WF secured conversion DP

[ahutchga1972]

Good afternoon! I was talking to a WF rep yesterday on another matter and I asked when my WF secured would likely be upgraded. She looked and told me they tried to upgrade on 4/3 but was rejected for too high a balance. My balance at statement was 143 (Limit is 600). Balance is now 6. I pay several times a month and have an existing banking relationship with them. My EX is 673. It was my first card post BK13 (discharged in July 2019, got card September).  I asked the rep if I could self pay to increase the balance. She said yes. 

[M_Smart007]

" I asked the rep if I could self pay to increase the balance. She said yes. "

I am not sure how WF secure cards work, but increasing the limit might just help when they un-secure it.

Maybe you would get a larger CL?

Maybe someone will correct me, if my thinking is wrong?

[AllZero]

WF secured card may take a while to graduate to unsecure. I would guess at least 1 year or more.

[ahutchga1972]

Thanks. I'm still going to buy myself an increase by funding my limit.

[AllZero]

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@ahutchga1972 wrote:

Thanks. I'm still going to buy myself an increase by funding my limit.

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Thank you for sharing the data point. It makes sense in having a usable limit.

[sjt]

Maybe it was high utilization across all accounts, not just Wells.

[ahutchga1972]

I've thought about that, but I don't think so.

Name:                                     Balance:              Limit.   Opened

Synchronicty (Mavis Tire)    0.                         $800.    11/2019 paid off

wells secured.                        $243 (now $6).  $600.    9/2019

wells platinum                        $900.                   $3000.  3/2020

Amex.                                       $140.                   $1000.  2/2020

[ahutchga1972]

I thought about that, but I don't think so. My sync (mavis tire) has a 0 balance paid off. Limit 800. My secured WF had a 200ish balance (now 6). Limit 600. My WF platinum has a 900 balance. Limit 3000. My Amex has a 140 balance. Limit 1000. My oldest account are rehabbing 20 year old student loans. My cards were obtained after July 2019 BK13 discharge (5 year.) secured 9/2019; mavis 11/2019;  Amex 2/2020; and platinum 3/20. Pay cards several times a month. Pay on time.

[Mv350]

WF is extremely strict when graduating their secured cards. They will let you increase your limit by adding funds to your security deposit. That will stay your limit when graduating also. Mine took 33 months to graduate. I had almost given up. But since it was my oldest card at the time I kept it open. I eventually closed it, because after it graduated, they wouldn't give me any increases. I probably could have waited another year, but I was never using it, and have another card with them.