Opinion on Wells Fargo Secured Visa

[Anonymous]

I opened a Wells Fargo Secured Visa 3 years ago when I was trying to rebuild my credit history. I just did $300 as the deposit. This account has still not been graduated. I've called several times, and they just give me the typical bs answer saying they review it every 6 months and to give it more time or just apply for a new card with them. From my research, it seems like others are saying its rare to get this card upgraded to a non secured card. 

So my question is, since I am not using the card(the perks are just not all that great for the card to be worth using over the other cards I have), should I just go ahead and close the account and get my $300 back? I've done the math with losing the 300 limit and I feel like it wouldn't really change anything with my credit, especially if I could just see if one of my existing cards to give me an extra spending limit to cover it. I understand that it is ultimately up to me, but I am mainly just looking for opinions.

[CH-7-Mission-Accomplished]

This is the same story over and over about Wells and their secured card.  I would just close that POS.  You will be 95 before they graduate it and even then they won't give you a CLI.   It's a joke.

[FinStar]

OP, as mentioned above, time to move on and get your $$ back.

If your profile has improved since that time period then there's likely better, suitable products that can meet your needs.

[Anonymous]

Appreciate the feedback. I called and cancelled it this morning. Hopefully it doesn’t effect my avg length of credit history much.

[Anonymous]

Shagerman0715 ... started with the same card and grew it to $5K Secured and after 2 1/2 years no graduation. Closed the card and Wells Fargo took a good 45+ days to get my $5k back. Left the bank and closed everything out. Did it hurt my Scores? NO!

[DeeBee78]

I had their scured card for two years and it never graduated. Closed it out as soon as my Capital One QS card got a decent CLI. 

And don't worry about your AAoA - Closed accounts stay on your credit report up to 10 years. You'll have plenty of other accounts by then! 

[jaimeylynn]

Same situation here... Opened acct along with checking and savings 4 years ago as of April 3rd.. Only $300 limit but heavy usage and pif most months more than once a month.. and also carried a balance as well periodically over the years, while always still paying substantially over my minimum due when carrying a balance.. Never ever late by even 1 day. After 3 years of paying $10/month fee for checking account, and have accounts at local Vystar CU. and employee checking account at Citibank (work in cs for the Costco Anywhere Visa consumer cards) , finally closed the checking and savings account... Have continued improving credit reports, nothing late on any other credit accounts, and no longer have any collection accounts ...(One 30 day late pmt still showing but is 5 yrs old on target store card) My overall credit utilization could be better (currently @ approx 48% over all credit cards)... Still no graduation on WF secured. Have called WF numerous times, customer service, supervisors, retention agents, and they all say the same.... Looking at account info and credit info that they can see (but of course not permitted to give credit details or opinions bc we are not "credit specialists") they cannot understand why I haven't graduated but would expect if I continue as I have been with account I could expect it to unsecure "at any time now", although they cannot request a manual review to determine eligibility. That response started at around the 12 month mark when I began calling about this... 3 years since then and the only change is lately they say they now review accounts every month for eligibility to graduate to an unsecured card. I plan to call this week as I was just billed the annual fee on this statement... And close account and have the fee credited back... I'm done with the WF bs at this point.

[creditguy]

With everything Wells Fargo has been accused of doing lately and the way they seem to not really care about their customers, I would have jumped off that stagecoach a long time ago. Time to say goodbye.