@mycreditproject wrote:
I funded my WF secured card with $5000 in May 2008. I just called about graduation and the CSR apologized that with secured card questions she is instructed to essentially read from a script that essentially told me I was "in between" secured and unsecured status. She said they had given me a CLI of $500 December 2010. She told me I couldnt be moved up any faster for consideration, because of where I am in the "queue," but to be patient. Yet she said she was surprised that I had not been graduated yet and said the new credit card regs had slowed everything up. She remarked that I had an excellent history and no reason to expect that I wont graduate - but she couldnt say when that would happen and why it had not. She told me I would likely learn I had been unsecured at some point when I try to use my current card and it doesnt work, and upon calling WF will learn that it has been upgraded to unsecured. I will also receive something in the mail she said. She said the upgrades happen very quickly and the returned desposits happen quickly too, although they allow for up to 60 days. I have a small balance now and use this card extensively, but usually PIF or if not carry a balance below 10% util. I have all my accounts including mortgage, checking, direct deposit and savings with WF. My scores are in the mid 700s now and no lates for 5 years. I think I will call again after the new year and will likely close if they cant offer to do more for me. I have just been approved for a couple of PenFed cards with good limits and recently (after a lot of work and help from another discussion board) had my other Amex backdated to 1995 so I feel good about age of accounts....But after working so hard to rebuild, I hate hate hate even the idea of closing a good account. But I really need my $5000 at some point... and guess I dont feel like its going to happen any time soon.
Thanks for the information in this thread!
I hope it works out for you.
I am glad it did unsecured but it's still not a great card. I'm keeping it cause of the history. The new APR is 17.9% and no AF. Not great but better then my Cap 1. I closed my secured Cap 1 card at the end of November and still haven't' gotten my deposit back yet. They said it could take up to 3 billing cycles. I'm glad I didn't have to go through that with WF.
But if it helps here's the timing
9-15 - 1 year mark with WF Secured
10-03 - Graduation letter in mail.
11-07 - 2nd CC shows up online in Accounts with same history
11-10- New Card shows up in mail. Activated the same day.
11-16- Credit report updated with 'Secured' removed from comments
11-28- Deposit returned to checking account/ 1st CC account marked closed online
Not sure if that helps but I was able to use either card for about 2 weeks. It didn't seem too quickly until the 2nd month from start to finish but it's kinda weird she told you that you would find out when your card is declined as the first step.
Good luck though.
