Wells Fargo Secured Card - Graduated?

[Twotimesacharm]

I opened my secure card in January of 2019 with $2,000 (I was traveling and needed a high limit). I thought for sure, because of the high deposit, they might never unsecure it. I read somewhere on here that WF only reviews two times a year so I decided to call and see if they would tell me when they do their reviews. Instead of telling me when, the gentleman told me my account already went under review and I passed the test and will offiially be unsecured June 1st!

Is it weird that it will take so long for them to complete the graduation process if they already made the decision to graduate? Should I be skeptical of that? If they already chose to unsecure the card, it would seem like it would take a lot less than 3 months to actually follow through, no?

[AllZero]

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@Twotimesacharm wrote:

I opened my secure card in January of 2019 with $2,000 (I was traveling and needed a high limit). I thought for sure, becuase of the high deposit, they might never unsecure it. I read somewhere on here that WF only reviews two times a year so I decided to call and see if they would tell me when they do their reviews. Instead of telling me when, the gentleman told me my account already went under review and I passed the test and will offiially be unsecured June 1st! Is it weird that it will take so long for them to complete the graduation? Should I be skeptical of that?

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Congratulations on your future graduation. From data points, the WF secured card does not appear to graduate as quickly compared to other Financial Institution secured products.

[Twotimesacharm]

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@AllZero wrote:

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@Twotimesacharm wrote:

I opened my secure card in January of 2019 with $2,000 (I was traveling and needed a high limit). I thought for sure, becuase of the high deposit, they might never unsecure it. I read somewhere on here that WF only reviews two times a year so I decided to call and see if they would tell me when they do their reviews. Instead of telling me when, the gentleman told me my account already went under review and I passed the test and will offiially be unsecured June 1st! Is it weird that it will take so long for them to complete the graduation? Should I be skeptical of that?

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Congratulations on your future graduation. From data points, the WF secured card does not appear graduate as quickly compared to other Financial Institution secured products.

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I'm just not sure why they would wait until June to officially unsecure it if they've made their decision. It seemed odd to me so I didn't want to get my hopes up if he was incorrect.

[AllZero]

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@Twotimesacharm wrote:

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@AllZero wrote:

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@Twotimesacharm wrote:

I opened my secure card in January of 2019 with $2,000 (I was traveling and needed a high limit). I thought for sure, becuase of the high deposit, they might never unsecure it. I read somewhere on here that WF only reviews two times a year so I decided to call and see if they would tell me when they do their reviews. Instead of telling me when, the gentleman told me my account already went under review and I passed the test and will offiially be unsecured June 1st! Is it weird that it will take so long for them to complete the graduation? Should I be skeptical of that?

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Congratulations on your future graduation. From data points, the WF secured card does not appear graduate as quickly compared to other Financial Institution secured products.

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I'm just not sure why they would wait until June to officially unsecure it if they've made their decision. It seemed odd to me so I didn't want to get my hopes up if he was incorrect.

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I don't have an answer for you. However, see a recent soon to be graduation post...

https://ficoforums.myfico.com/t5/Credit-Cards/Wells-Fargo-Secured-Card-Finally-Graduating/m-p/628277...

[KINGTRAUMATIC]

I opened my card October 22, 2019, with a 10K limit and I just received my letter in the mail. Seems like a standard waiting time. You can also call and they will confirm the details of your upgrade. Congratulations on your upgrade!

[Twotimesacharm]

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@KINGTRAUMATIC wrote:

I opened my card October 22, 2019, with a 10K limit and I just received my letter in the mail. Seems like a standard waiting time. You can also call and they will confirm the details of your upgrade. Congratulations on your upgrade!

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That's encouraging, thank you!

[AllZero]

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@KINGTRAUMATIC wrote:

I opened my card October 22, 2019, with a 10K limit and I just received my letter in the mail. Seems like a standard waiting time. You can also call and they will confirm the details of your upgrade. Congratulations on your upgrade!

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Congratulations on your future graduation!

[Twotimesacharm]

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@KINGTRAUMATIC wrote:

I opened my card October 22, 2019, with a 10K limit and I just received my letter in the mail. Seems like a standard waiting time. You can also call and they will confirm the details of your upgrade. Congratulations on your upgrade!

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Out of curiosity, how long did it take them to return your deposit?

[KINGTRAUMATIC]

I received my deposit on May 14th well before the June 3rd date cited in the letter.