topic Re: Anybody offer $10K secured card besides Wells Fargo? in Credit Cards

Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 00:55:30 GMT

A friend wants to open a secured card for $10K and got the runaround from Wells Fargo. Anybody know of another institution that has such a high limit? Don't ask me why she wants to do this, cause I don't know.

Re: Anybody offer $10K secured card besides Wells Fargo?

Anonymous — Wed, 19 Nov 2014 01:22:10 GMT

BoA will let you go as high as you would like if your income warrants it.

Re: Anybody offer $10K secured card besides Wells Fargo?

taxi818 — Wed, 19 Nov 2014 01:35:38 GMT

Yes. And easily understands why. Because when your friend credit improves. She will get high limits. As lenders seem to match what's on report. Secured or not.

Re: Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 02:24:23 GMT

@Anonymous wrote:
BoA will let you go as high as you would like if your income warrants it.

Well, their website says $300-$4900. I called to verify, but their secured cc dept is closed for the day. The rep reading from some script said that the limit is $2000, which I know is not the case. I'll follow up tomorrow for more accurate info. The website does talk about as much as your income supports without listing a limit in one spot, then in another talks about the $4900 max.

Re: Anybody offer $10K secured card besides Wells Fargo?

newhis — Wed, 19 Nov 2014 02:39:49 GMT

Yes the website say $300-$4900. I asked by secure message and they told me 10,000 max, this was 3 months ago.

Re: Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 02:42:08 GMT

@newhis wrote:
Yes the website say $300-$4900. I asked by secure message and they told me 10,000 max, this was 3 months ago.

Great! Then for sure I need to check back tomorrow.

Re: Anybody offer $10K secured card besides Wells Fargo?

CreditDunce — Wed, 19 Nov 2014 04:02:50 GMT

I don't believe SDFCU has a limit (or at least much higher than 10k) on a secured CC. No AF with an APR as low as 6.99%. Plus your security deposit will earn at least some interest.

However, the BoA card is better if you want something that graduates.

Re: Anybody offer $10K secured card besides Wells Fargo?

newhis — Wed, 19 Nov 2014 04:46:17 GMT

To all that get the BofA secured card, make sure you get the Cash Rewards card, or ask for it by chat, secure message or call. You will earn 3% on gas, 2% on groceries and 1% everything else.

If you get the card at 5000 or more, then you will be able to ask to change it for a Visa Signature when it graduates, I don't think they'll approve a Visa Signature with a secured card but YMMV.

Re: Anybody offer $10K secured card besides Wells Fargo?

Kostya1992 — Wed, 19 Nov 2014 05:04:09 GMT

Why a 10K secured card? Establish/rebuild? Much better to open 2 cards with 5000 or 4 with 2500 in my opinion...

Re: Anybody offer $10K secured card besides Wells Fargo?

Chaselover — Wed, 19 Nov 2014 05:11:27 GMT

@hawaii-girl wrote:
A friend wants to open a secured card for $10K and got the runaround from Wells Fargo. Anybody know of another institution that has such a high limit? Don't ask me why she wants to do this, cause I don't know.

Its actually a very good decision to have one card report that high a limit. And with Wells fargo, they do graduate and so ul get it back.

And once the report starts showing unsecured, then big banks will start matching the CL's.

So, I would say your friend's decision is very good.

+1 on BOA but ul loose 2 hp's - apply for the secured with their max limit 4900 and then send SM and they will bump it to 10k but thats an additional pull.

Re: Anybody offer $10K secured card besides Wells Fargo?

newhis — Wed, 19 Nov 2014 05:35:20 GMT

@Chaselover wrote:
@hawaii-girl wrote:
A friend wants to open a secured card for $10K and got the runaround from Wells Fargo. Anybody know of another institution that has such a high limit? Don't ask me why she wants to do this, cause I don't know.
Its actually a very good decision to have one card report that high a limit. And with Wells fargo, they do graduate and so ul get it back.
And once the report starts showing unsecured, then big banks will start matching the CL's.
So, I would say your friend's decision is very good.

+1 on BOA but ul loose 2 hp's - apply for the secured with their max limit 4900 and then send SM and they will bump it to 10k but thats an additional pull.

That initial limit is online only? I mean, can you open a savings account with 10500 and apply at the bank for a 10000 secured card?

Re: Anybody offer $10K secured card besides Wells Fargo?

Chaselover — Wed, 19 Nov 2014 06:24:35 GMT

@newhis wrote:
@Chaselover wrote:
@hawaii-girl wrote:
A friend wants to open a secured card for $10K and got the runaround from Wells Fargo. Anybody know of another institution that has such a high limit? Don't ask me why she wants to do this, cause I don't know.
Its actually a very good decision to have one card report that high a limit. And with Wells fargo, they do graduate and so ul get it back.
And once the report starts showing unsecured, then big banks will start matching the CL's.
So, I would say your friend's decision is very good.

+1 on BOA but ul loose 2 hp's - apply for the secured with their max limit 4900 and then send SM and they will bump it to 10k but thats an additional pull.
That initial limit is online only? I mean, can you open a savings account with 10500 and apply at the bank for a 10000 secured card?

I think thats a good idea but no confirmation on whether this will work. however, best would be to check with the bank itself.

Re: Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 07:17:43 GMT

OK, I confess... it's really me. I did due diligence at Wells Fargo, but...

Well..... I got totally messed up with Wells Fargo. I opened a checking account about a week ago, then spoke with a product specialist about a secured card. I wanted to open a $10K card, but needed to move some money around to be able to fund the checking acct to that extent. I asked if I could open at a lower level and then bump up the deposit to the collateral account. Sure, no prob, I'm told. So opened the acct for $300, and today when trying to find out how to fund that collateral account the rest of the way, I find out it'll be 60 days before I can do that. No way... For strategic and personal reasons, I wanted that card right away. Talked to 2 different people in the EO, no love. So I closed the whole shebang. A one week customer. And a wasted HP!

Read around about SDFCU and it looked pretty good. SIgned up for the free checking account, which includes a free membership. For a secured credit card it says you have to have funds in the checking account for the amount of the CL you're requesting. I opened the checking account for $10K funded with a bank transfer from my checking account at my local CU. OK, account status says "referred." I proceed to look into the secured credit card app just to see what they want. It's prefilled with all my info, asks the amount of deposit. What the heck...I put $10K and hit Apply . Bam, it comes back approved for $20K!!! I looked around in the status screens, and it shows up in the status for the loan as Instant Approved for $20K! I checked Experian and it's a soft pull there. Don't know if the soft pull is for the checking account or for the secured card.

So now, I'll just wait to see how it plays out. It may come back and ask for income verification or something else. Who knows.... But if it all pans out... WHAT A DEAL!!!

PS. I hated my whole experience with Wells. I talked to a bunch of different people, could not get a straight answer from any of them, and every one of them had a different answer to my questions. And no matter who you want to talk to they give you to a product specialist who pushes other services relentlessly. The EO is a joke. I also talked to a couple of people at BofA before apping at SDFCU. They were useless. I think overseas and reading from scripts.

Re: Anybody offer $10K secured card besides Wells Fargo?

newhis — Wed, 19 Nov 2014 13:50:00 GMT

Wow, please report back to confirm you got a 20K secured card with 10K deposit.

Re: Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 14:23:13 GMT

You'll be the first to know after I finish my happy dance!

Re: Anybody offer $10K secured card besides Wells Fargo?

hawaii-girl — Wed, 19 Nov 2014 22:37:33 GMT

So everything got processed, and it's for $10K, matching the deposit. $20K wouldhave been nice, but too much to ask I guess... I'm happy with what it is.

Re: Anybody offer $10K secured card besides Wells Fargo?

CreditCuriosity — Wed, 19 Nov 2014 23:18:56 GMT

wow that is qutie a secured line of credit you have there.

Re: Anybody offer $10K secured card besides Wells Fargo?

newhis — Thu, 20 Nov 2014 00:11:45 GMT

@hawaii-girl wrote:
So everything got processed, and it's for $10K, matching the deposit. $20K wouldhave been nice, but too much to ask I guess... I'm happy with what it is.

Congrats.

I think that card does not graduate, so to get your money back you will need to cancel it?

Re: Anybody offer $10K secured card besides Wells Fargo?

sjt — Thu, 20 Nov 2014 01:09:35 GMT

@hawaii-girl wrote:

@Anonymous wrote:
BoA will let you go as high as you would like if your income warrants it.
Well, their website says $300-$4900. I called to verify, but their secured cc dept is closed for the day. The rep reading from some script said that the limit is $2000, which I know is not the case. I'll follow up tomorrow for more accurate info. The website does talk about as much as your income supports without listing a limit in one spot, then in another talks about the $4900 max.

Even though its states that on the website, you can go up to $10K

Re: Anybody offer $10K secured card besides Wells Fargo?

sjt — Thu, 20 Nov 2014 01:20:35 GMT

@newhis wrote:
@hawaii-girl wrote:
So everything got processed, and it's for $10K, matching the deposit. $20K wouldhave been nice, but too much to ask I guess... I'm happy with what it is.
Congrats.
I think that card does not graduate, so to get your money back you will need to cancel it?

Although SDFCU does not graduate, they weigh heavely on how you maintained your secured account when you apply for their secured.