topic Re: Secured Visa in Credit Cards

Secured Visa

Anonymous — Sun, 01 Mar 2020 03:12:44 GMT

I have a secured visa with WF. I've been adding to the secured balance as time has gone by. Along with my other cards all payments have been on time and I've been paying things off monthly.

One of my other cards just came up for credit review and my credit limit was doubled. At some point I assume WF will review my credit and release the card from having to be secured. Everytime I call in to add to the secured balance they let me know that if I want to raise it to $10k I can.

I'm curious what happens when they decide to release it from having to be secured in regards to the credit limit? My credit score is still low, and I'm in good standing with WF and all my cards. Do they basically ignore the current limit and give me a new one based on my credit score (credit history)? What I am wondering is would it be smart to raise my limit higher in anticipation of when they release it from being secured? Or does the secured limit even matter when they review things?

Re: Secured Visa

blindambition — Sun, 01 Mar 2020 04:01:44 GMT

They will base off scores and overall profile. They won't insecure $10k if all doesn't jive.

Do you have a need to add more to the secured card. I'm sure you could put your money to better use. Continued success with rebuild.

Re: Secured Visa

Anonymous — Sun, 01 Mar 2020 04:04:16 GMT

@Anonymous WF secured visa can be a bit slow to graduate, its not as common on the forum as some of the other secured cards (this doesn't make it a bad card).

See the link below.

https://ficoforums.myfico.com/t5/Credit-Cards/Wells-Fargo-Secured-Card/m-p/5652317

Re: Secured Visa

Anonymous — Sun, 01 Mar 2020 04:38:42 GMT

Yeah. Having a higher limit is useful for a variety of reasons. To be clear not so I can hold a balance from month to month. I pay everything off monthly.

For the short term having my money locked up on a secured card is fine.

I was just curious if the limit would stay. Sounds like it won't once they review.

Thanks!

Re: Secured Visa

Mv350 — Sun, 01 Mar 2020 09:31:58 GMT

The limit you have while it is secured, in my experience stayed. They refused to increase it after being unsecured. It took me 33 months for them to unsecure it.

Re: Secured Visa

M_Smart007 — Sun, 01 Mar 2020 13:55:32 GMT

@Mv350 wrote:
The limit you have while it is secured, in my experience stayed. They refused to increase it after being unsecured. It took me 33 months for them to unsecure it.

Now that is patience!

Re: Secured Visa

Anonymous — Sun, 01 Mar 2020 13:57:13 GMT

@M_Smart007 wrote:
@Mv350 wrote:
The limit you have while it is secured, in my experience stayed. They refused to increase it after being unsecured. It took me 33 months for them to unsecure it.
Now that is patience!

Agreed!