It has been 13 months since I opened a secured CC with WF. I also have a checking/savings account with them. Tonight I called completely expecting to graduate (no late payments/overlimit, good credit elsewhere)... and.... "not able to graduate at this time". CSR actually suggested starting a new application? I'm so upset I want to close the account, too bad that only harms me.
I live close to their corporate offices and work at a UPS store, so I decided to write them a letter expressing my displeasure.
To Whom It May Concern,
When I turned 18 I invested in a secured credit card with Washington Mutual in September 2008 on the promise that after 1 year my card would graduate to an unsecured card if I handled the card responsibly. $300 was a lot of money to me. I was a student and still am. I knew that I was financially responsible so to have $300 sitting in a collateral account doing nothing for a bank to issue me a credit card was a big commitment for me. But I understood that this was what I needed to do to build my credit and so for 4 months I was never late and never went over my limit. When Washington Mutual was taken over by Chase I received a letter that my account would be closed because Chase was discontinuing the secured credit card program. Seeing this as a sign of things to come I decided to look for another bank. I chose Wells Fargo because there was a branch with a friendly group of people near where I had moved to. I once again invested in a secured credit card in February 2009 on the promise that after one year if I used the card responsibly the card would graduate to an unsecured card. It was a promise, I'm looking at a brochure that was mailed to me after opening the account that if after 12 months I was not late/overlimit and had a FICO score of at least 600, my account would graduate into an unsecured card. So for 12 months I made my payments on time and never went over my limit. I'm looking at a credit report I pulled up today that proves that. 12 months later I called card services and was told that it was "actually 12 months plus 1 month," word for word. So I called back tonight. And card services told me that "Wells Fargo could not graduate my card at this time". The customer service rep actually suggested that I start a new application for a card. You have got to be joking me if you think I'm going to start a new application after 12 months of prompt payments has not persuaded Wells Fargo. I am furious. WaMu went bankrupt, what's Well's Fargo's excuse??? Customer service won't say.And you have tied up $300 of my hard earned money for a year based off a lie. I've been working since I was 15 and have had direct deposit ever since, I've never overdrafted my checking account, never been late/overlimit on any credit account. I may need student loans, a mortgage in the future... Those $100 I keep getting from your rivals begging me to switch over my banking business is looking very appetizing right about now.
Does anyone know ANYTHING I can do about this or even who I should address this letter to?