@jonnyc wrote:I saw a post from a while back where someone had posted about increasing the deposit over time so that there would be a higher limit when it unsecures. Does anyone know if this would work? Or would it unsecure to your original starting limit? also, if the deposit is increased over 5k, when it unsecures would it be a visa signature? Just curious for the future since I know its possible my account could take a very long to graduate.
Yes, your SL for your newly graduated card will be the same limit as your deposit. I'm guessing you have the Wells Fargo Platinum Secured as that's the only secured card they have. It will simply graduate to a regular unsecured Wells Fargo Platinum with the same limit as your deposit. You MAY get a CLI once it does unsecure, but I'm pretty sure it just depends on your credit profile.
I got a letter saying my card was set to graduate on December 4th, 2018 to the Wells Fargo Platinum. What's funny is my dad got the exact same letter at the exact same time as I did! His limit was only $300 so I'm curious to see what his starting limit will be for the new one. His scores and mine are exactly the same, but obviously vastly different profiles. I will definitely check back with you on December 4th!
I don't know about the whole Visa Signature thing, but I'm almost certain it would still be the Platinum version. Only way to know for sure is to call and ask.
I've had mine almost 1.5 years, no graduation. PIF every month and what not, let 5% post etc. Very heavily considering just closing it and patiently waiting two months to get my own money back. I called recently to ask how my account looked, when I could expect graduation and such. She said I was recently reviewed and that my "relationship with Wells Fargo checking and savings was not satisfactory". I've banked with them since 2013, and had always had my direct deposit with them. My only conclusion from that statement is that I basically don't have a high enough income to graduate. I will be closing my checking account after the cc deposit is returned.
@Anonymous wrote:jonnyc this is very likely going to be a YMMC situation. Over a period of one year I increased my Wells Fargo Platinum Secured Visa Card from $300 CL to $2,500 CL to $5,000 CL (they did an HP for every secured increase - did not know this). In the end after going two-half years with no graduation and "we will review all accounts every six months" I closed the card and received my $5,000 back after 50+ days (they were very slow about returning the deposit). Had other products with Wells Fargo and I pulled everything and left (did not look back - lots of fish in the sea). Like most things you will find every situation different
In my case my credit showed a BK when the account was open and Wells Fargo did not like that (may have had me stuck in a corner?).
You got a hard pull for every increase?!? I have a Wells Fargo checking account and they just transferred the funds whenever I would increase my limit. For a while, I was increasing it $100/month and never received one hard pull. I've had my secured card since 3/2017 and just got the letter a few weeks ago that my card was graduating in December. To be fair, I did carry a very high balance the entire time I had the card, and once I paid it down to about $300, that's when I got the letter.
@jonnyc wrote:
@Anonymous wrote:jonnyc this is very likely going to be a YMMC situation. Over a period of one year I increased my Wells Fargo Platinum Secured Visa Card from $300 CL to $2,500 CL to $5,000 CL (they did an HP for every secured increase - did not know this). In the end after going two-half years with no graduation and "we will review all accounts every six months" I closed the card and received my $5,000 back after 50+ days (they were very slow about returning the deposit). Had other products with Wells Fargo and I pulled everything and left (did not look back - lots of fish in the sea). Like most things you will find every situation different
Thank you! This seemed to answer my question! However if anyone else has any experience with this, please feel free to continue the discussion! If I may ask, when did you have this card? I see online that they've been much better about unsecering the past year or so. Also when I had called about increasing I was never told it was a hp. Good to know!
It wasn't a hard pull for me and I increased my limit a couple of times throughout the year. I think if you have a Wells Fargo checking/savings account, they won't do a HP as they can just transfer the funds.
@Anonymous wrote:
@Anonymous wrote:I thought that Wells Fargo didn't technology graduate. I thought that you would have to apply for a new card once your credit was better and then have to close this one down to get your money back. BoA, Discover & NFCU graduate you for sure. Capital one I have read it depends on when you signed up and what were the terms. I could be wrong if I am someone please correct me.
As a general rule Wells Fargo claims to review accounts (by computer system) every six months and unsecures those accounts that meet their standards. Some time back they used to say, graduations could take place as early as one year. As we know with many banks, it can vary. For me BOA gave me my freedom in nine months. Others have had earlier release.
Wells Fargo actually reviews accounts "at random". At least, that's what I was told multiple times by multiple people at Wells Fargo. If you want your card unsecured, keep a low balance! I learned this the hard way.
@jonnyc wrote:
@Anonymous thanks so much for the info, I haven’t even received my card yet but I’m looking to raise it as high as I can! You seem to have lots of experience with it so I’m sure over time I might have questions! Thank you!
Feel free to message me with whatever questions you have!