Wells Fargo Secured Card

[Anonymous]

Feeling some frustrations with this card....I applied for the Wells Fargo secured card back in 2015 with a $300 deposit and was approved with a 475 credit score (yes, dismal, I know).  I've been making on-time payments ever since, and my credit score is now approaching 675.  Still, no graduation.  I called them back in November and asked when it might be graduated, and they said they just needed an updated income in my profile.  Okay, done.

Now, today I called and asked when I might be upgraded, and was told that the last upgrade was in December (obviously mine wasn't), and the next one is on April 10.  Even with that information, I'm not holding my breath that it will happen.  Is there anything else I can do?  I don't want to close it because of the great history, but I don't want to go on an application spree elsewhere, either.  I just can't believe that I've had this card for 27 months and have raised my score almost 200 points, and it's not enough to make them budge.

[jbsilva21]

Let me tell, you I closed mine after 6 years and no graduation. My scores went from low 400s to high 600s and all they told me was to apply for another card if I think I can get approved. WF can go kick rocks. One thing you can count on is that everyone is different. I see people with lower scores and more baddies than I have at the time of application and they get approved and I will get denied as always with everything here on the forums YMMV. Just my opinion and this is what I have done, is you can put it in the sock drawer and not use it if you want to wait for the April 10th review. Otherwise move on. WF can be tougher on some profiles. With all the crap in the news with them lately it may even cause them to be even more gun shy and they are probably being pickier with accounts but who knows. I don't know what your scores or report looks like but move on, you have gotten some positive use out of them. There will always be another lender that wants your business.

[Anonymous]

6 years???  That's insane. 

Eventually I want to apply for better cards, but I won't be in a good position to do that until June or July most likely (a couple of old paid collections are falling off and an old closed credit card will be paid off by then).

I guess I'll just let it float and move on to better things...

[Anonymous]

Held a WF Secured Card and after a couple of years I closed it and moved on. They took their time returning my cash deposit too (60 days). As I have had other relationships with WF I figured why not. After all the BS with WF I closed every service out and moved on with no regrets!

[Anonymous]

Everything that I have read about Wells Fargo secured is that it's difficult to almost impossible to unsecure. I would not recommend this card. I would give it until April 10 and close it. How old is your next oldest card?

[Anonymous]

I don't have any other cards other than being an authorized user on my dad's Capital One card that has 5 years of 100% positive history.  I've been trying to improve my credit to avoid having multiple secured cards...I'm afraid it will potentially look bad down the road having so many "lame" tradelines.  My plan was to finish paying off an old closed credit card and have a couple old paid collections fall off (June or July), and look for another card to supplement the WF card.  The only other negative items reporting are some late payments from 2013 and 2014.

[Anonymous]

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@Anonymouswrote:

I don't have any other cards other than being an authorized user on my dad's Capital One card that has 5 years of 100% positive history.  I've been trying to improve my credit to avoid having multiple secured cards...I'm afraid it will potentially look bad down the road having so many "lame" tradelines.  My plan was to finish paying off an old closed credit card and have a couple old paid collections fall off (June or July), and look for another card to supplement the WF card.  The only other negative items reporting are some late payments from 2013 and 2014.

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If you have no other cards, I wouldn't close it. 

[Anonymous]

Oh I definitely won't close it in the short term...I'm just frustrated over how stingy they are.  I feel like my hard work over the past 27 months doesn't mean all that much, ha. 

[Anonymous]

If AAoA isn’t a big deal to you (and you still want a WF Card), you could do what they suggested to my brother.

The banker had him close the secured card, wait for funds to be returned to his savings (three days) and wait for the final statement to be generated.

He then applied for the WF Rewards and was approved for the VS version for 8k.

Doesn’t make any sense, but the banker seemed to know how they work.

[arkane]

Kick WF to the curb, their credit products are even more worthless than their banking side. For every card they have, somebody else offers something way better.