How to Get a Wells Fargo Credit Limit Increase – Forbes Advisor

Editor’s Note: We earn a commission from affiliate links on Forbes Advisor. Commissions do not affect the opinions or ratings of our editors.

Requesting a credit limit increase from Wells Fargo can be as simple as calling the number on the back of your credit card and asking. However, a raise depends on several factors, and doing everything you can to prepare before asking for it can improve your chances.

Wells Fargo will likely review your credit history, current Wells Fargo account, and financial information to make a decision. A credit limit increase means permission to borrow more money from Wells Fargo, so approval can be a sign that you’re well on your credit journey.

How to increase your Wells Fargo credit card limit

If you would like to ask Wells Fargo for a credit limit increase, you can call the bank at 1-800-642-4720. Ask to speak to a representative about increasing your account’s credit limit.

Make sure you have the exact raise amount you want to request – whether total or percentage – your account number and other identifying information. Wells Fargo may also want to know if your employment status or annual income has changed recently.

Credit card issuers like Wells Fargo typically review financial information and account balances to determine if a cardholder is eligible for a raise.

Select partner offers for Wells Fargo credit cards

How often does Wells Fargo raise credit limits?

Wells Fargo doesn’t specify how often a cardholder’s credit limit can be increased, but generally credit limit increases are available every six months to a year – if the cardholder opened the credit account more than six months ago and the account is in good standing. Good reputation means the cardholder was responsible for keeping a low monthly balance and paying every bill on time.

Credit limit increases can happen automatically with many issuers if you keep your financial information up to date. For example, when you log into your online account, you may see a pop-up asking for your current income information. If you see this pop-up (and even if you don’t), it may be useful to let Wells Fargo know if your income has increased or your employment status has changed. You do not have to provide this information if you do not want to.

Requesting a credit limit increase involves a review of your creditworthiness and credit history, which can sometimes involve a tough credit card inquiry. Hard credit card deductions can temporarily lower credit scores — but scores usually recover quickly if you keep making regular payments. If you call Wells Fargo, you can ask the representative if there will be a tough request before formally submitting the request for a higher credit limit.

How much does Wells Fargo increase your credit limit?

How much Wells Fargo increases your credit limit depends on your credit history, account balance, and financial information such as monthly bills and annual income. Keep the request reasonable – a 5% increase might be better accepted than a 50% increase.

If you recently received a massive raise at work, you may have a good chance of asking Wells Fargo for a significantly increased credit limit. If you are unsure how much increase to charge, please do not hesitate to discuss this with the Wells Fargo representative and ask for their opinion. They may be able to give you an indication of how much increase you are likely to qualify for.

Do credit limit increases affect your credit score?

Credit limit increases can affect credit utilization and thus your creditworthiness. Credit utilization is the total amount of credit available compared to the amount you are currently using. We recommend cardholders keep their credit utilization below 30% (between 1% and 10% is ideal).

Increasing the credit limit has the potential to lower your credit utilization rate by increasing your total available credit. Utilization can have a major impact on your credit score. The lower it is, the better your rating can be.

However, if a credit increase results in more spending, the potential improvement in your credit score will be wiped out. And if you are unable to pay for these increased expenses, an inability to pay in full or on time can have serious financial and credit consequences.

Whether or not Wells Fargo approves your application, you can maintain or improve your creditworthiness by making payments on time and keeping a low balance to keep credit utilization low.

Applying for a second credit card in case of a refusal can be a backup option, but beware of the negative impact on your credit score of too many tough requests in a short amount of time.

Also note that if your credit limit increase results in a hard request, your score may be affected.

bottom line

Applying for a credit limit increase should be easy, but the decision may not be made immediately. Be patient, and if your application is denied, ask Wells Fargo to explain why. Work to improve your credit score over time and make sure you report any increases in income. Whatever your line of credit, it’s always important to use it responsibly.

frequently asked Questions

How often can I get a credit limit increase from Wells Fargo?

You may be eligible for a credit limit increase as early as six months from the account opening date, and then potentially every six to 12 months thereafter.

Do credit limit increases affect creditworthiness?

Yes, credit limit increases can increase your total available credit and thus reduce your credit utilization. This can help improve your credit score, but only if you don’t increase spending – higher balances can negate any decrease in credit utilization rate.

How can I get a credit limit increase with Wells Fargo?

You can call Wells Fargo directly at 1-800-642-4720 or the number printed on the back of your card and request a credit limit increase.

Am I entitled to a credit limit increase?

To increase your chances of getting a credit limit increase, spend responsibly, keep your balances low, and keep your financial information up to date. Salary increases and other income increases can show Wells Fargo that you have the income to pay off higher balances .


Source

Leave a Reply

Your email address will not be published. Required fields are marked *