For their secured cards, Wells is now offering a 5.9% intro apr for 6 months, 17.24% thereafter. Not too shabby for a secured card (considering its apr was 19.8% not too long ago). Here's the link for more info. The online app is only for those who have an existing WF checking or savings account; everyone else can print and mail a paper application (in pdf format). wajaba
Thanks wajaba. This info. will come in handy for me since my hubby and I no longer have any cc's due to bad credit.
Thanks wajaba. By the way, do you happen to know how much I need to send in as deposit? I could not find that anywhere on the application.
hotsauce, The minimum amount is $300; the max is $5000. I think I remember someone in another thread saying that you can add to the deposit later to increase your credit limit, but I'm not sure... wajaba
Yes, you can add to it with a simple phone call if you have a W-F checking account. You can also link it to your ATM card and make paymnets that way.
I am a Wells Fargo Banker and I know all the details regarding the Secured Credit Card offered through Wells Fargo. 1) It is an ADJUSTABLE rate after the intro 5.9% for 6 months. Remember that the 5.9% is only valid for purchases. No balance transfers or cash advances apply for that rate. 2) Your secured deposit can be from $300 to $5,000 MAX in increments of $100. So, $300, $400, $1200, etc. Not $1250 for example. 3) Your colateral account is NOT interest bearing. Just thought I'd disclose that info for your benefit. 4) You can increase your credit limit at any time by adding more to your secured deposit. Just call the customer serivce number for details on how to do that. 1-800-642-4720. BTW, I just thought I'd share this, but BofA offers (IMHO) a BETTER secured Credit Card. Their interest rate is 15.74% however, I don't think they offer any low intro rate. Your secured deposit is interest bearing. You can select a limit from $250 to $10,000. However, if you DON'T have a BofA bank account, you will have to bring in CASH to your local BofA. They won't accept any other bank check for your secured deposit. I already tried it with them. You'll get the Gold or Platinum card depending on your deposit. $250 to $4999 - Gold; $5,000 to $10,000 Platinum.
davidkinde, Thanks for the info. Regarding the secured Bofa card's requirements, and for the benefit of our newer members, here's an emailed response I posted a little while ago: Thank you for your e-mail. Secured credit cards are accounts with the credit limit secured by a Bank of America savings account balance. The Secured Card accommodates customers that ordinarily would not qualify for an unsecured Credit Card. You are not required to have a pre-existing relationship with Bank of America to apply for a secured credit card account. To be eligible for a secured account, you must meet the following requirements: Minimum age 18 Must be an U.S. citizen or permanent resident with a valid social security number or Tax payer I.D. number with a US mailing address (for nonresident alien, refer to Non-Resident Alien policy) No Unpaid Bank of America charge-off No Bankruptcy No Repossession (voluntary or involuntary) < 36 months No Foreclosure (includes deed in lieu) < 36 months No known unpaid charge-off accounts > $1000 with any financial institution including retail cards and student loans < 36 months The Secured Credit Card account will be reviewed for graduation at 12 months. Accounts passing the graduation criteria will be upgraded to an unsecured account. At that that time, notification is sent to advise you that the collateral funds (secured savings) have been released. If the account fails the graduation criteria, the account will be reviewed against specific policy criteria for graduation twice a year. If you have any further questions please feel free to contact us from the web via http://www.bankofamerica.com/contact. This was around last December or January, and I know that the sub-prime/rebuilding/secured CC landscape has changed somewhat dramatically since then, so I don't know if the above criteria still hold true. Would you happen to know of any similar guidelines for Wells Fargo? I got conflicting answers over the phone on a couple of occasions: one person said that anyone with a taxpayer ID or SSN is accepted (with the requisite funds, of course); another rep said vaguely that you pretty much still need decent credit. Any word on that? Thanks, wajaba
Approval Guidelines: Any and all bankrupcies must have already been discharged. (Basically, you can't get a new credit card while you're still in the BK stage.) You DON'T have to have a Social Security number! You will have to fill out a W8-BEN form that states that you are a non-US-resident alien and you must list your foreign address outside the United States. When you do get a SSN, you can update your CC information by calling Customer service and they could/should send you a W9 form (which basically has you sign that your SSN really is your SSN). Your collateral check must have your name somewhere in the return address. Basically Wells Fargo wants to be sure that it is YOU who are providing the funds to be secured and not someone else, or a different business. You must be 18 years old. That's about all I know about the approval process. It's always been an easy, simple process to apply. (I just did myself a couple of days ago to help me stick to a forced spending budget.) I've only done a few Secured Card applications. They've ALL been approved - even for foreign status customers. My guess is, that from a bank's point of view, is that as long as we have real money that's securing your account, then we won't have to worry about taking a loss on your account should you default on your payments. So, the approval process is pretty simple and easy to qualify for. They are for rebuilding and reestablishing credit - so we really do want to help you do that, and the Secured Cards really are win-win for the bank and the customer. Here's the link to the Wells Fargo Secured Credit card info: <http://www.wellsfargo.com/credit_cards/select_card/secured/?_requestid=109500> And, here's the link for the Bank of America Secured Credit Card info: <http://www.bankofamerica.com/creditcards/index.cfm?template=cc_secured.cfm> BTW, one of the best benefits for choosing a bank secured credit card, is that the credit card can provide overdraft protection on your checking account - so you can be sure your checks get paid. There's a transfer fee from the WFB credit card of $10 that's charged to the card and the interest is at the cash advance rates, but at least your checks get paid - can be important for your mortgage payment!
I just got my secured card issued to me, so I haven't yet pulled up my own credit report to see how exactly it shows up. I do know that it will show as a revolving line of credit. The credit bureaus shouldn't show it as "secured", but a "standard" card. Otherwise, it wouldn't really help you truly build up your credit. The only people who will know that the card is secured is you, and Wells Fargo Credit Services. If you have a further question about that, I would just ask the Customer Service department at 1-800-642-4720
I don't think that's fair for BofA to do that! However, I still haven't pulled up my credit report to see how my secured credit card shows up. So, I really can't tell you how Wells Fargo reports it. I guess it's all about what exactly you want it for. For me, I'm using it to "force budget" myself so all my other available funds can go towards paying down my other $5,000 balance. To stay in my budget, I'm only using this secured card for all my purchases. I won't carry a balance at all because I'll be making payments every 2 weeks. It's only a $300 limit, so it's almost impossible for me to carry a balance on it. Within 6 months, I'll be completely debt free (except for my car loan)! Trust me, I'll be pretty excited! David Kinder
FYI: I just took a Secured Credit Card application and it was declined. My customer had a negative factor on their credit (ex. chargeoff account) within 12 months, so it was declined. Thought I'd share this with y'all before you tried to apply for a secured card with Wells Fargo.
David, do you know what the requirements are for a regular card (prime) as far as scores and what report they pull from?
I honestly don't know all the full requirements for regular prime cards, like what type of credit scores are required, etc. I do know that Debt to Income ratios apply. Wells Fargo LOVES people who don't keep large balances or are current with their lower balances so we can offer balance transfers. For Unsecured cards, you must have at least a 2 year positive credit history (no lates or chargeoff accounts). $1,000 per month GROSS monthly income. That's all I can think of right now. I do know that Wells does offer 0% Intro rates, etc., then they go to prime + --.--% (different for everybody). (startling fact: Over 48% of Wells Fargo card holders carry a balance from month to month!) As for 1st time credit card apps, and no established credit history, I'd start with a Wells Fargo Student Credit Card. The requirements: College ID card, tuition bill, or class schedule (basically proof of enrollment.) $200+ Monthly income. Can come from parents, job, etc. No derogatory credit reported. I would say about 86% of all my college student credit cards are approved. The only downside is that the interest rate is at 19.8% - but it's a starter card that's meant to build up good credit history, not for long-term financing. The college years are prime times to apply for one or two credit cards because banks will fall over backwards to get one in your hands. Why? We know/believe that your parents will help you to keep your payments on time. PLUS, credit cards help to pay for college books and other things, and your parents can pay you back by paying off the bill when it comes in. For more info on standard (prime) cards click here: <http://www.wellsfargo.com/credit_cards/select_card/visa/> For more info on Student Visa click here: <http://www.wellsfargo.com/credit_cards/select_card/student/> David Kinder BTW, I would also like to thank everybody for not being the "SPAM police" like I see on other BB. It seems like everytime someone posts a recommendation, it's automatically labeled as SPAM even if the referrer received no compensation or reward for recommending that service. Thank you! FYI: I don't get anything for recommending Wells Fargo unless you actually come to my branch and apply. Then I get sales credit. However, for online applications, I don't receive anything.
Oh yeah, we almost always pull EQUIFAX credit reports and scores. As for scores, 620+ is the bare minimum and I think 680 or 700+ is required for Platinum status cards. I could be wrong, but I do know that the 620 is the bare minimum with EQUIFAX that we'll approve for a credit card. So Mike, based on the score you posted for EQ (659) I'd say you'd have a pretty good shot at approval (as long as the other factors are still okay).
