Wells Fargo Not "Graduating" Secured Cards

[Anonymous]

I just spoke to them-- apparently, in the next two months, with accounts at 14-16 months of age, they'll start unsecuring cards with perfect history.

It sounds to me like this back and forth has been going on for a while, though.

I understand the patrolling of the FICO score, but since I'm not in the market for a mortgage or anything else of that nature at the moment, I'm going to cancel the card if I don't get a favorable response from them in the next few months. 

Having recently been approved for great unsecured cards (which seems to be the case with several people waiting for WF to unsecure), I refuse to be held captive by WF's crappy policies for the sake of a factor in FICO scoring.

[MarineVietVet]

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@Anonymous wrote:

I just called - 15 Jul - and they WF read me a disclaimer that states their still not graduating cards because they need time to process new graduation procedures due to the CARD Act.  Really?  It has been almost 1 year and five months since the law became effective and they don't have new procedures.

I had a secured card with BoA and at month 24 it magically became unsecured.  I've had my WF card over 7 years and the last time I asked to be graduated my Credit Scores were 807 / 799 / 814 and I was still denied.  I had nothing on my credit report, never missed a payment or had been over the credit limit.  Magically, WF just gave me a $1,000 CL increase but they are not giving me my money back because they need a year to come up with new procedures.

WF really is a joke of a bank when it comes to doing right by their customers.  If I close the account, I lose 7 years of credit history, my available credit amount decreases, the average age of my open accounts decreases, etc., etc., etc.

WF's solution, while we wait for their new procedures, is to "close the account" and apply for a new one.  What a freaking joke.

I hate WF!!!

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Welcome to the Forums.

Of the things I highlighted only one can happen and that is you will lose that CL. But closing an account; either by the customer or the credit grantor will not immediately affect either your credit length history or the AAoA.

Here is an excellent thread about Closing Credit Cards.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[ds4365]

I had my wells fargo secured for four years before graduating to unsecured. At that time I only got a credit line increase of 200.00. I held mu secured at 300.00 all that time. I paid always on time.....sometimes in full....but mostly carried a balance. I was promised the year graduation also. Anyway hang in there because after all that I became qualified for their platinum and they started me at 5500.00. It is worth the wait and hardwork, and the AAOA will always help. They are about third now on my highest limits, but a decent credit line, and definetly a prime card.

[Anonymous]

So I've had a secured cap one card for about 4 months now. I am searching for another secured card so I can have a couple revolving lines of credit.

Is the wells fargo a good secured card?

[minimock]

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@Anonymous wrote:

So I've had a secured cap one card for about 4 months now. I am searching for another secured card so I can have a couple revolving lines of credit.

Is the wells fargo a good secured card?

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After reading the preceeding 5 pages, I would say the general consensus is no LOL

[trugem]

NO!!!! I suggest BOA. Good luck.

[Anonymous]

I had a BoA secured Visa and they automatically upgraded the card at 14 months.  I just received a letter from Wells Fargo saying they'd upped my credit line $1,000.00 but weren't giving me my security deposit back.

I would say that BoA is a significantly more reputable company than WF with regard to their Secured Credit Card offerings.

Best,

[trumpet-205]

BofA apparently graduate cardholder in timely manner, but it is much harder to get a secured card from BofA.

WF on the other hand, is much easier to obtain a secured card.

[lakerfan2011]

i put 3000 with one of these cards 3 years ago and after about 11 months and  a half they graduated me to and i evuntally go it up to 9000 then 2 years ago they knocked it back down to 3350 after 2 years of working on it and talking to several managers i finally got up back up to 9000. wow i cant belive they are graduating these cards much anymore that sucks

[trugem]

I got a BoA 2 yrs ago. I was graduated after 1 yr and last month, at my 2 yr anniversary, I was promoted to a Visa Signature with a 6000 cli. 12.99% apr & no annual fee. Boa has been good to me! Hope this helps!