topic Re: Wells Fargo Secured CC graduation questions. in Credit Cards

Wells Fargo Secured CC graduation questions.

Anonymous — Tue, 04 Oct 2011 03:16:01 GMT

Hello,

Last October I applied for 2 secured CC's. One being a Wells Fargo. I read that they have not always had smooth graduations to unsecured after I received it so I had little hope. I received a AF notice last week stating they will bill me $19 for the AF this month if I keep my account. But today I received a letter congratulating me and saying I've been graduated to unsecured. My Deposit will be refunded 'within 60 days of receiving my new card'. And the new card will be a Wells Fargo Visa Platinum, but so was my secured.

Now I know my interest rate is 17.49% on the new card with no AF since it was in the letter but nothing else so I have a few questions for anyone that might have been through their graduation process recently. I read a few threads about their secured CC but they seem to be dated and changed rules since then.

Will my TL be a new account with my current one closed or will be adjusted to no longer say 'Secured" with the same age after? the letter says my account is being 'upgraded' so I hope it isn't a new account, don't want to hurt my AAoA's any if I can help it.

Does it really take 2 months from the time I activate the new card to get my deposit back?

Do they give you any CLI on the new card or will my limit probably be my current limit?

thanks. Just want to know what to expect

Re: Wells Fargo Secured CC graduation questions.

tennisfan78 — Thu, 06 Oct 2011 04:37:19 GMT

I dont have any experience with Wells Fargo, but congratulations on the secured CC graduation!! Hope you get a nice credit limit increase! Keep us posted please.

Re: Wells Fargo Secured CC graduation questions.

cashnocredit — Fri, 07 Oct 2011 03:12:10 GMT

I had a WF secured card that graduated last Nov. They refunded the deposit, issued a new card and card number. They changed the CRA entry to reflect the new account as unsecured but kept it on the same loc so I didn't lose any history.

EtoA: Oh, and they gave me a CLI increase a few months later. No hard pull when it was unsecured or for the CLI.

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Fri, 07 Oct 2011 04:56:11 GMT

@cashnocredit wrote:
I had a WF secured card that graduated last Nov. They refunded the deposit, issued a new card and card number. They changed the CRA entry to reflect the new account as unsecured but kept it on the same loc so I didn't lose any history.

EtoA: Oh, and they gave me a CLI increase a few months later. No hard pull when it was unsecured or for the CLI.

Thanks for the info. Other then the letter I received I have no signs of change. CL and account info on the WF page are the same. the letter did state that my deposit will be refunded 'within 60 days' of activating the new card. So it kinda sounds like I'll be getting the new card in the mail in the next few days and have to activate it before the switch really begins.

cashnocredit, about how long did it take them to refund you?

Again, thanks for the info.

Re: Wells Fargo Secured CC graduation questions.

lakerfan2011 — Fri, 07 Oct 2011 09:30:29 GMT

i started mine out this way i put 3000 in the savings account after 11 mos was graduated and they keep your pay history as the date you opened the card when then move you to the unsecured card and i got my money back within 2 weeks.

Re: Wells Fargo Secured CC graduation questions.

cashnocredit — Fri, 07 Oct 2011 19:44:48 GMT

They refunded the deposit within a couple days of getting the new card which too just over a week.

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Tue, 08 Nov 2011 01:50:26 GMT

Finally seeing movement on this graduation.

Just logged onto my WF account and I now have 2 CC's listed with the same history (well new one only has October's history but it's copied from the secured one) both with the same CL.

Guess no CLI for me once the card arrives. Hopefully this means my new card should arrive soon. Letter said 'within 60 days'

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Sat, 17 Dec 2011 21:02:31 GMT

Congrats!

Wow! You were all among the lucky ones. I opened my secured card back in 2009, and they have not graduated me yet. I have gotten a Chase Freedom last year and just approved for a Sapphire Preferred, but no luck from Wells Fargo.

Re: Wells Fargo Secured CC graduation questions.

mycreditproject — Fri, 30 Dec 2011 21:15:45 GMT

I funded my WF secured card with $5000 in May 2008. I just called about graduation and the CSR apologized that with secured card questions she is instructed to essentially read from a script that essentially told me I was "in between" secured and unsecured status. She said they had given me a CLI of $500 December 2010. She told me I couldnt be moved up any faster for consideration, because of where I am in the "queue," but to be patient. Yet she said she was surprised that I had not been graduated yet and said the new credit card regs had slowed everything up. She remarked that I had an excellent history and no reason to expect that I wont graduate - but she couldnt say when that would happen and why it had not. She told me I would likely learn I had been unsecured at some point when I try to use my current card and it doesnt work, and upon calling WF will learn that it has been upgraded to unsecured. I will also receive something in the mail she said. She said the upgrades happen very quickly and the returned desposits happen quickly too, although they allow for up to 60 days. I have a small balance now and use this card extensively, but usually PIF or if not carry a balance below 10% util. I have all my accounts including mortgage, checking, direct deposit and savings with WF. My scores are in the mid 700s now and no lates for 5 years. I think I will call again after the new year and will likely close if they cant offer to do more for me. I have just been approved for a couple of PenFed cards with good limits and recently (after a lot of work and help from another discussion board) had my other Amex backdated to 1995 so I feel good about age of accounts....But after working so hard to rebuild, I hate hate hate even the idea of closing a good account. But I really need my $5000 at some point... and guess I dont feel like its going to happen any time soon.

Thanks for the information in this thread!

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Fri, 30 Dec 2011 22:16:58 GMT

@mycreditproject wrote:
I funded my WF secured card with $5000 in May 2008. I just called about graduation and the CSR apologized that with secured card questions she is instructed to essentially read from a script that essentially told me I was "in between" secured and unsecured status. She said they had given me a CLI of $500 December 2010. She told me I couldnt be moved up any faster for consideration, because of where I am in the "queue," but to be patient. Yet she said she was surprised that I had not been graduated yet and said the new credit card regs had slowed everything up. She remarked that I had an excellent history and no reason to expect that I wont graduate - but she couldnt say when that would happen and why it had not. She told me I would likely learn I had been unsecured at some point when I try to use my current card and it doesnt work, and upon calling WF will learn that it has been upgraded to unsecured. I will also receive something in the mail she said. She said the upgrades happen very quickly and the returned desposits happen quickly too, although they allow for up to 60 days. I have a small balance now and use this card extensively, but usually PIF or if not carry a balance below 10% util. I have all my accounts including mortgage, checking, direct deposit and savings with WF. My scores are in the mid 700s now and no lates for 5 years. I think I will call again after the new year and will likely close if they cant offer to do more for me. I have just been approved for a couple of PenFed cards with good limits and recently (after a lot of work and help from another discussion board) had my other Amex backdated to 1995 so I feel good about age of accounts....But after working so hard to rebuild, I hate hate hate even the idea of closing a good account. But I really need my $5000 at some point... and guess I dont feel like its going to happen any time soon.

Thanks for the information in this thread!

I used 3 secured cards to rebuild. I closed them all between 14 and 20 months of age. I got unsecured rewards cards from 2 of them before closing the secured cards. (HSBC and Cap1).

Your wait is already way beyond reasonable IMO. Time to force their hand, close it or unsecure it.

Re: Wells Fargo Secured CC graduation questions.

mycreditproject — Fri, 30 Dec 2011 22:28:40 GMT

thanks! this is just what I needed. I am making the call today. I appreciate the help.

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Fri, 30 Dec 2011 22:48:26 GMT

@mycreditproject wrote:
I funded my WF secured card with $5000 in May 2008. I just called about graduation and the CSR apologized that with secured card questions she is instructed to essentially read from a script that essentially told me I was "in between" secured and unsecured status. She said they had given me a CLI of $500 December 2010. She told me I couldnt be moved up any faster for consideration, because of where I am in the "queue," but to be patient. Yet she said she was surprised that I had not been graduated yet and said the new credit card regs had slowed everything up. She remarked that I had an excellent history and no reason to expect that I wont graduate - but she couldnt say when that would happen and why it had not. She told me I would likely learn I had been unsecured at some point when I try to use my current card and it doesnt work, and upon calling WF will learn that it has been upgraded to unsecured. I will also receive something in the mail she said. She said the upgrades happen very quickly and the returned desposits happen quickly too, although they allow for up to 60 days. I have a small balance now and use this card extensively, but usually PIF or if not carry a balance below 10% util. I have all my accounts including mortgage, checking, direct deposit and savings with WF. My scores are in the mid 700s now and no lates for 5 years. I think I will call again after the new year and will likely close if they cant offer to do more for me. I have just been approved for a couple of PenFed cards with good limits and recently (after a lot of work and help from another discussion board) had my other Amex backdated to 1995 so I feel good about age of accounts....But after working so hard to rebuild, I hate hate hate even the idea of closing a good account. But I really need my $5000 at some point... and guess I dont feel like its going to happen any time soon.

Thanks for the information in this thread!

I hope it works out for you.

I am glad it did unsecured but it's still not a great card. I'm keeping it cause of the history. The new APR is 17.9% and no AF. Not great but better then my Cap 1. I closed my secured Cap 1 card at the end of November and still haven't' gotten my deposit back yet. They said it could take up to 3 billing cycles. I'm glad I didn't have to go through that with WF.

But if it helps here's the timing

9-15 - 1 year mark with WF Secured

10-03 - Graduation letter in mail.

11-07 - 2nd CC shows up online in Accounts with same history

11-10- New Card shows up in mail. Activated the same day.

11-16- Credit report updated with 'Secured' removed from comments

11-28- Deposit returned to checking account/ 1st CC account marked closed online

Not sure if that helps but I was able to use either card for about 2 weeks. It didn't seem too quickly until the 2nd month from start to finish but it's kinda weird she told you that you would find out when your card is declined as the first step.

Good luck though.

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Sun, 01 Jan 2012 21:15:47 GMT

I have had my Wells Fargo secured card since 2009.

I applied to build my credit because I went from having a poor score in the 500's to having no score at all after the bad stuff finally dropped off my reports.

I only deposited $300, but it helped achieve my goals. I have since added unsecured cards, including Discover, Amex, Cap One, with my highest limit so far being $6,500.

Now my score is 740, I PIF every month, never had any late payments, but still haven't had my WF secured graduate, yet.

It's only $300, but it would be nice to have the card be unsecured, increase my limit and get the money back. However, I don't need another inquiry now, and don't want to close it and lose my oldest account.

Re: Wells Fargo Secured CC graduation questions.

Anonymous — Sun, 01 Jan 2012 22:58:28 GMT

@Anonymous wrote:
I have had my Wells Fargo secured card since 2009.

I applied to build my credit because I went from having a poor score in the 500's to having no score at all after the bad stuff finally dropped off my reports.

I only deposited $300, but it helped achieve my goals. I have since added unsecured cards, including Discover, Amex, Cap One, with my highest limit so far being $6,500.

Now my score is 740, I PIF every month, never had any late payments, but still haven't had my WF secured graduate, yet.

It's only $300, but it would be nice to have the card be unsecured, increase my limit and get the money back. However, I don't need another inquiry now, and don't want to close it and lose my oldest account.

I opened mine with $2500 in 2009 and still waiting after 32 months! Six months ago I even raised the collateral to 10K but still nothing. I want to call them in 6 months and close the account.