Wells Fargo Secured or Unsecured? Need advice

[MrDJSeattle]

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!

[Queen_Etherea]

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.

[tubbynerd]

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

[MrDJSeattle]

Thank you so much for the advice!  I had already started the process by opening a checking account and started moving funds over for the secured card.   My USAA secured - which does not graduate - is backed by a 2 year CD which matures at the end of the year.  I was trying to make sure that I had another account open  before closing that one.   Wells Fargo was not an account that was not IIB, so could try for an unsecured card after the 2 year mark to see what happens.  I am trying to not waste hard pulls.  You're right though, I could try for a secured card for Disover or Capital One; unfortunately, both were burned.  It would be great is Discover would take me back.   My strategy was to have all the cards that I need 2 years after my discharge to garden for the next couple of years before buying a house showing that I have established credit without a lot new accounts being opened within that two year period.  

[MrDJSeattle]

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.

[Anonymous]

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.

[Anonymous]

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@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.

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

[Brian_Earl_Spilner]

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.

[MrDJSeattle]

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!  

[Brian_Earl_Spilner]

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.