Holy Cow - Wells Fargo Just Converted My Secured Credit Card to Unsecured!!!

[John060675]

I just received a letter from Wells Fargo that stated my secured credit card has been upgraded to non-secured, and that I will be receiving my deposit back within the next 60 days.  Wow!

I am shocked by this, since I have requested it a couple times in the past and was shot down each time.  Also, it seems that no one on the forum has had any luck with getting their seccured card changed over in the past few years.  I am shocked.

I am not really sure what caused this.  My credit scores are all just at or below the 600 level.  I did have one late on the WF account that was removed through much GW writing to them. Even more shocking is that I did not request for the account to be unsecured in the past 6 months.  This came out of the blue!

I am so happy to have the $1,000 cash back in my pocket.

[Anonymous]

Good for you.

WF, on a couple of occasions, has automatically increased my credit limit on my unsecured card over the years.

[John060675]

Thank you.  I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score.  It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

[Anonymous]

That's great.  I'm hoping Cap One will unsecure my card one day.  But from reading what's been said on these forums, I won't hold my breath.  Congrats.

[Anonymous]

Congrats!  What's the CL going to be?

[nuggets321]

NICE !! You give me hope of getting my 2k back within a reasonable time.. how long did they have your capital hostage ?

[Anonymous]

Very happy for you. Congrats

P.S. Honestly, I do not like this bank (one of my banks) very much at all.

[Walt_K]

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@John060675 wrote:

Thank you.  I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score.  It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

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Pretty sure that doesn't factor into your score.

[Anonymous]

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@John060675 wrote:

Thank you.  I meant to ask in my original post whether the conversion of the account on my credit report will do anything to bump my score.  It currently is listed as a "secured credit card", so will the change factor into my FICO score in any way?

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No. Secured cards don't affect a FICO score. It's a tradeline like any unsecured card would be.

[John060675]

how long did they have your capital hostage ?

I had the account for 4 years.  I did have some financial problems 3 years ago, and I am in a lot better shape now so the length of time being secured is proabably due to that.

Congrats!  What's the CL going to be?

I am not sure.  The letter I received does not have that listed.  I will have to call them to find out.

One more thing which I found very funny.  At the end of the letter it states in bold letters "If you prefer to decline this offer and keep your Secured Card, please call us."  Why in the world would anyone want them to keep your money?  I just found that amusing.