topic Re: Secured Card: Bofa or Wells Fargo? in Credit Cards

Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Sun, 23 Dec 2012 04:42:37 GMT

I bank at Wells Fargo and I've been reading alot about bofa secured card, I was wondering base on your experiences, which secured card would be easier, beneficial and will grow with me to get? I was looking at Wells Fargo since I bank with them but ultimately I want the best card that will benefit me in the long run and easy approval? I appreciate any help. Thanks

Re: Secured Card: Bofa or Wells Fargo?

Tran92 — Sun, 23 Dec 2012 05:16:38 GMT

Wells Fargo would be easier to get since you bank with them. I hear that both graduates, but I would say BofA has a higher chance to graduate than Wells Fargo. Both has a annual fee. They both serve a good purpose, but I plan on getting the BofA secured to add the 123 cash back reward.

Re: Secured Card: Bofa or Wells Fargo?

Revelate — Sun, 23 Dec 2012 06:39:26 GMT

BOFA reliably graduates, and has the best rewards package of any secured product in existance currently. Wells does graduate, but it's not consistent in the timeline with many users reporting wildly varied experiences.

Wells in your case likely has a better chance of approval, albeit it all depends what's on your record currently. Generally speaking judgements and possibly open collections are the typical potential barriers to secured cards, but it's all YMMV in those situations with either lender.

Typically you want two revolving tradelines anyway for building or re-building one's credit file and score; there's no real downside to applying for both.

Edit: just saw you have a C1 secured already, personally I'd do BOFA first, a denial isn't a big deal while still in the subprime strata and establishing initial accounts and the card is well worth the shot at this point in time for virtually anyone seeking a secured card.

Re: Secured Card: Bofa or Wells Fargo?

toppers555 — Sun, 23 Dec 2012 08:04:15 GMT

I burned wells fargo when I was younge on a checking account , so they will not touch me for even secure products. I went with BOFA secure card after being declined once, and I had it gradurate with a 5500 at years mark. It was a hp for me since I intiated it but the analyist always loved how i took care of the account ,and always warned me repeatly yo check my credit report for mistakes in the months leading up to my year.. Also 40 buck as an AF is not bad , I have no problem paying it as they gave me a foot in the door, and I will try to get it removed next year, if not , its no biggie tbh.

Re: Secured Card: Bofa or Wells Fargo?

Anonymous — Sun, 23 Dec 2012 17:06:39 GMT

IMO, You should make the decision on all the services of the bank and which do you want to go with long term. I would say WF unless you want to move your checking savings to BofA.

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Sun, 23 Dec 2012 18:48:43 GMT

I just applied for Wells Fargo yesterday gave me a message " Your application need for processing to verify information" I don't know if that's a good thing or bad but I guess I'll find out. I'll keep you updated. I appreciate everyone's feedback and help. Thank you.

Re: Secured Card: Bofa or Wells Fargo?

dodgerslv — Sun, 23 Dec 2012 19:56:27 GMT

I have both a secured WF and BofA card...I bank with Wells fargo though...what i like about WF is that if you want to increase your limit on your card (add more money), its not a hard pull on your credit report as to Bank of America, it is (learned that the hard way). WF gave me an auto CLI without having to send them more money. Bank of America does not. My APR on my WF is lower than on my BofA. But on the upside, as some posters have said here, you are more likely to graduate at the one year mark with the BofA card. WF only graduates twice a year and its no guarantee.

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Sun, 23 Dec 2012 21:50:18 GMT

Thanks fo the info, when you appliedfor thr Wells Fargo secured, did you apply online or at store and if online did it give you a message saying "We need to verify a few information before we can give you a credit decision"? That's what my message said and not sure if it's a good or bad thing. Thanks

Re: Secured Card: Bofa or Wells Fargo?

dodgerslv — Mon, 24 Dec 2012 07:33:47 GMT

@Give_Me_Credit_Please wrote:
Thanks fo the info, when you appliedfor thr Wells Fargo secured, did you apply online or at store and if online did it give you a message saying "We need to verify a few information before we can give you a credit decision"? That's what my message said and not sure if it's a good or bad thing. Thanks

I applied online..i dont think secured card credit applications are instant approvals...i remember my wasnt so that doesnt mean you are getting denied. I would check to see if your secured collateral is getting withdrawn from your account (if thats where they are taking the money from) the next few days or you could just call them and check the status ( i think the number is on the pending review message).

Re: Secured Card: Bofa or Wells Fargo?

jsucool76 — Mon, 24 Dec 2012 15:39:26 GMT

Sounds like they need to verify your identity. I would call up if you dont want to wait for a letter in the mail.

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Mon, 24 Dec 2012 16:10:43 GMT

I just called today and they said it can take upto 3 day for a decision becasue of the holiday, the person reviewing th application is probly on vacation. She said call back on Wednesday so I'll keep you updated on the decision. Thanks!!

Re: Secured Card: Bofa or Wells Fargo?

Anonymous — Mon, 24 Dec 2012 16:20:30 GMT

Good Luck! Crossing fingers for you!

Re: Secured Card: Bofa or Wells Fargo?

dodgerslv — Mon, 24 Dec 2012 18:16:02 GMT

@Give_Me_Credit_Please wrote:
I just called today and they said it can take upto 3 day for a decision becasue of the holiday, the person reviewing th application is probly on vacation. She said call back on Wednesday so I'll keep you updated on the decision. Thanks!!

well good luck and let us know!...I like the WF secured card. Like is said, you can always increase the collateral and they do give auto CLI if you keep the card in good standing.

Re: Secured Card: Bofa or Wells Fargo?

Anonymous — Tue, 25 Dec 2012 00:43:41 GMT

In my experience WF sucks cc wise. BOFA CC can graduate into unsecured after some time 6-12 months. WF has weak cc to switch to...why does it has to be a secured card, i never had one?

You are better off appying for Capital One Cash Rewards for Newcomers or BOFA Cash rewards for students . Latter on just do a product change and raise the limits...

Re: Secured Card: Bofa or Wells Fargo?

Anf_dude — Tue, 25 Dec 2012 17:03:15 GMT

I Forced My Dad Into Getting A WF Secured Since That's Who He Banks With. They Always Send Him Little Cards About Almost Graduating on His Statements. Shouldn't Be Too Long, I Hope. He Always Pays In Full.

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Sat, 29 Dec 2012 19:18:27 GMT

Ok, just to keep you guys updated.......What a mess this is, I have bad news and goods news, I called to get statis on my Wells Fargo application, they said it was declined because they tried calling me to verify. Well I had a couple of calls on my phone but was an 800# and didn't answer becasue thought it was solicitor selling newspapaper or something. Rep said that's not a problem and she verified and I've passed so now she reopened for futher processing. So I called today and got the automated answering service so I entered my information for a statis check, it said I was declined again! Reason..........because I ddin't have the funds in my checking account to secure the card!! I could kick myself for that!! I finally talked to a rep in another department and said re-opened it and sent email message to the underwriter explaining to them that it was an honest mistake. I immediately fund my account and so I have to wait again. I think it'll get approved if they went as far as trying to fund the card right? Thanks

Re: Secured Card: Bofa or Wells Fargo?

HiLine — Sat, 29 Dec 2012 19:34:31 GMT

@Give_Me_Credit_Please wrote:
I think it'll get approved if they went as far as trying to fund the card right? Thanks

Not necessarily. Usually they would make sure your application satisfies all the prerequisites including funding availability before even processing the application. But I don't see any reason for you to not be approved. Good luck!

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Wed, 02 Jan 2013 16:08:09 GMT

Here's my update!! I called in this morning and was approved!! Even though it's a secured card, just happy that it's a prime card and I can start re-building and hopefully graduate in 12 months. I know alot of people are saying Wells Fargo don't graduate like BofA but I'm gonna try to make sure that I pay off my account if full every month to have a better shot at early graduation. Thanks guys!!

Re: Secured Card: Bofa or Wells Fargo?

Shogun — Wed, 02 Jan 2013 18:14:19 GMT

Congrats! Garden that thing well!

Re: Secured Card: Bofa or Wells Fargo?

Give_Me_Credit_Please — Thu, 03 Jan 2013 04:37:48 GMT

Thank you very much!! My first prime card (even though it's secured) and very excited.