Wells Fargo Secured Card Graduation

[SunnySideUp32]

I'm super excited. I received my secured card graduation letter in the mail today! I received a big drop in the APR and the fee elimination. The letter didn't mention if I would receive a credit line increase so I'll wait for the new card and account information. Now I'm going to open up a secured personal loan with them to create another positive trade line. So, by the time all my baddies fall off by next year if I can't get them off earlier, I should have a very nice credit score.

[Vettecor]

Congrats !!! Its nice to have a secured card that DOES graduate because there are a ton that don't.

[LONESTAR2014]

Gives us the details! I recently opened a WF Secured, and am wondering what it taakes to get it to graduare. What was the timeframe? Did you carry a balance? What was your limit and average monthly spend? Did your reports change while you had the card?

[letsallsucceed]

I see in your signature that you had just increased your limit on the WF card. I wonder if that triggered the review to graduate the card.

[cashnocredit]

I'm super excited. I received my secured card graduation letter in the mail today! I received a big drop in the APR and the fee elimination. The letter didn't mention if I would receive a credit line increase so I'll wait for the new card and account information. Now I'm going to open up a secured personal loan with them to create another positive trade line. So, by the time all my baddies fall off by next year if I can't get them off earlier, I should have a very nice credit score.

It is common for WF to give an auto CLI between 30 and 60 days after unsecuring. They also issue a new "platinum" card with a new number, but they keep the account history on your CRs. They also don't hard pull when they unsecure.

Edited May 15, 2013 by cashnocredit

[SunnySideUp32]

Gives us the details! I recently opened a WF Secured, and am wondering what it taakes to get it to graduare. What was the timeframe? Did you carry a balance? What was your limit and average monthly spend? Did your reports change while you had the card?

I had the card for about 15 months. I paid off the account monthly leaving a $5 balance. LOL Once I rolled over for a month a debt of $480. Limit $500 but recently increased it to $1000. My reports got better over the time I had the account. At the time of approval, I had about 16 or 17 baddies and tons of hard pulls. In the last two months, the number of baddies fell tremendously because I started fighting back the JDBs. So that might have triggered the sudden graduation. Wells Fargo has been good to me. I've been banking with them for 8+ years so let's hope they don't mess up our good relationship. LOL

[SunnySideUp32]

I see in your signature that you had just increased your limit on the WF card. I wonder if that triggered the review to graduate the card.

The date of the letter is before I requested the increase so that didn't influence their decision. I called them today to ask why did they accept the collateral increase if they had already approved a graduation. The rep said that it didn't show in the system yet because it was generated a couple days prior. He said the good thing is that I will have an unsecured credit line of at least $1000 and my full collateral will be refunded within 60 days of receiving the new card. He also said he could not tell what the credit limit would be yet because it was still processing.

[SunnySideUp32]

 

I'm super excited. I received my secured card graduation letter in the mail today! I received a big drop in the APR and the fee elimination. The letter didn't mention if I would receive a credit line increase so I'll wait for the new card and account information. Now I'm going to open up a secured personal loan with them to create another positive trade line. So, by the time all my baddies fall off by next year if I can't get them off earlier, I should have a very nice credit score.

It is common for WF to give an auto CLI between 30 and 60 days after unsecuring. They also issue a new "platinum" card with a new number, but they keep the account history on your CRs. They also don't hard pull when they unsecure.

I like the way that sounds.

[LONESTAR2014]

[UNI4790]

How did you like the WF secured? I am researching secured cards and I know WF is one of the few that unsecure. (I heard some unfavorable things about B of A. ) I don't care for WF for my every day banking, but I would consider their card.

Edited May 15, 2013 by UNI4790

[Jason2.0t]

Congrats on the graduation! I have a WF secured as well and I can't wait for it to graduate. The only downside to it, it does report as a "secured" card My Cap 1 secured cc reports as if it were an unsecured card.

[SunnySideUp32]

How did you like the WF secured? I am researching secured cards and I know WF is one of the few that unsecure. (I heard some unfavorable things about B of A. ) I don't care for WF for my every day banking, but I would consider their card.

The interest rate was high but as long as you pay in full every month, it isn't a problem. I was thrilled that Wells Fargo took a chance on me when my credit was at its worst. I've never had any problems with them and I do regularly bank with them. I think you have to be an existing customer before applying for the card. They have a branch nearby and the manager and tellers have always be helpful. Bank of America is a different story. Not a fan. I have a checking account with them just because I've had it since age 16 so it's sentimental. I don't do any real banking with them. Every bank has it share of bad press. My motto, I stay until they screw me over, then I'm gone.

[SunnySideUp32]

Congrats on the graduation! I have a WF secured as well and I can't wait for it to graduate. The only downside to it, it does report as a "secured" card My Cap 1 secured cc reports as if it were an unsecured card.

I agree. I didn't like that secured notation either, but they kept their end of the deal. Be responsible with the card, don't have any baddies added after you get the card, make your payments and you have a good chance to graduate. 15 months, they graduated me! How long have you had your card?

[carpartsdepot]

what CR did wells fargo pull? and what CR where they soft pulling every once in a while to determine if you were eligible for graduation?

[cv91915]

 

what CR did wells fargo pull? and what CR where they soft pulling every once in a while to determine if you were eligible for graduation?

Wells Fargo has an Experian fetish.

[carpartsdepot]

thats funny, when i opened my WF business bank account they pulled from EQ and i has a hard pull too, then because I gave them the wrong SS# (by accident) they had to close it and open up anew account and then they did another EQ hard pull

 

but maybe the WF CC is different and they pull from EX

Edited May 15, 2014 by carpartsdepot

[cv91915]

thats funny, when i opened my WF business bank account they pulled from EQ and i has a hard pull too, then because I gave them the wrong SS# (by accident) they had to close it and open up anew account and then they did another EQ hard pull

 

but maybe the WF CC is different and they pull from EX

This is the reason my WF credit card still has a $1,000 limit.

 

I refuse to give up an Experian pull for a CLI, and they refuse to consider one any other way. I've tried regular CS, a branch in person, their EO via email and one of their senior execs via US Mail.

 

I really only keep the card for the novelty of it. My Express store card has a better limit.

[carpartsdepot]

yeap i think youre right, now that im thinking about it, speaking of those 2 hard hits they gave me on equifax i disputed them with WF and then i got a letter saying that they werent going to remove either of thehard inquries, well then i spoke with the lady that opened my account and she said that they were supposed to be soft inquiries so then i called the lady at the main office that was handling it and told her to call my bank and she did and the nice lady that opened my account convinced her to remove one of the hard inquiries, so then they said that they would remove one of them from my CR, so then i waitied a couple of weeks and it was still on my CR so i called her back and she said that they told EXperian to remove the inquiriy, well said "hello" the inquriies werent on EX they were on EQ so she resubmitted it but they still havent been removed as if yet, so who knows but it does sound like they go striaght to EX, maybe they just used EQ to verify my identity when i opened a new business account and they use EX to judge credit because they def didnt use my EQ report for anything else because at the time i had no accounts in good standing about 31 negatives and my score was in the 400's, that was last summer and after a gigantic dispute party i recently hosted now my EQ has 3 negatives, 7 accounts in good standing and my fico is 663

[jonson]

yeap i think youre right, now that im thinking about it, speaking of those 2 hard hits they gave me on equifax i disputed them with WF and then i got a letter saying that they werent going to remove either of thehard inquries, well then i spoke with the lady that opened my account and she said that they were supposed to be soft inquiries so then i called the lady at the main office that was handling it and told her to call my bank and she did and the nice lady that opened my account convinced her to remove one of the hard inquiries, so then they said that they would remove one of them from my CR, so then i waitied a couple of weeks and it was still on my CR so i called her back and she said that they told EXperian to remove the inquiriy, well said "hello" the inquriies werent on EX they were on EQ so she resubmitted it but they still havent been removed as if yet, so who knows but it does sound like they go striaght to EX, maybe they just used EQ to verify my identity when i opened a new business account and they use EX to judge credit because they def didnt use my EQ report for anything else because at the time i had no accounts in good standing about 31 negatives and my score was in the 400's, that was last summer and after a gigantic dispute party i recently hosted now my EQ has 3 negatives, 7 accounts in good standing and my fico is 663

 

You need to learn to use periods. That was impossible to read.

[cv91915]

 

yeap i think youre right, now that im thinking about it, speaking of those 2 hard hits they gave me on equifax i disputed them with WF and then i got a letter saying that they werent going to remove either of thehard inquries, well then i spoke with the lady that opened my account and she said that they were supposed to be soft inquiries so then i called the lady at the main office that was handling it and told her to call my bank and she did and the nice lady that opened my account convinced her to remove one of the hard inquiries, so then they said that they would remove one of them from my CR, so then i waitied a couple of weeks and it was still on my CR so i called her back and she said that they told EXperian to remove the inquiriy, well said "hello" the inquriies werent on EX they were on EQ so she resubmitted it but they still havent been removed as if yet, so who knows but it does sound like they go striaght to EX, maybe they just used EQ to verify my identity when i opened a new business account and they use EX to judge credit because they def didnt use my EQ report for anything else because at the time i had no accounts in good standing about 31 negatives and my score was in the 400's, that was last summer and after a gigantic dispute party i recently hosted now my EQ has 3 negatives, 7 accounts in good standing and my fico is 663

 

You need to learn to use periods. That was impossible to read.

 

 

I'm the a$$#o1e who harasses people about punctuation.

[carpartsdepot]

lol ok ill try better next time