topic Re: Wells Fargo Graduation??? in Credit Cards

Wells Fargo Graduation???

abarcla1 — Thu, 21 Feb 2013 03:07:22 GMT

Does anyone know about Wells Fargo secured cards "graduating" to unsecured status? Any experiences? Advice?

Thanks!!!!

Re: Wells Fargo Graduation???

nuggets321 — Thu, 21 Feb 2013 05:16:07 GMT

I had a Wells Fargo secured for over a year and when I was at about 15 mos with perfect payment history, I called and talked to a CSR. At THAT time, they were not graduating ANY secured cards. She asked me if I would like to apply for an unsecured card ? I kept thinking to myself "if they wont "graduate" my card, how are they going to give me another card "? Long story short, I decided to go ahead with the application and was actually approved with a credit limit of 3800, where it has sat for over a year now. Maybe call them and ask to talk to a senior card credit analyst and maybe you can get some direction going forward.

Re: Wells Fargo Graduation???

dodgerslv — Thu, 21 Feb 2013 09:03:38 GMT

@abarcla1 wrote:
Does anyone know about Wells Fargo secured cards "graduating" to unsecured status? Any experiences? Advice?

Thanks!!!!

I opened mine in Jan. 2012. Wells Fargo graduates cards only 2 times a year (April and October). They are known to not graduate all cards that are eligible to become unsecured. So there is no guarantee that it will graduate after a year. Some people have had the card for years without graduating. They are known to give auto CLI without having to deposit more money (it happened to me back in November.) Just treat the card right and never go over the limit. If i get passed for graduation come April im just going to apply for the unsecured one and hope to get it. You can always add more money without every affecting your credit so no hard pull.

Re: Wells Fargo Graduation???

rbusch34 — Sun, 03 Mar 2013 01:52:20 GMT

I got my secured card with WF on September 2011 and stayed on top of my payments, never late. They auto increased my CL $400 and then in November 2012 they Graduated my card to unsecure and refunded the collateral to my account. A few days ago they auto increased my CL $1100. So as long as you pay your card on time and don't over extend yourself they will graduate you and even increase your credit limit.

Re: Wells Fargo Graduation???

vivaknievel — Mon, 25 Mar 2013 02:42:22 GMT

This is not always true.

I got a WF Secured card around the same time; September 2011. As of today, I still have not been graduated. 100% on time payments. Utilization rate has never been over 10%. No 'risky' purchases. Few inquiries on my history, and all of them 1-2 years old, except the Wells Fargo inquiry (yes, they did a hard pull, even though I'd opened savings, checking and business accounts with them on the same day). Only *now*, this year, do I have recent inquiries from unsecured cards I was *approved* for (elsewhere), having grown tired of waiting for a secured card to be graduated. Now that April's approaching, I hope they will be reasonable and graduate the card.

I'm happy it's worked for you, but you are a rare case - most experiences I've heard, have played out like my own. I wouldn't advise anyone to open a WF Secured card, unless they really have no other option. Or they have so much money that it wouldn't matter much to them, if the card and deposit were held up indefinitely.

P.S. My credit score was in the mid-700s during all of the periods I should have been graduated. I also have had no outstanding debts or other derogatory marks with any other creditors. After a slight drop from acquiring other cards this year, the score has risen back to the mid-700s - We'll see what happens in the coming month.

Re: Wells Fargo Graduation???

dodgerslv — Mon, 25 Mar 2013 02:14:14 GMT

@vivaknievel wrote:
This is not always true.

I got a WF Secured card around the same time; September 2011. As of today, I still have not been graduated. 100% on time payments. Utilization rate has never been over 10%. No 'risky' purchases. Few inquiries on my history, and all of them 1-2 years old, except the Wells Fargo inquiry (yes, they did a hard pull, even though I'd opened savings, checking and business accounts with them on the same day). Only *now*, this year, do I have recent inquiries from unsecured cards I was *approved* for (elsewhere), having grown tired of waiting for a secured card to be graduated. Now that April's approaching, I hope they will be reasonable and graduate the card.

I'm happy it's worked for you, but you are a rare case - most experiences I've heard, have played out like my own. I wouldn't advise anyone to open a WF Secured card, unless they really have no other option. Or they have so much money that it wouldn't matter much to them, if the card and deposit were held up indefinitely.

Sorry to hear that you card hasnt graduated. Hopefully they graduate your card. If i get passed i am just going to apply for the unsecured card. Here in Nevada they are known to pull EQ for credit card applications (they did so for both of my parents when they got theirs and did some research for others who have applied and same CR is pulled). I dont have a HP since October of last year so i think i can afford one.

Re: Wells Fargo Graduation???

vivaknievel — Mon, 25 Mar 2013 02:56:52 GMT

Sorry to hear that you card hasnt graduated. Hopefully they graduate your card. If i get passed i am just going to apply for the unsecured card. Here in Nevada they are known to pull EQ for credit card applications (they did so for both of my parents when they got theirs and did some research for others who have applied and same CR is pulled). I dont have a HP since October of last year so i think i can afford one.

Aw, thank you! I think you have the right idea... before, I'd been so frustrated that I swore up and down that I'd close the account. However, I think your approach is better. Most of us can't afford for the Average Age of Accounts to drop, by closing the account, so it's best to either ask and take the inquiry hit...or be extra patient and wait for WF to come to their senses and realize that we've not only been responsible cardholders, but we're all also just too unbelievably adorable not to extend additional credit to. Kittens will cry.

Good luck to you! Hope you come bearing good news, soon, as well!

Re: Wells Fargo Graduation???

rbusch34 — Sat, 30 Mar 2013 21:35:39 GMT

I'm sorry to hear that, sounds like you have been very responsible with your card. I have a friend that works in the WF credit card department, he said that most cards that are graduated are because the card holder was responsible and used the card frequently but was able to pay it down. I paid my bills with it, then paid it off so it looked like I charged a lot on the card. He said that they like to graduate those card holders because they will utilize the card and show responsiblity. Bottom line they want people to use the card, they make money off of interest. So if you have a balance on the card its ok, as long as you pay it down, more than the minimun and no late payments.

I hope that helps

Re: Wells Fargo Graduation???

Anonymous — Sat, 30 Mar 2013 21:38:32 GMT

they do graduate cards and it depends on your payment and usage behavior.

At the same time, if you have the secured card for a while (approx 1 year) and they have yet to graduate you, just apply for the unsecured one. You will most likely get approved. This seems like the easiest way to get the unsecured card if you already have the secured version.

Re: Wells Fargo Graduation???

HiLine — Sun, 31 Mar 2013 00:38:13 GMT

A lot of people on this board have complained that Wells Fargo either never let their secured cards graduate or let the graduation happen very late despite a perfect payment history. If you have had a secured card from them for more than 1 year, don't assume that it will eventually graduate. Applying for an unsecured card at this point would be a safer bet.

Edited: which is exactly what enharu said.

Re: Wells Fargo Graduation???

Anonymous — Sun, 31 Mar 2013 02:35:18 GMT

I charged a lot my WF secured card last year and hope they graduate me this April. Even if they do not I already have paid the AF for this year and I can afford having my deposit held for longer so I will keep the card but use it less. I have just stopped using the card except for RedBox Rentals or for places which do not take AMEX. If I am not graduated by October I will just close the account and get some other prime VISA or MC to replace it.

I can't be too hard on WF they gave me a card when I had no history and no SSN.

Re: Wells Fargo Graduation???

Anonymous — Sun, 31 Mar 2013 02:40:15 GMT

same story with mine. i opened an secured card in june of 2011. and til' now, i still have it, i call every april and october and they tell me theres nothing about mine being graduated.

i actually believe they aren't able to take a look at every card thats able to be graduated, since there might be so many. but thats what im hoping. so im looking to get a second credit card right now. but definitely not with wells fargo.

Re: Wells Fargo Graduation???

dodgerslv — Sun, 31 Mar 2013 03:03:57 GMT

Well this coming month we will see what happens! Im hoping all of us here who have a secured card graduate! (keeping fingers crossed). I really forgot that if i dont graduate i will eventually have to take another HP to apply for the unsecured one. I hope it doesnt have to come to that. I took 3 HP on EX and 1 on EQ already this year. Not sure if i want another one but then i sure would l movey 3500 dollars back (i was given an auto 500 CLI). I know here in NV they pull EQ for the credit card (EX for AR). I guess i will know once May comes around. I did notice my annual fee was only 5 dollars, so hopefully thats a good sign.

Re: Wells Fargo Graduation???

Anonymous — Sun, 31 Mar 2013 03:23:20 GMT

Wells Fargo seems to have gotten really strict over the past years (after the crisis).

When I got my Wells Fargo card, it was unsecured, and I did not even have a social security number back then. Granted, it was during a time where everyone was making lots of easy money and they only gave me 700 or 800 to start.

If you already have a secured card with Wells Fargo, your best bet to get it unsecured is to apply for an unsecured one, and then close the secured card. They can backdate the account age to whenever your secured account was set up. You will be taking 1 inquiry hit for that, but my brother was able to have his inquiry removed after talking to Wells Fargo "Consumer Credit Solution" department.

Of course, there're other alternatives offered by other banks that might seem a lot more tempting, and you can go with that.

Re: Wells Fargo Graduation???

dodgerslv — Sun, 31 Mar 2013 03:28:10 GMT

@Anonymous wrote:
Wells Fargo seems to have gotten really strict over the past years (after the crisis).

When I got my Wells Fargo card, it was unsecured, and I did not even have a social security number back then. Granted, it was during a time where everyone was making lots of easy money and they only gave me 700 or 800 to start.

If you already have a secured card with Wells Fargo, your best bet to get it unsecured is to apply for an unsecured one, and then close the secured card. They can backdate the account age to whenever your secured account was set up. You will be taking 1 inquiry hit for that, but my brother was able to have his inquiry removed after talking to Wells Fargo "Consumer Credit Solution" department.

Of course, there're other alternatives offered by other banks that might seem a lot more tempting, and you can go with that.

really? the card could be backdated to when you opened your secured one? that is awesome if true. Wonder how soon in April can you call them up and see if they are able to tell you if you qualify that month? anyone know? I would love to know that way i just apply for the unsecured one right away and have my inquiries close to each other.

Re: Wells Fargo Graduation???

Anonymous — Sun, 31 Mar 2013 03:37:34 GMT

they did that for my brother. he got his wells fargo secured in 2011 when he didn't have a social and wells fargo was already a lot stricter than they were before. he left a deposit of $1000 for a $1000 CL card

then in december 2012, he got his social and i told him to go to the branch and have his card changed to an unsecured version. they couldn't do it, and a banker helped him apply for an unsecured card. approved for $1000 unsecured and he went ahead to cancel the secured card. Got the card, and took about 2-3 calls to WF before someone was willing / able to backdate the account and take off the inquiry on EX.

The department that helped him was called the consumer credit solution department. you can call them at 1855-854-3502 when you want to have this done

To add: I had a CLI increases that I requested which resulted in a HP. I didn't know about SP/HP CLI back then so I could care less. I found out, called Wells Fargo and asked if they could remove the inquiries, and they were able to. Very easy people to work with

Re: Wells Fargo Graduation???

dodgerslv — Sun, 31 Mar 2013 03:47:14 GMT

@Anonymous wrote:
they did that for my brother. he got his wells fargo secured in 2011 when he didn't have a social and wells fargo was already a lot stricter than they were before. he left a deposit of $1000 for a $1000 CL card

then in december 2012, he got his social and i told him to go to the branch and have his card changed to an unsecured version. they couldn't do it, and a banker helped him apply for an unsecured card. approved for $1000 unsecured and he went ahead to cancel the secured card. Got the card, and took about 2-3 calls to WF before someone was willing / able to backdate the account and take off the inquiry on EX.

The department that helped him was called the consumer credit solution department. you can call them at 1855-854-3502 when you want to have this done

To add: I had a CLI increases that I requested which resulted in a HP. I didn't know about SP/HP CLI back then so I could care less. I found out, called Wells Fargo and asked if they could remove the inquiries, and they were able to. Very easy people to work with

well thats cool and thanks for the info enharu! Im hoping i dont have to take HP and they just graduate my card but at least i know there is hope on them at least backdating my card to 2012. Wonder if your secured card needs to have a zero balance before you can apply for the unsecured one. I just charged 2500 on it cuz my best friend got robbed and i helped her replace some of the stuff on my CC until she gets reimbursed by the insurance claims dept. and pays me back most of it. Dont really wanna shell out 2500 to bring the balance down to zero to apply for the unsecured card.

Re: Wells Fargo Graduation???

Anonymous — Sun, 31 Mar 2013 04:08:35 GMT

i dont think you need a zero balance. just an overall low utilization.

for me whenever i asked for CLI, i had really high balances (at least >80% util), and they didn't seem to care. I PIF a few times each month and charge the card again though, so they probably took that into consideration.

As long as you don't owe a lot for an extended period of time and make only minimum payments, you should be fine

Re: Wells Fargo Graduation???

vivaknievel — Wed, 08 May 2013 17:49:06 GMT

Just wanted to update anyone still having problems with WF Secured.

BACKSTORY: I'm one of the cardholders who opened the Secured account in November 2011. As of April / May 2013, the card has still not been graduated. The card is now 18 months of age. My FICO score now about 730-750. Including WF, I now have three revolving cards, total limit about $3,000. I have had 100% on-time payments. Utilization always under 10%. No derogatory marks of any kind. Three inquiries, all 6 months+ to nearly 2 years old (all from the cards I was approved for). There really is no reason I shouldn't be graduated, if WF's criteria was solely about credit history.

WHAT I LEARNED FROM WELLS FARGO TODAY: I just got off of the phone with Wells Fargo's department who handles graduations @1-866-412-5958 (I think this was called "New Credit Offers Line" or similar). It was confirmed by the rep that a., no graduation letter was sent to me and b., they pretty much graduate you when they feel like it. "Graduation is determined by a number of factors...", he said, and none of the "factors" given are anything which should be problematic for me. However, they also mention "account status". My checking account is in good standing, but since WF is not my primary financial institution, the balance on my WF checking is not very high. I'm getting the impression that WF prefers that you do all or most of your banking exclusively with them, in addition to your Secured card... or give the impression that you do. If you don't... no graduation for you, even if you have done everything else responsibly/correctly. Graduation may also come down to what Wells Fargo assumes your total worth is, based upon what's in your WF checking/savings, in addition to credit history factors.

I was told by two different reps, that what my banker told me - automatic graduation after 6 to 12 months of responsible card use - is not true. It is a myth. Wells Fargo's Secured card does not work like any other major secured card. There is no automatic graduation - There are factors beyond credit history. Often times, cards are not graduated until the card is a minimum of 18 months old (and given what we know about WF's April/Oct review period, if your card is not old enough when the most recent period is, you must wait until the next one. Therefore, for some, it means that the card might be a minimum of 2 years old before graduation would even be remotely considered). Overall, it's solely up to the discretion of Wells Fargo. If you don't have a "healthy stash" of money in your Wells Fargo accounts, but your card itself and credit history are in good standing... you may graduate in 18 months, or you may graduate in 6 years; purely up to them. It should also be noted that these particular reps won't cop to the April/Oct review periods... they claimed that reviews are done purely at random, which we know is not true.

Re: Wells Fargo Graduation???

Vanessakort — Thu, 09 May 2013 03:03:37 GMT

I have a wf secured card since feb 12 as soon as my statement cut this month i called them and yes it was graduated effective june 31. Weird how long that takes. Always paid in time and my limit was 700 i asked to get a increase but they denied it as the card has not transfered to unsecure yet. I was ready to cancell this card if they did not graduate me.