Wells Fargo Graduation???

[abarcla1]

Does anyone know about Wells Fargo secured cards "graduating" to unsecured status?  Any experiences?  Advice?

Thanks!!!!

[nuggets321]

I had a Wells Fargo secured for over a year and when I was at about 15 mos with  perfect payment history,  I called and talked to a CSR. At THAT time, they were not graduating ANY secured cards. She asked me if I would like to apply for an unsecured card ? I kept thinking to myself "if they wont "graduate" my card, how are they going to give me another card "? Long story short, I decided to go ahead with the application and was actually approved with a credit limit of 3800, where it has sat for over a year now. Maybe call them and ask to talk to a senior card credit analyst and maybe you can get some direction going forward.

[dodgerslv]

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@abarcla1 wrote:

Does anyone know about Wells Fargo secured cards "graduating" to unsecured status?  Any experiences?  Advice?

Thanks!!!!

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I opened mine in Jan. 2012. Wells Fargo graduates cards only 2 times a year (April and October). They are known to not graduate all cards that are eligible to become unsecured. So there is no guarantee that it will graduate after a year. Some people have had the card for years without graduating. They are known to give auto CLI without having to deposit more money (it happened to me back in November.) Just treat the card right and never go over the limit. If i get passed for graduation come April im just going to apply for the unsecured one and hope to get it. You can always add more money without every affecting your credit so no hard pull.

[rbusch34]

I got my secured card with WF on September 2011 and stayed on top of my payments, never late. They auto increased my CL $400 and then in November 2012 they Graduated my card to unsecure and refunded the collateral to my account. A few days ago they auto increased my CL $1100. So as long as you pay your card on time and don't over extend yourself they will graduate you and even increase your credit limit.

[vivaknievel]

This is not always true.

I got a WF Secured card around the same time; September 2011.  As of today, I still have not been graduated.  100% on time payments.  Utilization rate has never been over 10%.  No 'risky' purchases.  Few inquiries on my history, and all of them 1-2 years old, except the Wells Fargo inquiry (yes, they did a hard pull, even though I'd opened savings, checking and business accounts with them on the same day).   Only *now*, this year, do I have recent inquiries from unsecured cards I was *approved* for (elsewhere), having grown tired of waiting for a secured card to be graduated. Now that April's approaching, I hope they will be reasonable and graduate the card.

I'm happy it's worked for you, but you are a rare case - most experiences I've heard, have played out like my own.  I wouldn't advise anyone to open a WF Secured card, unless they really have no other option.  Or they have so much money that it wouldn't matter much to them, if the card and deposit were held up indefinitely.

P.S. My credit score was in the mid-700s during all of the periods I should have been graduated.  I also have had no outstanding debts or other derogatory marks with any other creditors.  After a slight drop from acquiring other cards this year, the score has risen back to the mid-700s - We'll see what happens in the coming month.

[dodgerslv]

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@vivaknievel wrote:

This is not always true.

I got a WF Secured card around the same time; September 2011.  As of today, I still have not been graduated.  100% on time payments.  Utilization rate has never been over 10%.  No 'risky' purchases.  Few inquiries on my history, and all of them 1-2 years old, except the Wells Fargo inquiry (yes, they did a hard pull, even though I'd opened savings, checking and business accounts with them on the same day).   Only *now*, this year, do I have recent inquiries from unsecured cards I was *approved* for (elsewhere), having grown tired of waiting for a secured card to be graduated. Now that April's approaching, I hope they will be reasonable and graduate the card.

I'm happy it's worked for you, but you are a rare case - most experiences I've heard, have played out like my own.  I wouldn't advise anyone to open a WF Secured card, unless they really have no other option.  Or they have so much money that it wouldn't matter much to them, if the card and deposit were held up indefinitely.

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Sorry to hear that you card hasnt graduated. Hopefully they graduate your card. If i get passed i am just going to apply for the unsecured card. Here in Nevada they are known to pull EQ for credit card applications (they did so for both of my parents when they got theirs and did some research for others who have applied and same CR is pulled). I dont have a HP since October of last year so i think i can afford one.

[vivaknievel]

Sorry to hear that you card hasnt graduated. Hopefully they graduate your card. If i get passed i am just going to apply for the unsecured card. Here in Nevada they are known to pull EQ for credit card applications (they did so for both of my parents when they got theirs and did some research for others who have applied and same CR is pulled). I dont have a HP since October of last year so i think i can afford one.

Aw, thank you! I think you have the right idea... before, I'd been so frustrated that I swore up and down that I'd close the account. However, I think your approach is better. Most of us can't afford for the Average Age of Accounts to drop, by closing the account, so it's best to either ask and take the inquiry hit...or be extra patient and wait for WF to come to their senses and realize that we've not only been responsible cardholders, but we're all also just too unbelievably adorable not to extend additional credit to. Kittens will cry. 

Good luck to you! Hope you come bearing good news, soon, as well!

[rbusch34]

I'm sorry to hear that, sounds like you have been very responsible with your card. I have a friend that works in the WF credit card department, he said that most cards that are graduated are because the card holder was responsible and used the card frequently but was able to pay it down. I paid my bills with it, then paid it off so it looked like I charged a lot on the card. He said that they like to graduate those card holders because they will utilize the card and show responsiblity. Bottom line they want people to use the card, they make money off of interest. So if you have a balance on the card its ok, as long as you pay it down, more than the minimun and no late payments. 

I hope that helps

[Anonymous]

they do graduate cards and it depends on your payment and usage behavior. 

At the same time, if you have the secured card for a while (approx 1 year) and they have yet to graduate you, just apply for the unsecured one. You will most likely get approved. This seems like the easiest way to get the unsecured card if you already have the secured version.

[HiLine]

A lot of people on this board have complained that Wells Fargo either never let their secured cards graduate or let the graduation happen very late despite a perfect payment history. If you have had a secured card from them for more than 1 year, don't assume that it will eventually graduate. Applying for an unsecured card at this point would be a safer bet.

Edited: which is exactly what enharu said.