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