cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo Secure card Graduating to non secure card

tag
Anonymous
Not applicable

Wells Fargo Secure card Graduating to non secure card

First off I am not sure that I am posting this in the correct section, if I am not I am sorry.

 

I started my credit rebuild several years back and only wish that I had found this site before.  The things that I have learned from everyone here has helped me more in the last few months than years of me trying to figure it out myself.  After going through a very tough time and some bad decission making I opened a checking and savings account at Wells Fargo, they called it there second chance account for clients that had credit problems in the past.  After having the account for about 2 years I applied for the Wells Fargo Secure card because they told me that if I made all of payments on time that after 12 months they would move it to a non secure account.

 

All they needed was a $300 securtiy deposit that they would hold (not pay any interest on) and that would be my creidt limit.  I quickly learned that the $300 limit wasn't enough to work with because it was so low, so I added another $1200 to it to bring my limit up to $1500.  After the first year I reached out to them and asked about moving it to a non secure account and I was told that they review the accounts regularly to see if they are able to be moved.  Fast forward to yesterday (27 months later) I get a letter in the mail telling me that my account has been approved to be a non sercure card and it will take place on May 7th and my security deposit will be return to my checking account by June 15th.    There was no mention of what my credit limit would be on the new card as well so I guess it is wait and see.

 

I will say that I have read a lot of people talk about Wells Fargo is all about relationships however while I am grateful for them giving me a chance to open a checking, savings and a Secure card with them I have felt like that because of my past credit history I was always treated like a second class person.  I have kept the checking and savings account open with them and deposit my expense checks into my checking account every month but there hasn't been a check written or debit taken out of the account in almost 18 months.  I was at the point of closing all of my accounts with them because they don't pay any interest and the secure card had a AF of $25 on top of it.

 

Just some additional information would be my FICO score through Wells Fargo shows 719 and they did send me a letter about a month ago asking me to call them, when I called in they ask my income.  Honestly she was very taken back when I told her my income and mentioned that I am not doing much business with them for that being my income level, I was very nice and said it is all about relationships and I do most of my banking with NFCU who treats me like a value customer.  Anyway it's another step in the right direction for my credit getting back to where it should be, now just have to make a decission if I will keep my other accounts open with them or not.

 

Again I want to Thank everyone here you all have been very supportive and helpful!

Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

Congratulations on your new CC and on your re-build!

Message 2 of 9
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

Congrats on the transition!! well done.
Message 3 of 9
AverageJoesCredit
Legendary Contributor

Re: Wells Fargo Secure card Graduating to non secure card

Happy gradSmiley Happy
Message 4 of 9
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

Congrats! That's just too long for a secure card to graduate for me.

Message 5 of 9
sghosh5
Valued Contributor

Re: Wells Fargo Secure card Graduating to non secure card

27 Months!! Wow.Glad i just called them other day and cancelled my secured card with them. Citi and BankOfAmerica both graduated my cards from secured to non-secured in less than a year. Actually BOA was faster, did it in 6 months. Good for you though and congrats on graduation.




Shell FCU : 5K
Message 6 of 9
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

So why do we think WF takes so long to unsecure a card? (I have one, 9 months in)

Message 7 of 9
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

That’s a great question. I have read in one of the threads on here that WF only looks at their secured cards twice a year for a upgrade. Everyone also talks about them wanting relationships with their card members. I think that they don’t accept anyone that doesn’t have good credit as well, so there are a lot of other companies that are accepting lower credit scores and are building the relationships that WF is missing out on.

My experience might be a lot different than others but my own experience is that during the time that I waited for WF to upgrade my card I was able to grow my NFCU card from a 3k limit to 16.5k in the last two years. In the last 18 months I also got a Capital One card with a $500 starting limit that is $7600 and was just approved for AX Gold Delta with a 5k starting limit. My question to WF is everyone else is trying to build a relationship with me so who do you think I want to do business with?
Message 8 of 9
Anonymous
Not applicable

Re: Wells Fargo Secure card Graduating to non secure card

Strange behavior. You would think in light of recent events, WF would be bending over backwards to keep customers happy. My office manager just dropped them here, and she said they didnt flinch or beg or sweat it in the least, and we floated millions through their doors annualy. Oh well, they are likely smarter then me and have a plan. 

 

My plan is underway to move all my business to our local credit union. Redstone Federal, Decatur AL, if anyone is nearby, they are super great! I've had accounts with WF for 10 years probably, and the local folks are nice enough, but there is certainly a differnt feel to the place lately. Kind of... snotty. cocky..? IDK, I don't dig it. Already moved the whole family's direct deposits to the CU, and am working to fully detach. I will leave my small secured card open, unused, and just wait for one day a surpise upgrade. Maybe. 

Message 9 of 9
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.