topic Re: Wells Fargo Secured Credit Card in Credit Cards

Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 14:48:21 GMT

Hi, I am new to the forum. I am rebuilding my credit. My fico score is 720. I opened 2 credit cards( Chase/Paypal). I just apply for a Wells Fargo secured c card with a credit line of 10,000. Do I have to have that amount in my account before they approve it? It's say conditional Approval. Does that mean I am approved? I just trying to build a higher credit score.

p.s how do i add the pictures of the credit cards and your fico score under my post?

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 14:51:38 GMT

Your scores are in the 720 range, you have two unsecured cards and you just applied for a WF secured card? Just making sure I got that correct...

Yes, you will need to have the $10,000 deposited with WF for the card to be approved and issued.

You didn't ask, but I'll offer: you don't need this card and once you exit the secured card arena, there is little reason to return to it.

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 14:59:30 GMT

Agreed with CreditSweeper. May I ask why open this card when you have 2 unsecured already?

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 14:59:48 GMT

Thanks, When I applied, I didn't realize it was a secured c card. To be honest, I just learned the difference between a secured and unsecured credit card. Over the year time, my deposit will be over 80k, but I Dont have 10k in the bank now.

What do you suggest?

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 15:03:18 GMT

Thanks, I didn't know it was a secured card.i apples online. I am new to c cards, so I am learning the difference. I just started applying for them last month.

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 15:06:52 GMT

Ok, Hopefully, they want approve it.

Thanks for your advice!

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 15:24:33 GMT

@Anonymous wrote:
Thanks, When I applied, I didn't realize it was a secured c card. To be honest, I just learned the difference between a secured and unsecured credit card. Over the year time, my deposit will be over 80k, but I Dont have 10k in the bank now.

What do you suggest?

Hmm. Well since you don't have the 10k, hopefully in this case you will be denied. If not, just call WF and tell them that you changed your mind. Unfortunately, you might waste a HP on this one. I suggest keeping the 2 you have now and educate yourself on credit until if/when you apply for another CC.

Re: Wells Fargo Secured Credit Card

BobbyInCO — Sat, 08 Feb 2020 16:00:26 GMT

I think if you want it then go for it, but would agree with others that if you already have 2 unsecured cards then you don't need this one. The conditional approval is pending the $10,000 that they deduct from your account before issuing. If you don't have it and still want the card, you can likely have them lower the limit before issuing. Or maybe talk to them and see if you can swap the app for the WF Propel Amex.

I work for Wells Fargo and lots of friends & acquentances when they hear that will ping me for advice on how to navigate the bank. I'm not in the finance/banking area so I have no advice there, but I still hear the stories. I have seen a few people, go the secured route thinking it was needed or just by making a mistake. I was in this boat also about 10 years ago thinking I needed it since I only had one card at the time and generally limited myself to debit cards. My secured card graduated after 4 months and then they returned my funds, and I've heard others say generally the same although the time depends on your own financial well-being. In my case it went from $2,000 secured to $5,000 unsecured and has sat there for 10 years with no CLI and a decline whenever asked.

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 16:20:05 GMT

Thank you so much for this information. I will contact them now. To be honest, I asked for a credit line of 10,000 just to see if I would get it. I didn't know I had to have 10000 in the bank at the time. I will lower my credit limit to 3,000 and apply for an unsecured card.

Now, I know the difference between a secured and an unsecured c card

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 16:22:36 GMT

Thank you and what does HP means?

Yes, I agree with you on educating myself on credit cards. Thank you so much!

Re: Wells Fargo Secured Credit Card

Anonymous — Sat, 08 Feb 2020 16:42:12 GMT

Update: so I applied for the credit limit on Friday. My fico score was 720 up until today it's has dropped 35 points... I am at a 685 fair credit score now! What did I do wrong?

Ugg! How long will it take for my score to go back up?

Re: Wells Fargo Secured Credit Card

FinStar — Sat, 08 Feb 2020 17:35:04 GMT

@Anonymous wrote:
Hi, I am new to the forum. I am rebuilding my credit. My fico score is 720. I opened 2 credit cards( Chase/Paypal). I just apply for a Wells Fargo secured c card with a credit line of 10,000. Do I have to have that amount in my account before they approve it? It's say conditional Approval. Does that mean I am approved? I just trying to build a higher credit score.

p.s how do i add the pictures of the credit cards and your fico score under my post?

Hi @Anonymous, welcome to the forums.

You won't be able to add or edit images/HTML in your signature until you reach the rank of 'Member'; an easy way to tell is the 'New' star will be removed from your name. This usually doesn't take long as you actively participate in the forums.

Below are a couple of links that can assist with setting up the signature as well as a guide to the most commonly used abbreviations throughout the forums 😊:

https://ficoforums.myfico.com/t5/SmorgasBoard/THIS-IS-HOW-YOU-ADD-CREDIT-CARD-PICS-TO-YOUR-PROFILE/td-p/2262839

https://ficoforums.myfico.com/t5/User-Guidelines-General/Common-Abbreviations/m-p/88458

Re: Wells Fargo Secured Credit Card

Anonymous — Mon, 10 Feb 2020 03:56:33 GMT

@Anonymous wrote:
Update: so I applied for the credit limit on Friday. My fico score was 720 up until today it's has dropped 35 points... I am at a 685 fair credit score now! What did I do wrong?

Ugg! How long will it take for my score to go back up?

Welcome to the forums! Keep reading different sections of myFICO and learn what factors affect your scores. Learning how to manipulate your scores takes all the mystery out of the credit game.

New credit generally hurts your scores temporarily but makes your overall profile stronger over time as long as you use your accounts responsibly. Keep your utilization low and pay your bills on time and your scores will not only bounce back but rise higher than 720 in due time.

I can't tell from your posts if you were approved or not for the WF secured. Once you get 3 cards reporting on your reports let them age (we call that going to the garden). Generally getting a base set of 5 cards that can grow with you forever (30+ years) is a smart choice. This base ensures your scores don't tank when you apply for new cards down the line because they'll buffer your average age of accounts.

Unless you have a very good reason it makes no logical sense to lock up 10k with a secured card. Go invest that money in something that has a positive ROI for you.

Re: Wells Fargo Secured Credit Card

FICOnoob2020 — Mon, 17 Feb 2020 16:58:08 GMT

I was under the impression that WF no longer accepts new applications for personal secured credit cards. This is a pretty recent development, but has certainly been the case for several weeks now.

https://www.wellsfargo.com/credit-cards/secured/

May I ask how and when you applied?