wells fargo secured cc

[wanttobeinthe700club]

can anyone tell me if wells fargo secured card is any good? any bad negatives, experiences. i feel like ive been asking to many questions on here lol.

[Brusilov]

Good:

• Relatively low AF
• If you have an existing relationship with WF you may have a better chance of approval

• Personally I've got unsecured credit limit increases before the 12 month graduation (+100 and +100)

Bad:

• No Interest on deposit + Annual Fee (if you're lucky enough to have a good credit union locally it'll probably be free and give you interest on the collateral)
• Can be picky on FICO
• Is VERY picky about recent BK's on your report (within last year = auto-reject)
• Will take at least 12 months to gradute, versus BofA which may be as little as 9 mo, or a credit union even sooner

[Scamp]

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wanttobeinthe700club wrote:
can anyone tell me if wells fargo secured card is any good? any bad negatives, experiences. i feel like ive been asking to many questions on here lol.

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My own experience with WF secured was fine, though I was able to put down a $1K deposit.

I treated that card well for a year, called a couple of weeks before the year anniversary to ask how it was looking for me to go unsecured, and they let me know the process to unsecure it had just been started, plus I was going to get a $500 CLI.

I'd say get it - it's been offered to you so you're unlikely to be turned down if you accept that offer.  WF seems to have been on more solid footing and to have made somewhat better decisions leading up to the current downturn than BofA, so I think from that standpoint you'd be in somewhat safer hands.

Go in to your local WF branch and talk to somebody there, see what they can do for you; if you have more than $300 available to put down, ask if they'd be willing to do a larger CL for you (if not, take what you can get!).

It's a great way to rebuild.  Just make sure you ALWAYS pay on time - small purchases and PIF probably would be best.

Good luck!

[Anonymous]

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wanttobeinthe700club wrote: 
I feel like ive been asking to many questions on here lol.

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I feel the same way sometimes.

What about scores?Is there a certain score WF looks at for the secured card?

[Scamp]

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cartercorp wrote:

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wanttobeinthe700club wrote: 
I feel like ive been asking to many questions on here lol.

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I feel the same way sometimes.

What about scores?Is there a certain score WF looks at for the secured card?

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I don't think I HAD a score, when they said they were willing to work with me on a secured card.

I'd screwed my credit up years before, but by that time, all my screw-ups had aged off my reports, so far as I know, and I had nothing I can think of in the way of a TL that would have been reporting, unless there was, indeed, some old baddie still lurking around on it.

However, this also was a few years ago, and things may have changed; they may now require a minimum score.

[Anonymous]

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Scamp wrote:

However, this also was a few years ago, and things may have changed; they may now require a minimum score.

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As always thanks for the reply currently have a auto loan through them (WF).The auto loan is over 1yr old now with no lates,But they have never offered any type of CC to me.

A co-worker and myself were toying with the notion of opening a Secured card with them.

[Scamp]

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cartercorp wrote:

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Scamp wrote:

However, this also was a few years ago, and things may have changed; they may now require a minimum score.

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As always thanks for the reply currently have a auto loan through them (WF).The auto loan is over 1yr old now with no lates,But they have never offered any type of CC to me.

A co-worker and myself were toying with the notion of opening a Secured card with them.

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Mine wasn't "offered", either - I went in and talked to someone in person about the possibilities of being able to do some kind of cc through them, since I'd had a checking account with them for a few years.

If I recall correctly, the gal did an app, which came back rejected for an unsecured cc, and she let me know they could do a secured cc.  I didn't have any cash on hand to do the deposit for the secured one, so I waited several months until I got my IRS refund, then went back in with that and asked if they could still do a secured cc for me.  They did.

[wanttobeinthe700club]

hey thanks for the info guys it looks like when i get the $300 dollars or more i will go in and see about getting that. i didnt ask about if i could get more if i paid more down. i will call my bank today to findout if she would let me.

[Anonymous]

im interested in this card as well.Once the acct is open can you add funds to grow the limit?

[Scamp]

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cartercorp wrote:
im interested in this card as well.Once the acct is open can you add funds to grow the limit?

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It used to be 'yes' - again, when I had this, it was a few years ago, and things may have change, so best to make sure if/when you call or go in to a branch and talk to someone there about it.

I never did try to add, as it was all I could manage at the time to take that $1K out of my tax refund to put down as collateral, but I do recall being told I could.  I think there were some restrictions, like a minimum amount you could add, and possibly restrictions on how often, but it could be done.