Wells Fargo Not "Graduating" Secured Cards

[jforsyth]

Now is not the time to be doing business with Well Fargo/Wachovia.

They're so clueless after the merger it's ridiculous. I really don't even want to get into some stories I have with them because they'd be so long-winded, but just take my word in that you probably want to take your business elsewhere.

If you have a letter saying that they'd graduate your card after 12 months with a 680 score, take it into a local branch and show it to an actual human being. You're not going to get much done over the phone. They could just think you're making stuff up.

[Tazman81]

Well, I figure if they don't know what it is that they sent me, then it is no reason for us to be doing business.  I am going to go back to my credit union which I've had for years.  Just that they did not offer a secured credit card so I changed everything over to Wells Fargo.  I guess the grass isn't always greener.  I won't make that mistake again.  I actually went in and talked with my credit union.  She was sending emails back and forth with the underwriter.  They want to see about another 6 months of payment history and then the underwriter is confident that I will be approved for their unsecured card and be able to refinance my car with them for a lower interest rate.  Underwriter said cannot make any promises, but wanted to point me in the right direction, so I am going to move all my deposit accounts back to them.  That way it gives them that little extra incentive nudge to approve me.  And plus Chartway pays a much higher dividend on savings accounts and CDs than Wells Fargo does.

[Anonymous]

I have already set up my checking account with the local CU. I am going in later today to see if I can get a credit card with them. If I am approved I am going to cancel my Wells checking, savings, and CC. I don't need the $1200 in the secured CC. Its the principle that makes me made. I give them $1200 to let me borrow against and for that pleasure I pay them $18 a year. 2.5 years of perfect payment history (never late, never over limit, never charged interest) and they still won't work with me.

[Anonymous]

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@Anonymous wrote:

I have already set up my checking account with the local CU. I am going in later today to see if I can get a credit card with them. If I am approved I am going to cancel my Wells checking, savings, and CC. I don't need the $1200 in the secured CC. Its the principle that makes me made. I give them $1200 to let me borrow against and for that pleasure I pay them $18 a year. 2.5 years of perfect payment history (never late, never over limit, never charged interest) and they still won't work with me.

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There is one advice recieved here that has really helped me;

AND THAT IS JOINING A CREDIT UNION!!!!!

Can't believe how long I've been in the stone age on this!

My local credit union offers everything my former bank to be does, AND  much more. Lower fees on everything I use a bank for, and needless to say, better interest paid on savings.            

I have no debt, pay cash for everything, and have not had a credit card for years, UNTIL RECENTLY.

I may apply for some type of card at my credit union with a very low limit and use it very little just to build some current history.

I just went through a major debacle with BBVA Compass. They took over the bank I originally opened my checking and savings with. I applied for one of their secured visas secured with a small part of my savings in 11/2010. Even though I had no negative accounts, collections etc, on file with the three agencies they would not above an unsecured card. So I figured what the hell, I'll have a secured one to establish some new credit history, based on the fact that they stated upon application they will report to all three.

They did not and will not! Only report to Equifax.

It is astonishing how apathetic, and inept they are. You cannot contact anyone in their credit card dept by direct email. When you ask for a act executive in their dept, they will not connect you with one, but only a mindless clerk that sounds like they are reading from a script on the phone. Each one will give you a different answer for your questions.

It's marginally effective stopping by one of their branches. Customer service clerks are friendly and try to be accommodating until you present them with a problem they don't have an answer for.

Like Wells Fargo, they originally state they can graduate your secured card to an unsecured after a year.

After dealing with these clowns for seven months, I canceled the card today, and closed my primary savings and business checking account. Soon I will close my personal checking account as soon as they release my funds that secure the card I just canceled.

NO MORE BANKS FOR ME!!!!!!

The best advice from this forum for me has been joining a credit union.

I HAVE EXPERIENCED THEM TO BE A STARK, POSITIVE CONTRAST FROM ANY BANK I'VE DEALT WITH IN THE PAST DECADE!!!

FIRE YOUR BANK. JOIN A CREDIT UNION

[Tazman81]

Well, I received confirmation today that WF is closing my secured credit card.  I guess its a bit of a shame since I didn't even have it open for 30 days but I am not going to keep pouring money into it if its going to be a dead end for me.  Anyhow, they told me that it would take up to 60 days before their financial department can return my security deposit because they have to be sure that no more charges go threw.  Hahaha!  But you know, I will just let it be.  It showed immediately online that my account was closed.  I hope it doesn't take them 60 days to give my deposit back because I don't want to keep the checking and savings account I have with them open for that long.

[Anonymous]

When I closed my secured credit card with them a couple months or so ago, it did take about 40 days to get my deposit back. 

[Tazman81]

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@Anonymous wrote:

When I closed my secured credit card with them a couple months or so ago, it did take about 40 days to get my deposit back. 

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Yikes!  I guess I am stuck with them for a while longer.  Did they mail you a check back or did they deposit it right into your WF checking account?

[Anonymous]

They mailed me a check.  I called them at the 30 day mark to ask why it was taking them so long to give me my money back and they told me the same thing, that they needed to wait and make sure all charges cleared and that there were no automatic payments set up on the account.  I was so frustrated.  I'm just happy now that it's all over and I don't have to deal with them any longer.

[Anonymous]

This news is very disappointing indeed. I've only had my WF secured card for a few months and I don't have anything bad to say about WF right now, so I'll be holding on to it and see how this plays out. If next spring, when I've had the card for 12 months, they have not reinstated the graduation program then I will probably drop the card and find another.

However, until then I'm not going to up and cancel just because they have put a freeze on their secured card graduation program. Here's hoping that they stand by their secured card graduation program in the long run.

[Anonymous]

There is always hope.