topic Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!! in Credit Cards

Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

John060675 — Tue, 13 Sep 2011 00:39:19 GMT

I just received a letter from Wells Fargo that stated my secured credit card has been upgraded to non-secured, and that I will be receiving my deposit back within the next 60 days. Wow!

I am shocked by this, since I have requested it a couple times in the past and was shot down each time. Also, it seems that no one on the forum has had any luck with getting their seccured card changed over in the past few years. I am shocked.

I am not really sure what caused this. My credit scores are all just at or below the 600 level. I did have one late on the WF account that was removed through much GW writing to them. Even more shocking is that I did not request for the account to be unsecured in the past 6 months. This came out of the blue!

I am so happy to have the $1,000 cash back in my pocket.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Anonymous — Tue, 13 Sep 2011 00:47:55 GMT

Good for you.

WF, on a couple of occasions, has automatically increased my credit limit on my unsecured card over the years.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

John060675 — Tue, 13 Sep 2011 00:52:25 GMT

Thank you. I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score. It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Anonymous — Tue, 13 Sep 2011 01:25:31 GMT

That's great. I'm hoping Cap One will unsecure my card one day. But from reading what's been said on these forums, I won't hold my breath. Congrats.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Anonymous — Tue, 13 Sep 2011 02:06:13 GMT

Congrats! What's the CL going to be?

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

nuggets321 — Tue, 13 Sep 2011 02:24:42 GMT

NICE !! You give me hope of getting my 2k back within a reasonable time.. how long did they have your capital hostage ?

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Anonymous — Tue, 13 Sep 2011 06:17:53 GMT

Very happy for you. Congrats

P.S. Honestly, I do not like this bank (one of my banks) very much at all.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Walt_K — Tue, 13 Sep 2011 07:02:20 GMT

@John060675 wrote:
Thank you. I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score. It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

Pretty sure that doesn't factor into your score.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

Anonymous — Tue, 13 Sep 2011 09:24:44 GMT

@John060675 wrote:
Thank you. I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score. It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

No. Secured cards don't affect a FICO score. It's a tradeline like any unsecured card would be.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

John060675 — Tue, 13 Sep 2011 09:32:32 GMT

how long did they have your capital hostage ?

I had the account for 4 years. I did have some financial problems 3 years ago, and I am in a lot better shape now so the length of time being secured is proabably due to that.

Congrats! What's the CL going to be?

I am not sure. The letter I received does not have that listed. I will have to call them to find out.

One more thing which I found very funny. At the end of the letter it states in bold letters "If you prefer to decline this offer and keep your Secured Card, please call us." Why in the world would anyone want them to keep your money? I just found that amusing.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

wwinter — Tue, 13 Sep 2011 13:56:23 GMT

Very interesting! And congratulations! I just tried this with my WF secured card about 3 weeks ago and they said they weren't graduating cards at the moment but I was "welcome to apply for a new unsecured card" if I wanted to. I don't. I have enough credit now. I just am sick to death with WF not graduating this card. I've had it since early 2005. I was late on it two months in a row, each 30 days late, back in the fall of 2005 but I haven't been late on this card OR ANYTHING ELSE in 6 plus years now.

You've inspired me to call them and try yet again to convince them to convert me. If they won't I may just drop the card. A $700 limit card with an annual fee and high APR just doesn't squeeze into my wallet like it used to. In just the past two months I've been approved for a $3000 CL Barclays CC, a $10,000 CL Chase biz CC, and a $15,000 Chase LOC tied to a CC. This little WF card just can't run with the big dogs anymore.

I'll post a follow up to see if WF finally graduates my card or if they dis me again.

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

wwinter — Tue, 13 Sep 2011 16:01:19 GMT

OK then. I officially loathe WF. Just spoke to a manager regarding my secured CC with them. She said that they cannot graduate my card at this time. That I am welcome to apply for a new unsecured card if I like but that they will not be able to graduate my secured card at this time. They said that they will "periodically review your account" and if they determine at some point in the future I qualify for graduation they will send me a letter stating such.

This really burns me, frankly. WF just loaned me $377,000 at 4.5% fixed APR so I could buy a house. Their underwriters put us through hell having to prove and justify everything we've ever done in our financial lives. But they are unwilling to graduate a $700 CL secured card that I haven't been late in payment on in over SIX YEARS. That's it. I'm canceling this useless, over-priced, over-APR'ed card today. Actually, I'm about to buy a car... after that financing is complete then I'll cancel the card. Go ahead, ding my score WF.... it'll bounce back quickly anyway. They need my money more than I need their money at this point. I have a house, a car, and a handful of far more useable credit cards. Buh-bye WF secured card.

Would you tell me what you scores are? Mine at 660 (TU) 640 (EQ) and 635 (EX). My current CC util is under 30%, DTI is low even after the new mortgage (only used 45% of the amount we were pre-approved for), I have five figure checking account balances (not high five but five nonetheless) in both personal and business checking accounts, etc...

Re: Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

John060675 — Tue, 13 Sep 2011 14:56:15 GMT

I am sorry to hear about that. I am not sure their reasoning for not graduating your card. My scores are not impressive and are actually bad. My FICO EQ is 604 and TU is 591. EX is unknown since they stopped giving true FICO scores. My utilization hovers between 0% and 2% with only a $3,000 credit line. My AMEX CC has not shown yet on my credit reports, which is a $5,000 limit.

As you can see, I am shocked at my graduation (but very happy).