cancel
Showing results for 
Search instead for 
Did you mean: 

Wells Fargo Secured Card

MissingCalifornia
Valued Contributor

Re: Wells Fargo Secured Card


@Treasurecreditwrote:

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?


This is a falsehood and you should stop saying such.    I used a WF secured card in my rebuild and they unsecured after 18 months.  I was also honest with myself that they waited until my score broke 700.



Message 11 of 27
MissingCalifornia
Valued Contributor

Re: Wells Fargo Secured Card


@arabianobsessionwrote:

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.


You are only managing a $300 credit line and are stil under 700.  WF is conservative and doesn't have a history of granting much unsecured credit for scores under 700.  I'm not being critical of you because I used WF in my rebuild with a secured card and it takes time plus getting your score up.  Also they only do reviews twice a year for converting secured cards so they are being honest about what they told you.



Message 12 of 27
mountaindewvoltage
Valued Contributor

Re: Wells Fargo Secured Card


@MissingCaliforniawrote:

@Treasurecreditwrote:

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?


This is a falsehood and you should stop saying such.    I used a WF secured card in my rebuild and they unsecured after 18 months.  I was also honest with myself that they waited until my score broke 700.


So in other word folks, apply for the BoA Cash Rewards instead, get an offer for either the 99/500 secured card, or the fully secured card... Perhaps get the rewards program attached for those who don't recieve an offer for the 99/500, get Bank Amerideals, better fraud protection, and a 3% , 2%, 1% rewards program, get the card unsecured in 7-12 months, and then if you want, PC it to one of a pair of cards that's more attractive than what WF will ever offer.  

USAA Limitless
NavyFed AMEX
AMEX Blue Business Preferred

DiscoverIT 5%
Empower FCU Platinum
Message 13 of 27
Treasurecredit
Established Contributor

Re: Wells Fargo Secured Card


@MissingCaliforniawrote:

@Treasurecreditwrote:

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?


This is a falsehood and you should stop saying such.    I used a WF secured card in my rebuild and they unsecured after 18 months.  I was also honest with myself that they waited until my score broke 700.


Because yours unsecured in 18 months doesn't mean that it hasn't taken longer for others. I read about someone who had the card secured for 5 years and it still hadn't unsecured.. By the way, 18 months is a long time to unsecure a card, when most unsecure in 1 year or less and don't require a 700 score.

Message 14 of 27
arkane
Established Contributor

Re: Wells Fargo Secured Card


@MissingCaliforniawrote:

@arabianobsessionwrote:

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.


You are only managing a $300 credit line and are stil under 700.  WF is conservative and doesn't have a history of granting much unsecured credit for scores under 700.  I'm not being critical of you because I used WF in my rebuild with a secured card and it takes time plus getting your score up.  Also they only do reviews twice a year for converting secured cards so they are being honest about what they told you.


If you've got multiple baddies weighing down your report, chances are you're never going to break 700 for the first 2 years at least. You could have $10000 or $100 in unsecured credit and the outcome would be the exact same if your kept the same util. 

Active:

Closed:


6/8/20:

Message 15 of 27
arabianobsession
Established Member

Re: Wells Fargo Secured Card

I feel as if they're a little more than too conservative.  27 months with perfect history?  Jeez.  I'm not asking to finance a $70,000 BMW here...haha.

 

As for negatives left on my account, I have 4 lates showing from 2014 and have 1 paid collection left on Equifax and Experian from over 3 years ago.  Trans Union has 4 collections, but 3 are about to fall off in the next few months due to being 7 years old, and the one that will be left remaining is over 3 years old also.  I have had no new negative activity in 3 years.

 

I guess I'll just let this one sit and apply for a different card.

Message 16 of 27
arkane
Established Contributor

Re: Wells Fargo Secured Card

Yeah just SD it but don't close it. It's a WF card, you're not losing out on anything except less aggravation and headaches. Smiley Wink

Active:

Closed:


6/8/20:

Message 17 of 27
jbsilva21
Regular Contributor

Re: Wells Fargo Secured Card


@arkanewrote:

Yeah just SD it but don't close it. It's a WF card, you're not losing out on anything except less aggravation and headaches. Smiley Wink


And who knows, once you SD that WF card and get other cards some lenders get "jealous". Maybe that will wake them up, but none the less I think you will have better luck with Disco or Cap One.  

Message 18 of 27
arkane
Established Contributor

Re: Wells Fargo Secured Card

This is WF we're talking about here, you know, the only of the "big four" that refuses to issue unsecured credit cards to non-citizens?

 

I think WF would rather you take your business elsewhere than to try and appease you. 

Active:

Closed:


6/8/20:

Message 19 of 27
arabianobsession
Established Member

Re: Wells Fargo Secured Card

What I find ironic about that is that they're one of the few banks that offer "second chance" checking accounts.  Try getting that elsewhere in big numbers.  Thankfully, I'm beyond that area of my life, but way back when I couldn't even get in with a credit union, even with someone on the account with me.

Message 20 of 27
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.