How can I qualify for Wells Fargo secured credit card graduation?
You can qualify for Wells Fargo Secured Credit Card graduation after you demonstrate consistent positive payment history and responsible credit card use. Note that Wells Fargo will periodically review your account for possible graduation.
If you've had the card for more than 12 months and Wells Fargo hasn't graduated your Wells Fargo Secured Credit Card yet, your best option is to call customer service at the number you see on the back of your card. They may ask you to update your annual income to see if you're eligible.
How to qualify for Wells Fargo Secured Credit Card graduation:
- Make on-time payments. This is probably the most important part of the process. If you don't pay your Wells Fargo Secured Credit Card bills by the due date, you won't even be considered for graduation.
- Use your card responsibly. Maintaining low credit utilization will indicate to Wells Fargo that you can handle an unsecured card. So, aim to use only 30% or less of your Wells Fargo Secured Credit Card's credit limit.
- Improve your other finances. Adding to your income and paying down debt will improve your creditworthiness as a whole, making you a better candidate for an unsecured card.
It's worth noting that graduating to an unsecured credit card is not considered a new account. That means no hard pull is required and your credit score will not be affected. Plus, you'll get to keep the good credit history you've earned with your Wells Fargo Secured Credit Card.
In addition, when your Wells Fargo Secured Credit Card graduates to an unsecured card, your credit limit no longer needs to be secured with collateral. So, when you graduate, the security deposit you made to open the Wells Fargo Secured Credit Card card will be refunded.