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Wells Fargo Secured or Unsecured? Need advice

Valued Member

Wells Fargo Secured or Unsecured? Need advice

I could use some advice on whether I should go with a WF secured card and hope to graduate in about a year or try for the unsecured card at the end of this year?  It will be 2 years after my BK7 DC in December.  WF was not burned in the BK. 

 

If I go for the unsecured and get denied, can I turn around and get the secured? 

 

Thanks, everyone!

08/2016 - BK 7 - Filing
11/2016 - BK7 - DC
08/2019 - EQ716 // EX709 // TU687 (FICO8)
NFCU GoRewards (Unsecured) - $11,500 (Auto graduated 12/2017, CLI +$3K 8/2018)
USAA Platinum (Unsecured) - $21,000 (CLI 1K to 3K 1/2018, CLI +$6.5K 8/2018, +9.5K 8/2019)
USAA Cash Rewards (Secured) - $5,000
Nordstrom Retail Card (Unsecured) - $800 (CLI +$300 7/2018)
Credit One (Unsecured) - $1000
Amazon Store Card (Unsecured) - $3,800 12/2018
Chase Sapphire Reserve - Auth user (Unsecured) - $30,500 3/2019
Message 1 of 11
10 REPLIES 10
Established Contributor

Re: Wells Fargo Secured or Unsecured? Need advice

Please for the love of all things holy DO NOT get a secured card with Wells Fargo. Seriously, search "Wells Fargo Secured" on this forum and read all the horror stories about them never graduating your card. I've had mine for almost 2 years and nothing. Been a Wells Fargo customer for way over 10 years, not that it matters. My dad was the one who convinced me to do it to help build my credit and so I did. I didn't know there was a possibility of a secured card "graduating" so I just went ahead and did it, thinking I could close it in a few years when my credit went up. If I had known better...

 

Since then, I've been approved for an AMEX, PayPal, Discover IT, Amazon, Capital One QS... all unsecured and they STILL won't graduate me. Was thinking about closing it, but decided against it as it's my oldest card and I don't want to lose the $1,200 credit limit.

 

My advice:  Go with Discover Secured, or Capital One Secured. They have programs that graduate you after 6ish months? I don't remember specifically, but they're usually pretty good about graduating secured cards after responsible use. Definitely look those up on this forum. Also, I'm sure someone who's more knowledgeable about these things will chime in. Those are just my 2 cents about Wells Fargo and their nasty secured card.

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 2 of 11
Regular Contributor

Re: Wells Fargo Secured or Unsecured? Need advice

Was goign to say the same, but hte above poster basically beat me to it. Stay far far away from WF secured. 

Message 3 of 11
Valued Member

Re: Wells Fargo Secured or Unsecured? Need advice

08/2016 - BK 7 - Filing
11/2016 - BK7 - DC
08/2019 - EQ716 // EX709 // TU687 (FICO8)
NFCU GoRewards (Unsecured) - $11,500 (Auto graduated 12/2017, CLI +$3K 8/2018)
USAA Platinum (Unsecured) - $21,000 (CLI 1K to 3K 1/2018, CLI +$6.5K 8/2018, +9.5K 8/2019)
USAA Cash Rewards (Secured) - $5,000
Nordstrom Retail Card (Unsecured) - $800 (CLI +$300 7/2018)
Credit One (Unsecured) - $1000
Amazon Store Card (Unsecured) - $3,800 12/2018
Chase Sapphire Reserve - Auth user (Unsecured) - $30,500 3/2019
Message 4 of 11
Valued Member

Re: Wells Fargo Secured or Unsecured? Need advice

I just applied for the CapOne Secured Card and was approved, but didn't realize the max you can deposit was a $1K.  Duh.  Should have read the forums more before applying.  I may still go down the WF path to have more credit available.  I want to go into the garden all of next year.

08/2016 - BK 7 - Filing
11/2016 - BK7 - DC
08/2019 - EQ716 // EX709 // TU687 (FICO8)
NFCU GoRewards (Unsecured) - $11,500 (Auto graduated 12/2017, CLI +$3K 8/2018)
USAA Platinum (Unsecured) - $21,000 (CLI 1K to 3K 1/2018, CLI +$6.5K 8/2018, +9.5K 8/2019)
USAA Cash Rewards (Secured) - $5,000
Nordstrom Retail Card (Unsecured) - $800 (CLI +$300 7/2018)
Credit One (Unsecured) - $1000
Amazon Store Card (Unsecured) - $3,800 12/2018
Chase Sapphire Reserve - Auth user (Unsecured) - $30,500 3/2019
Message 5 of 11
Valued Contributor

Re: Wells Fargo Secured or Unsecured? Need advice

OP, what are your current credit scores? If they are in the 700s -- as I read in your siggy for 12/17 -- you should consider better cards. Based on what I have read here, Wells Fargo is not BK-friendly and their secured card can take years to graduate. Your experience may vary, of course. Smiley Wink

Message 6 of 11
Valued Contributor

Re: Wells Fargo Secured or Unsecured? Need advice


@Queen_Etherea wrote:

Please for the love of all things holy DO NOT get a secured card with Wells Fargo. Seriously, search "Wells Fargo Secured" on this forum and read all the horror stories about them never graduating your card. I've had mine for almost 2 years and nothing. Been a Wells Fargo customer for way over 10 years, not that it matters. My dad was the one who convinced me to do it to help build my credit and so I did. I didn't know there was a possibility of a secured card "graduating" so I just went ahead and did it, thinking I could close it in a few years when my credit went up. If I had known better...

 

Since then, I've been approved for an AMEX, PayPal, Discover IT, Amazon, Capital One QS... all unsecured and they STILL won't graduate me. Was thinking about closing it, but decided against it as it's my oldest card and I don't want to lose the $1,200 credit limit.

 

My advice:  Go with Discover Secured, or Capital One Secured. They have programs that graduate you after 6ish months? I don't remember specifically, but they're usually pretty good about graduating secured cards after responsible use. Definitely look those up on this forum. Also, I'm sure someone who's more knowledgeable about these things will chime in. Those are just my 2 cents about Wells Fargo and their nasty secured card.


QE, I understand not wanting to close it for UTIL% reasons, but doing so will not affect your AAoA at all. Smiley Wink

Message 7 of 11
Community Leader
Mega Contributor

Re: Wells Fargo Secured or Unsecured? Need advice

You should have opened a secured discover instead of the cap1. $2500 max and full card privileges of the chrome or 5% It. It can also graduate in as little as 7 months and has first year cash back match, effectively making it a 2-10% card. Cap1 on the other hand will graduate and give you a small increase of a couple hundred dollars, but will never grow past that.







Message 8 of 11
Valued Member

Re: Wells Fargo Secured or Unsecured? Need advice

Looking back at my records, I had applied for a Discover IT card back in January (2018) and was denied.  When I did the pre-qual for Discover, it still gives me the "STATUS OF EXISTING / PRIOR DISCOVER CARD ACCOUNT" has a reason why I do not qualify for anything.  In December, I will try for an unsecured card and see where it takes me as I will be over the two-year mark.  Then let the gardening begin.

 

(And, yes, I keep records of all of my applications, dates of changes to my card - e.g CLI's, etc.) 

 

Hello, OCD! Smiley Wink 

08/2016 - BK 7 - Filing
11/2016 - BK7 - DC
08/2019 - EQ716 // EX709 // TU687 (FICO8)
NFCU GoRewards (Unsecured) - $11,500 (Auto graduated 12/2017, CLI +$3K 8/2018)
USAA Platinum (Unsecured) - $21,000 (CLI 1K to 3K 1/2018, CLI +$6.5K 8/2018, +9.5K 8/2019)
USAA Cash Rewards (Secured) - $5,000
Nordstrom Retail Card (Unsecured) - $800 (CLI +$300 7/2018)
Credit One (Unsecured) - $1000
Amazon Store Card (Unsecured) - $3,800 12/2018
Chase Sapphire Reserve - Auth user (Unsecured) - $30,500 3/2019
Message 9 of 11
Community Leader
Mega Contributor

Re: Wells Fargo Secured or Unsecured? Need advice

That message is for someone that has an existing card less than a year old, or if there was an account charged off or IIB. If it was IIB, I don't know when they'll let you back in.







Message 10 of 11
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