Increasing Wells Fargo Secured

[jonnyc]

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.

[FinStar]

I'll let others reply with the context of the security deposit/CLI piece.

However, as far as Visa Signature, the current Platinum product you have is likely not eligible for the upgrade, even with a CL >$5K. AFAIK, the Cash Wise and Rewards are the current ones that are available in the VS tier.

[Anonymous]

jonnyc this is very likely going to be a YMMV 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?).

[jonnyc]

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@FinStar wrote:
I'll let others reply with the context of the security deposit/CLI piece.

However, as far as Visa Signature, the current Platinum product you have is likely not eligible for the upgrade, even with a CL >$5K. AFAIK, the Cash Wise and Rewards are the current ones that are available in the VS tier.

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Thank you! Not sure how long this is gonna be until it unsecures. But I'm hoping by then to PC it.

[jonnyc]

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@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?).

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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!

[Yeliaba1]

OP!  I was able to use this strategy recently with BOA and it graduated in 6 months.  I put down $3K.  I went with BOA based on other forum members success in graduating it quickly.  I believe Discover also graduates quickly.

[Anonymous]

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. 

[jonnyc]

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@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. 

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Wells fargo does graduate, there just isnt a set time frame. Some get it as early as 6 months, others have it for years and nothing happens.

[Anonymous]

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@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. 

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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.

[Anonymous]

Thanks for the info 👍🏾