To get a Wells Fargo Secured Credit Card deposit refund, you must have your account closed, upgraded to an unsecured credit card account, or have your credit limit decreased. Refunds can be processed electronically to eligible Wells Fargo checking or savings or by check.
Here is what you need to know about Wells Fargo Secured Credit Card deposit refunds:
Refunds for closed accounts: If your account is closed for any reason, the security deposit will be refunded to you within 60 days of determining whether you have paid your entire balance. Wells Fargo applies your security deposit as payment for any unpaid balances.
Refunds for upgraded accounts: If your secured credit card account is upgraded to an unsecured credit card, your security deposit will be refunded to you within 30 days of the final upgrade date. If you have a balance, the amount will be billed to your upgraded account.
Refunds for decreased credit limits: If your credit limit is decreased, the difference will be refunded within 30 days of your request.
How refunds are delivered: Security deposit refunds are processed to the original Wells Fargo checking or savings account used for funding your credit line. You can also request to have your refund processed to another Wells Fargo checking or savings account. Otherwise, you can be issued a check.
You can request a secured credit limit increase directly from Wells Fargo by phone. Call customer service at 1-800-642-4720 and tell them that you want to increase your limit. They will take the money from your checking account and add it to your credit limit.
Wells Fargo Secured Credit Cards can graduate to unsecured after the cardholder has demonstrated consistent positive payment history and the ability to pay.
Some forum users report Wells Fargo Secured graduation after 1 or 2 years of having the account. But the timing will depend on your individual circumstances, and it’s ultimately at the discretion of Wells Fargo. For example, some other forum users have reported Wells Fargo Secured taking 4 years or longer to graduate, even with perfect payment history and good credit scores.… read full answer
If your Wells Fargo Secured Credit Card isn’t offering you a graduation date, your best option is to call the number on the back of your credit card to speak to a rep. They may ask to update your annual income to see if you’re eligible.
You can only cancel your Wells Fargo credit card by phone at (800) 642-4720. But if your card is lost or stolen, you can easily report it online.
Before completely cancelling your card, though, make sure you’re doing it for the right reasons. It might make sense for a card with an annual fee that you don’t plan to use anymore, for instance. But if your Wells Fargo credit card isn’t costing you any money, you’re better off keeping it open. In general, the more available credit you have, the better it is for your credit score. An account with zero balance also helps your credit utilization. And you’ll still get credit for paying on time every month.… read full answer
The credit score implications are at least worth considering before you cancel any credit card account, especially if you plan to take out a big loan in the next six months or so. In any case, it’s always good to have an escape plan, so all Wells Fargo cardholders should know how to cancel their accounts should the need arise.
To cancel a Wells Fargo credit card:
Pay any pending balance and redeem your rewards first. You won’t be able to close your account with an unpaid balance, and you’ll lose any unredeemed rewards once your account is closed.
Call Wells Fargo credit card customer service at (800) 642-4720. Enter your card number, press the pound key and tell the representative that you’d like to close your account.
Wells Fargo will close your account immediately. They will mail a letter formally confirming the change within 10 business days of your call.
Check your free credit report. At the very least, make sure to do so two months after receiving Wells Fargo’s letter, to confirm the account is closed.
After closing your Wells Fargo credit card, you may want to re-evaluate how much you spend on any other credit cards you may have. Closing a credit card means you have less available credit, and thus possibly higher credit utilization, which can be bad for your score. You can monitor your credit score with WalletHub’s free daily updates to ensure that your credit isn’t affected by closing your Wells Fargo account.
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