"In Process Of Being Unsecured."
Wells Fargo Secured Visa® Credit Card Review
Written by: dammenion on 2011-11-10
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dammenion's review: 
October 2010 I had no credit at all. Didn't use credit and had no fico score to pull since my report was blank.
I applied for 2 secured cards to get history. One was Capital One that I put in $200 and the other was Wells Fargo Secured Visa since I bank with them. I put $500 on this card at the time and was approved.
Fast forward to May and I had a FICO score of 720 on EQ from myFico since I could actually have a score after 6 months of history. I went a little crazy and applied for 6 new accounts. My score dropped to 687 with all the new Inquiries , accounts and drop in AAoA's. I planned on waiting awhile to apply again but my car was dying in July so I had to get a new one and was approved. Score dropped again to 648 with the new account.
Anyways, now that I hit 1 year on my WF Secured I received a congratulations letter from them saying I'm being graduated to unsecured Platinum with no AF.
I don't currently have the new card but my online accounts on WF shows 2 CC's with the same history and CL with the new one having "activate your card" link on it. My current TU Fico is now 740.
I have better cards now then the platinum but the Secured WF Visa is what started it all and now unsecured with no AF I'll keep it for the history.
October 2010 I had no credit at all. Didn't use credit and had no fico score to pull since my report was blank.I applied for 2 secured cards to get history. One was Capital One that I put in $200 and the other was Wells Fargo Secured Visa since I bank with them. I put $500 on this card at the time and was approved.
Fast forward to May and I had a FICO score of 720 on EQ from myFico since I could actually have a score after 6 months of history. I went a little crazy and applied for 6 new accounts. My score dropped to 687 with all the new Inquiries , accounts and drop in AAoA's. I planned on waiting awhile to apply again but my car was dying in July so I had to get a new one and was approved. Score dropped again to 648 with the new account.
Anyways, now that I hit 1 year on my WF Secured I received a congratulations letter from them saying I'm being graduated to unsecured Platinum with no AF.
I don't currently have the new card but my online accounts on WF shows 2 CC's with the same history and CL with the new one having "activate your card" link on it. My current TU Fico is now 740.
I have better cards now then the platinum but the Secured WF Visa is what started it all and now unsecured with no AF I'll keep it for the history.
3 Comments
Comment 1 by wanderer
Re: In Process Of Being Unsecured. 
on 2011-11-10
Congrats! You are working your credit well. Going unsecured from Wells Fargo is a big deal. Note, there cards are not as competitive in the market but credit history is important. Had a secured Wells Fargo Card that would NOT unsecured so I closed it. Took them 60 days to refund the security deposit. Also, closed all my banking, investments and insurances with them. It seemd they really didn't care.
on 2011-11-10 Congrats! You are working your credit well. Going unsecured from Wells Fargo is a big deal. Note, there cards are not as competitive in the market but credit history is important. Had a secured Wells Fargo Card that would NOT unsecured so I closed it. Took them 60 days to refund the security deposit. Also, closed all my banking, investments and insurances with them. It seemd they really didn't care.
Comment 2 by dammenion
Re: In Process Of Being Unsecured. on 2011-11-10
Thanks, Ironically about an hour after posting this I received my new card in the mail. Activated it online. I'm guessing that it wont be till next week that the old secured card will disappears from my accounts page and my deposit refunded back into my checking.
After everything I've read in the last year I wasn't expecting this card to graduate really, Most people said WF doesn't do that much anymore . I was planning on keeping it for one more year and closing it, I actually received a AF notice about 2 weeks before the graduation letter.
I was approved for Discover more and Chase freedom in may so even with this becoming unsecured I'll probably rarely use it. But at least now I don't have to close my oldest CC. One downside is the APR is 17%
I am planning on closing my Cap 1 secured CC once the AF hits since it served it's purpose but it for some reason didn't charge me yet and that was opened last October.
on 2011-11-10 Thanks, Ironically about an hour after posting this I received my new card in the mail. Activated it online. I'm guessing that it wont be till next week that the old secured card will disappears from my accounts page and my deposit refunded back into my checking.After everything I've read in the last year I wasn't expecting this card to graduate really, Most people said WF doesn't do that much anymore . I was planning on keeping it for one more year and closing it, I actually received a AF notice about 2 weeks before the graduation letter.
I was approved for Discover more and Chase freedom in may so even with this becoming unsecured I'll probably rarely use it. But at least now I don't have to close my oldest CC. One downside is the APR is 17%
I am planning on closing my Cap 1 secured CC once the AF hits since it served it's purpose but it for some reason didn't charge me yet and that was opened last October.
Comment 3 by derek1061
Re: In Process Of Being Unsecured. on 2011-11-11
Congratulations. Your right about Wells Fargo not unsecuring many credit cards, a lot of companies are becoming extremely picky about which ones unsecure, and which ones dont.
on 2011-11-11 Congratulations. Your right about Wells Fargo not unsecuring many credit cards, a lot of companies are becoming extremely picky about which ones unsecure, and which ones dont.
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Disclaimer: This content is not provided by Wells Fargo. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Wells Fargo. Review content is powered by Finance Globe.
