WF Card

[bcdudley]

I have had a Wells Fargo Secured card for about a year and a nine months now. It has a $1300 limit on it. I pay on it every two weeks and keep the balance reasonable. I use it for everything so it does get up in the $500 - $600 range sometimes, but I always pay it down to $25 - $150 every two weeks. When I first got the card, they told me after 1 year, if I made the payments on time and got my score above 600, it would be converted to a real credit card and my $1300 would be refunded. My score is now a 651 and I have never missed a payment, not even came close to missing one.

I called them last week to inquire about bumping up the cli and changing it to a real card. I was told they are not graduating any of the secured cards at all now. They also said since I have a secured card with them, I cannot get a real card. I would have to close the acount before I could apply. Since this is my only line of credit, I really do not want to do this. I fear it would tank my credit score.

I know the answer already, but I still have to ask, is there anything I can do to get them to graduate it to a real card, or am I just stuck. I am in the process of buying a house so I don't want to get another card because I am afraid it would lower my score and hurt my chances of getting approved or increase my monthly payments.

Thanks.

[Anonymous]

Probably stuck.    I would sit tight on this one, since getting a house is the prime objective.

[Anonymous]

Wells Fargo did the same thing to me.  I had a secured card with them for the last 24 months, I called in to see why it would not unsecure and they told me they are not unsecuring cards at this time, and do not know when/if they will again.  They told me I would have to re-apply. I did'nt.  It just made me so mad that I spent all this time trying to prove myself to them, and then they changed the program, it was like it was all for nothing. Grrr. 

[Iincognito]

...this is why I do not trust secured cards. The rules seem to change on you even though you prove your worth.

[bcdudley]

Ok, Thanks. I kinda figured that would be the answer. When I got the secured card, that was really my only option. My score at the time was around 585. Now that I have it, I cannot get rid of it. Oh well, I will just keep using it like I am and get a couple more cards until I am sure that getting rid of this one will not hurt me very bad. Does anyone know of any good places to get a card (not retail) that checks Equifax and will approve a 651 score?

[Anonymous]

That's disappointing to read guys. I have a secured card with Wells too and it's supposed to graduate in September. I was planning to increase my limit but I think I'll wait now. 

[Brusilov]

Also really disappointed to hear this...I've had the card for about a year and a half and was wondering why it hadn't graduated as well...at least I got a few small unsecured line increases.  Here's hoping they change their mind...or at the very least just tighten their graduation requirements a little.

[tobey]

Well this really sucks. I too have a WF secured card. I'm glad I got a Citi Secured card only 2 months later, so if WF pulls the same thing on me come my anniversary date, I won't lose much history if I say "see ya!".