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Wells Fargo Secured Graduation Questions **UPDATE**

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Queen_Etherea
Valued Contributor

Wells Fargo Secured Graduation Questions **UPDATE**

***UPDATE***

 

Ok so I checked my account on the 1st of December and my card showed "Platinum" instead of "Secured Platinum". My card is officially unsecured!! I didn't receive an automatic CLI, but I figured I would call and ask them about it. So on the mobile app, there's an option that says "Call Us" and then one of the options is "Credit Line Increase" I clicked on that and it dialed a number with a long extension.

 

The guy I spoke with was so nice! I asked him if I would be able to get a CLI and he said they can run it through their system and check. I asked if it was going to be a hard pull, as other people on here have said it was, and he said no, it wouldn't be with him. If I had called the regular number, it probably would have been. He also said if I was denied an increase, or wanted more than what they initially offered, he could connect me with a different dept. and they could run my credit then (which would be a HP).

 

He simply asked me my salary, rent and how much of an increase I wanted. I asked if $5,000 was being a bit ambitious and he said honestly, from what I've seen, asking for too much usually leads to a denial. So I said ok let's do $2,000. He countered with $1,500 (only a $300 increase), but I said ok and it was available immediately. He said I can call back at any time and ask for more and it won't be a HP as long as I called that same number. So I think I'm going to call back in about a month and ask for more.

 

I ALMOST did the PC to the Cash Wise. After I got my CLI, he transferred me to another dept. to do the PC. She went through the whole spiel about it being a new account and how they would immediately close my Platinum account. I backed out at the last minute because that same day my EX FICO 8 score jumped 20 points! The only thing that changed was my AAoA going from 1 year and 11 months to 2 years, and also my oldest account going from 11 years 11 months to 12 years. So I decided against it as I said I wasn't going to open any new accounts for quite some time. Glad I actually put some thought into it and didn't make that change!!

 

I just wanted to share a little bit of my experience with the Wells Fargo Secured Card and hope this can maybe help other people who are anticipating a graduation with theirs. Oh! One thing I forgot to ask was when I would get my $1,200 deposit back! I think the letter said 30ish days, but I'll call back today and find out. As soon as I get that money, it's going straight into savings!

 

________________________________________________________________________________________________

 

So after almost 2 years, I got a notice that my secured Wells Fargo card will graduate on Dec. 4, 2018. I've paid the balance off completely, and am just waiting for the 4th now. I have few questions in the meantime:

 

1.)  Is it possible they'll give me a bigger CL than what my deposit was ($1,200)?

2.)  If they don't give me a bigger CL, can I ask for one and when?

3.)  Can I PC this card to a different one (like Cash Wise, or the AMEX one) once it graduates? 

 

Thanks!

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 1 of 11
10 REPLIES 10
Malcono
Regular Contributor

Re: Wells Fargo Secured Graduation Questions

1.) It's a possibility, but I wouldn't hold my breath.

2.) Yes, that's what I did myself. Don't expect a huge CLI though.

3.) Yes, you can. But a PC with WF closes your old account, and opens up a new one. So that will affect your AAoA.



                                                  
                                                                                              
Total Credit: $107,000Utilization: 1%AAoA: 2yrs, 4mthsAoOA: 3yrs, 1mthAoYA: 1yrs, 10mthsBaddies: 0

Message 2 of 11
Remedios
Credit Mentor

Re: Wells Fargo Secured Graduation Questions

No idea, but congratulations. I know you've been waiting a long time for this 

Message 3 of 11
Queen_Etherea
Valued Contributor

Re: Wells Fargo Secured Graduation Questions


@Malcono wrote:

1.) It's a possibility, but I wouldn't hold my breath.

2.) Yes, that's what I did myself. Don't expect a huge CLI though.

3.) Yes, you can. But a PC with WF closes your old account, and opens up a new one. So that will affect your AAoA.


I think I read your old post before I posted these questions! If that's the case with the new account thing, then I think I'll wait a few more months before I PC with WF. I'll try for the CLI instead. I've opened 8 new cards and an auto loan in the past couple of months, so I'm in no rush to apply for anything new or open new accounts. My AAoA is JUST below 2 years (1 year 11 months), so I need to get it back up to the 2 year mark.

 

Thank you so much for your answers!

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 4 of 11
Queen_Etherea
Valued Contributor

Re: Wells Fargo Secured Graduation Questions


@Remedios wrote:

No idea, but congratulations. I know you've been waiting a long time for this 


Yes, I have! I got the letter back in October I think? May have been late Sept. I honestly cannot remember! I had called them to cancel the card and pay the balance off so I could get my $1,200 back, and the guy from WF was like, "Are you sure?? Your card is going to become unsecured at the end of November." I was like are you serious? It takes me closing my account to get this darn thing unsecured? He said they weren't related, but that it only popped up once he started initializing the closing procedure, so I smell something fishy here. It could just be coincidence, but I doubt it. I've been a Wells Fargo customer for 18 years now, so you'd think they'd throw me a bone or two lol.

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 5 of 11
FinStar
Moderator Emeritus

Re: Wells Fargo Secured Graduation Questions

Another item to keep in mind OP, CLI requests are typically HP with WF unless your account graduates with any type of auto-CLI or is SP-eligible.

If no auto-CLI, you can check with their UW folks to determine whether your account is eligible via SP.
Message 6 of 11
Queen_Etherea
Valued Contributor

Re: Wells Fargo Secured Graduation Questions


@FinStar wrote:
Another item to keep in mind OP, CLI requests are typically HP with WF unless your account graduates with any type of auto-CLI or is SP-eligible.

If no auto-CLI, you can check with their UW folks to determine whether your account is eligible via SP.

That was going to be my next question, so thank you! Heart

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 7 of 11
19eighty5
Senior Contributor

Re: Wells Fargo Secured Graduation Questions

Congratulations on your upcoming graduation!

FICO 8 (Feb 2018):EX- 519, TU- 530, EQ- 545
FICO 8 (Sept 2022):EX- 706, TU- 685, EQ- 684
What's in my wallet:


Message 8 of 11
RonM21
Valued Contributor

Re: Wells Fargo Secured Graduation Questions

Congrats OP. If you do go for the CLI, I hope you get it. And even if not, it is still a win as the graduation shows the positive progression you are making!



Total CL: $321.7kUTL: 2%AAoA: 7.0yrsBaddies: 0Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping

BoA-55k | NFCU-45k | AMEX-42k | DISC-40.6k | PENFED-38.4k | LOWES-35k | ALLIANT-25k | CITI-15.7k | BARCLAYS-15k | CHASE-10k

Message 9 of 11
Queen_Etherea
Valued Contributor

Re: Wells Fargo Secured Graduation Questions


@RonM21 wrote:

Congrats OP. If you do go for the CLI, I hope you get it. And even if not, it is still a win as the graduation shows the positive progression you are making!


Thanks!! I just want my $1,200 back Smiley Very Happy We're going to use that money, plus a a couple extra thousand $'s for a downpayment for a newer car for my fiance. His is worse than mine was, and is very VERY quickly headed towards the dumps. His engine light is constantly on, among other lights, and he even had the lightning bolt light come on, which apparently means "Pull over RIGHT NOW and turn the dang car off immediately!!!!"

I think I've found the sacred map that may lead me to this garden everyone keeps talking about.



Officially collection free as of 3/19/19!!
STARTING SCORES: 377 (11/2013) & 580 (3/2018)
Message 10 of 11
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