topic Re: Wells Fargo Secured Card "Graduation"? in Credit Cards

Wells Fargo Secured Card "Graduation"? (UPDATE, FINALLY GRADUATED!)

codymoo — Fri, 31 Mar 2017 23:17:33 GMT

I applied for a Wells Fargo Secured Card when I turned 18 to start building my credit. Deposited $400, which became my limit. After a few months of use they bumped my limit to $600, and then $900 a few months later. A year later I was able to get an unsecured card through a different bank with a $5,000 limit.

Now SEVEN years later, I have 5 credit cards with over $30k of available credit (including AMEX Platinum that has no limit) and my Secured Card has STILL NOT GRADUATED. I've never missed a payment, use the card monthly, and carry less than a 5% balance. I've called numerous times and each time they say that secured cards are reviewed periodically for graduation and that they "don't see why its taking so long". I don't want to close the account because it is my oldest open account, but I honestly don't need this account anymore; it's served its purpose. I just want an unsecured account and my $400 deposit back!

My question is this: Has anyone had a Wells Fargo Secured card that was upgraded/secured? How long did it take?

UPDATE!!! (3/15/17)

After calling about once a month since this was originally posted, I got a letter in the mail today! "Congratulations! You're getting an upgrade. As a result of your responsible use and management of your Wells Fargo Secured Credit Card, we'd like to automatically upgrade you to a Wells Fargo Cash Back Card by April 24, 2017. Just keep using your current credit card since the account number will stay the same"

It also notes that the security deposit will be returned 30 days after the card is upgraded.

FICO 765

Cards:

AMEX: Platinum (NPSL) | CHASE: Marriott Rewards Visa ($18,500), Sapphire Preferred ($5,000) | SYNCHRONY: American Eagle Visa ($10,000), Levin ($4,000) | WELLS FARGO: Secured Visa ($900)

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 19:08:06 GMT

Step 1 - stop calling

Step 2 - Go to a branch and sit down with a banker.

I am curious here. You are telling me that your secured card limit was increased after a few months without increasing your security deposit? I'd love to hear more about this because I have never heard of such with any secured credit card product (not counting when someones card graduates).

WF secured cards are reviewed in the spring and fall for graduations.

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 19:20:47 GMT

I've seen a couple other posts on here where people got credit limit increases on secured cards, effectively making them a partially secured card. However, these threads were also updated a month or two later saying they got thier deposits back. So definitley weird that they increased and then never released deposit usually they go hand in hand. Maybe you fell in a crack, sucks that it is your oldest account, how old are your others?

Re: Wells Fargo Secured Card "Graduation"?

codymoo — Fri, 09 Dec 2016 19:28:28 GMT

Unfortunately I have since moved and there are no branches within 100 miles of where I currently live.

I didn't think it was possible either, but it's curious/frustrating that they willingly increased my credit line but wont un-secure the entire account.

Regarding the credit line increases, I got two separate letters June 2010 and February 2011:

"Great News!

You've done a great job of managing your credit. Now it's time for your reward. You don have to do a thing - it's automatic! We are not requiring that you deposit additional funds into your Secured Card Collateral Account for the increase in credit line.

We've increased your credit line on your Wells Fargo Secured Card to: $600 [the second letter was increased to $900]

The higher credit lie gives you extra spending power. One simple way to help build credit with your everyday spending...

...Keep up the good work and enjoy your higher credit line. You earned it!

Congratulations and thank you for choosing Wells Fargo."

Re: Wells Fargo Secured Card "Graduation"?

codymoo — Fri, 09 Dec 2016 19:34:37 GMT

The Secured card being my oldest: 6y 11m

5y, 2m: Synchrony AE Visa

4y, 8m: AMEX Platinum

3y, 10m: Synchrony LEVIN Furniture

2y, 3m: CHASE (most recent)

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 19:46:05 GMT

Looks like you have good aged cards so honestly it problably wouldn't hurt your score more then a few points if you closed it. Could call the backdoor number and ask if they can either unsecure it or if not just close it and return your deposit.

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 19:52:39 GMT

@Anonymous wrote:
I've seen a couple other posts on here where people got credit limit increases on secured cards, effectively making them a partially secured card. However, these threads were also updated a month or two later saying they got thier deposits back. So definitley weird that they increased and then never released deposit usually they go hand in hand. Maybe you fell in a crack, sucks that it is your oldest account, how old are your others?

Well I'll be **bleep**, that is interesting to learn. I had not run across any posts here like that and I agree if the bank gives you a CL higher than your deposit then I'd also expect the deposit back just around the corner.

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 21:05:16 GMT

You have enough history, enough cards and enough credit that this is a non-issue. The card will stay on your report for 10 years after you close it continuing to report a positive history. In 10 more years, the difference between 15 years or 16 years for your oldest account will be miniscule at best. They obviously don't want your business. Close it and move on.

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 22:25:00 GMT

@codymoo wrote:
I applied for a Wells Fargo Secured Card when I turned 18 to start building my credit. Deposited $400, which became my limit. After a few months of use they bumped my limit to $600, and then $900 a few months later. A year later I was able to get an unsecured card through a different bank with a $5,000 limit.

Now SEVEN years later, I have 5 credit cards with over $30k of available credit (including AMEX Platinum that has no limit) and my Secured Card has STILL NOT GRADUATED. I've never missed a payment, use the card monthly, and carry less than a 5% balance. I've called numerous times and each time they say that secured cards are reviewed periodically for graduation and that they "don't see why its taking so long". I don't want to close the account because it is my oldest open account, but I honestly don't need this account anymore; it's served its purpose. I just want an unsecured account and my $400 deposit back!

My question is this: Has anyone had a Wells Fargo Secured card that was upgraded/secured? How long did it take?

FICO 765
Cards:
AMEX: Platinum (NPSL) | CHASE: Marriott Rewards Visa ($18,500) | SYNCHRONY: American Eagle Visa ($10,000), Levin ($4,000) | WELLS FARGO: Secured Visa ($900)

Mine graduated at 11 months of being open

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Fri, 09 Dec 2016 23:13:14 GMT

@Anonymous wrote:
Looks like you have good aged cards so honestly it problably wouldn't hurt your score more then a few points if you closed it. Could call the backdoor number and ask if they can either unsecure it or if not just close it and return your deposit.

It won't hurt your score unless your utilization increases due to it. Which is unlikely considering how much of a small limit it is. In the end they are not competing for your business and if they will not unsecure your should cancel. I am a believer in NOT going to the branch. They generally are not helpful and it will generally be a waste of your time. Unless you are wanting a CSR card from Chase and are over 5/24 going into any bank branch is a complete waste of time.

Re: Wells Fargo Secured Card "Graduation"?

Anonymous — Sat, 10 Dec 2016 04:39:34 GMT

@codymoo wrote:
I applied for a Wells Fargo Secured Card when I turned 18 to start building my credit. Deposited $400, which became my limit. After a few months of use they bumped my limit to $600, and then $900 a few months later. A year later I was able to get an unsecured card through a different bank with a $5,000 limit.

Now SEVEN years later, I have 5 credit cards with over $30k of available credit (including AMEX Platinum that has no limit) and my Secured Card has STILL NOT GRADUATED. I've never missed a payment, use the card monthly, and carry less than a 5% balance. I've called numerous times and each time they say that secured cards are reviewed periodically for graduation and that they "don't see why its taking so long". I don't want to close the account because it is my oldest open account, but I honestly don't need this account anymore; it's served its purpose. I just want an unsecured account and my $400 deposit back!

My question is this: Has anyone had a Wells Fargo Secured card that was upgraded/secured? How long did it take?

FICO 765
Cards:
AMEX: Platinum (NPSL) | CHASE: Marriott Rewards Visa ($18,500) | SYNCHRONY: American Eagle Visa ($10,000), Levin ($4,000) | WELLS FARGO: Secured Visa ($900)

Mine was upgraded after 11 months as well. But I always PIF. Which could have been why. I know Wells also looks at overall accounts too if that helps!