topic Re: Wells Fargo Secured Credit Card in Credit Cards

Wells Fargo Secured Credit Card

Anonymous — Fri, 08 Jul 2011 01:07:44 GMT

Hello everyone,

I recently opened a WF Secured CC with a $300 credit line. Today I checked my eq credit report and it says "secured credit card." It was my understanding that the secured cards would be shown as regular credit cards. So my question is: Does it really make a difference if it says "secured" or not? and Does anyone know how I add more money to increase my credit line?

Re: Wells Fargo Secured Credit Card

Anonymous — Fri, 08 Jul 2011 01:18:22 GMT

As far as reporting and payment history it really doesn't make a difference. Some people say it might be a problem on a manual review though.

I've had my WF Secured card for 9 months now and even had 2 manual reviews of my CR and was approved for both of them so it didn't hurt me that it said secured on the comment.

I've increased my CL by emailing them for from the members site asking how to increase it. They sent me a letter I filled out with how much of a CL I want and funding information and about 2 months later it showed up on my account.

Might get a faster response with a phone call or visiting a branch though.

Re: Wells Fargo Secured Credit Card

llecs — Fri, 08 Jul 2011 01:34:18 GMT

Ditto. There's no difference per FICO scoring. I've also had secured products in the past, and reported like that, and never had any issues. Grant it I only went through a couple of intense reviews (mortgage and a loan), but nobody said anything. If anything, I claimed the security as an asset.

Re: Wells Fargo Secured Credit Card

Anonymous — Fri, 08 Jul 2011 02:12:34 GMT

@Anonymous wrote:
Hello everyone,
I recently opened a WF Secured CC with a $300 credit line. Today I checked my eq credit report and it says "secured credit card." It was my understanding that the secured cards would be shown as regular credit cards. So my question is: Does it really make a difference if it says "secured" or not? and Does anyone know how I add more money to increase my credit line?

Only some say "secured" on the CR. IMO, I don't think it makes any difference.