'm upgraded to their Cash Rewards Card, which I hear is the standard and no big deal. Still, it has no AF, so I just dodged paying out another $25 in 3 months.

I had totally neglected to acquire any other good credit since I opened the WF and my scores were not much different from that time, (they even went tanked a lot for a few months when my 4 student loans went into rehab, but have recovered from that hit since.) None of my recent (this month) credit lines had hit yet, although 4 inquiries had, so I'm much sure what WF was thinking.

Anyway, it says I'll be upgraded within 45, by Nov. 20th. And will have my deposit transfered back to my WF checking account 30 days later, (just in time for Christmas!) I wonder if they'll iincrease my limit at all or is that pushing my luck! And to think I was kicking myself for not choosing the BoA secured instead and was seriously considering closing the account to get back my $500 to put inot BoA.

No clue why I've been upgraded in 9 months when somany others have dutifully followed the rules and can't get satisfaction.

Re: Wells Fargo Secured Graduated after JUST 9 Months

DeeBee78 — Tue, 29 Sep 2015 17:01:43 GMT

@Anonymous wrote:
I opened it Dec 15, 2014. After reading the boards, I had resigned myself to waiting out as long as 2 years before getting a graduation letter. Meanwhile, after using the small $500 limit for a couple of direct debit bills each month -- sometimes paying just the minimum; other times paying in full; twice I came within a hare's breath of the limit, but rushed to pay it down before interest shoved me overboard -- last week I decided to PIF and sock drawer it for the duration, (except for the $25 AF coming due on Jan 1, 2016). I'd also read that ARs are done in October and April and I was trying to zero the account in time for October AR, just in case.

Funnily, I had made 2 online payments, not having yet decided to PIF. When I attempted to do so, it wouldn't allow me to make anymore online payments. Bastards! Luckily, I live within a 5 minute drive from a branch, so paid in person, no problem. This was about a week ago.

But yesterday, lo and behold, I got the "Good News From Wells Fargo-Open Immediately" letter in the post. So WF must have decided to graduate me even before I sock drawered them. Wow! I'm upgraded to their Cash Rewards Card, which I hear is the standard and no big deal. Still, it has no AF, so I just dodged paying out another $25 in 3 months.

I had totally neglected to acquire any other good credit since I opened the WF and my scores were not much different from that time, (they even went tanked a lot for a few months when my 4 student loans went into rehab, but have recovered from that hit since.) None of my recent (this month) credit lines had hit yet, although 4 inquiries had, so I'm much sure what WF was thinking.

Anyway, it says I'll be upgraded within 45, by Nov. 20th. And will have my deposit transfered back to my WF checking account 30 days later, (just in time for Christmas!) I wonder if they'll iincrease my limit at all or is that pushing my luck! And to think I was kicking myself for not choosing the BoA secured instead and was seriously considering closing the account to get back my $500 to put inot BoA.

No clue why I've been upgraded in 9 months when somany others have dutifully followed the rules and can't get satisfaction.

Sounds like you got pretty lucky. I had a secured WF card for almost 2 years that never graduated. Finally closed it last summer.

I've severed all my banking ties with Wells Fargo. They treated me like a criminal when I asked for $5,000 cash out of my checking account. Then when I went to close my accounts, they made me wait for 45 minutes, hoping I would just leave.

Re: Wells Fargo Secured Graduated after JUST 9 Months

OmarGB9 — Tue, 29 Sep 2015 17:07:19 GMT

Grats!

Re: Wells Fargo Secured Graduated after JUST 9 Months

alextercero — Tue, 29 Sep 2015 18:50:02 GMT

Congrats

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Wed, 30 Sep 2015 01:51:33 GMT

Wow, Well Fargo must have been reviewing accounts last week because I received my graduation letter in the mail today. It said to continue to make your monthly payments, your card will be the same, and your upgrade will be effective the 20th of November if do not exceed your available credit limit. I'm wondering the same thing though, how much will it be? My secured card was for $600 and I got it on July 30,2014. It's funny I received in the mail today because I called the customer service number around 1 hour ago and the representative told me that I will be receiving the letter soon. Way to Go Wells Fargo!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Wed, 30 Sep 2015 01:54:15 GMT

Oh yeah and no annual fee

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Sat, 03 Oct 2015 02:45:13 GMT

Congrats!! I, too received my graduation letter this week. I was surprised! I've had my card since mid 2013, I believe. After reading the forums this summer I pulled the trigger on two Cap1 QS cards and got approved. I've had them for a few months now. When I opened the WF letter and read it, it was a complete surprise. I immediately thought they viewed my CR and saw the new Cap1 accounts so they were compelled to upgrade me.. guess not!! They seem to be on a spree right now. Im happy. I planned to sock that card away as my other cards are both 0%. Nov 20th is the date given to me too.

I was so excited I joined the forums just to wrote about it haha (this is my first post)

Congrats to everyone getting upgraded!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Sat, 03 Oct 2015 02:48:27 GMT

Congratulations! What was your limit on the secured card?

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Sat, 03 Oct 2015 04:29:58 GMT

Opened a secured around 12/13 for 300.00

Long term WF banking relationship with checking and savings.

On month 9 when called again to add more funds to increase limit, CSR stated it had unsecured.

Letter arrived shortly there after and it undersecured with its current limit of 3k and at 15.69%

Prior, was approved for unsecured with WF (3k) moved most of that limit to the original secured card.

They also converted the secured card to points.

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Sat, 03 Oct 2015 05:04:30 GMT

Cool

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Tue, 03 Nov 2015 14:19:09 GMT

Congrats everyone. Looks like WF was on a roll in late September. I really wish I'd dared to make a larger initial deposit, but money was so scarece at the time, (hubby lost his very shaky job just 3 days before Christmas last year. The next morning, my Dad died across country and I scrambled for planes ticket, flowers, a decent dress, etc.) When money was flowing again in the Spring, I could have increased my limits along the way, but I didn't read the fine print, so didn't know I could.

Still, I'll probably be stuck at $500 CL, but I'll read and try to figure out WF's internal hot buttons for CLIs and get that limit up to something decent soon.

So Nov. 20 sounds like a hard and fast date. Darn! I was kinda hoping it would release earlier. Don't *need* it; just *want* it. Lol.

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:33:11 GMT

I spoke with a WF credit rep today and she explained to me that when our cards are graduated, the entire account is reviewed and you may receive a new CL. Some people are even given the rewards card...

Anyway, I called to increase my limit knowing that my card was going to be graduating next week. (You can call and ask for the specific date). I read in many posts that your CL will be equal to the secured card amount. Trying to increase the limit for when my card is graduated, I wanted to throw a few thousand on the card. My current limit is $700 ($500 secured, $200 unsecured). The rep basically disproved what I've read and ultimately persuaded me not to increase the limit. I guess I will see what happens on Friday the 13th haha..

Goodluck newly graduated!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:35:11 GMT

Wow that's wonderful! Unsecured in 9 months & no AF! You are winning! Congratulations!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:40:50 GMT

@Anonymous wrote:
Wow, Well Fargo must have been reviewing accounts last week because I received my graduation letter in the mail today. It said to continue to make your monthly payments, your card will be the same, and your upgrade will be effective the 20th of November if do not exceed your available credit limit. I'm wondering the same thing though, how much will it be? My secured card was for $600 and I got it on July 30,2014. It's funny I received in the mail today because I called the customer service number around 1 hour ago and the representative told me that I will be receiving the letter soon. Way to Go Wells Fargo!

They review twice a year as a practice, and this time frame is pretty much spot on for the 2nd review they do each year.

Congrats OP!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:42:25 GMT

I called again yesterday with questions about the graduation and was told you only get $300 of your deposit back. I'm so confused. I guess we can all update next week after our cards graduate.

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:49:22 GMT

@Anonymous wrote:
I called again yesterday with questions about the graduation and was told you only get $300 of your deposit back. I'm so confused. I guess we can all update next week after our cards graduate.

You actually get back your collateral minus any balances owed at the time of graduation. When I spoke to the rep today thats what she indicated. So, if you had a CL with $500 that you gave for security, and you have a $100 balance when they upgrade your card, you will get back $400.

Luckily I know when my card is being graduated so I can make sure my balance is at $0. I've been looking forward to my $500 since I got the letter about graduating this month haha...

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:54:05 GMT

See we're getting different information because I was told you'll keep the same balance and get back the entire deposit and then yesterday I was told something else. I don't no what to believe.

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:54:40 GMT

@Anonymous wrote:

Still, I'll probably be stuck at $500 CL, but I'll read and try to figure out WF's internal hot buttons for CLIs and get that limit up to something decent soon.

About the CLI, basically what happens is you have to call and make the request. Apparently they will ask financial questions and then forward the info to their credit department that will make the decision. It takes about 5 business days before you have your answer. There will not be a HP or SP at the time of the request becaue WF monitors your credit all the time anyway so the financial info you provide helps them decide on the CLI amount or denial. Again, this came out of my call today with them.

Guess I'm so eager for this graduation.. had to ask all questions I could think of!!

Re: Wells Fargo Secured Graduated after JUST 9 Months

Anonymous — Thu, 05 Nov 2015 22:58:03 GMT

I'm just relaying what I was told. I'm hopeful for a higher unsecured limit because I have managed to go really well the past few months that I've paid attention to my credit. Because everyones result will be different we'll just have to wait and see...

I will update when I have evidence of something next week when my card graduates.

Re: Wells Fargo Secured Graduated after JUST 9 Months

Erusidhion — Fri, 06 Nov 2015 00:41:41 GMT

Pretty sure if you have a balance showing; you'll get the remaining collateral after they pay off the balance. I am not sure why you received two different answers. This is pretty much how it works for a lot of secured cards. Congratulations to everyone that made the cut this month!

I too made the cut and will be graduating on November 13th! In February of 2014, I initially put a $500 deposit into the card and I can't wait to get that back for the holidays. I think 2-3 months ago I read somewhere on here that they have a list that you can add your name to so that you get your secured card reviewed. So I called them up and asked to be added to the list and the customer service representative said the list does in fact exist.

And then I called in the middle of October to just cancel the card and get my deposit back. I have a lot of unsecured cards with high limits so it didn't make sense to keep it open anymore. The customer service representative asked me if I am sure because my card would be graduating on November 13th. So of course I kept it open. My scores are on the increase so I'm planning a big application spree at the end of this month if all my scores are 700+. I'm hoping they give me a CLI on graduation but I'm afraid that they won't and I'll have to take a HP at the end of the month.