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Requesting a Wells Fargo credit limit increase can be as easy as calling the number on the back of your credit card and asking. But getting a raise will depend on a number of factors, and doing your best to prepare before you ask can help you improve your chances.
Wells Fargo will likely review your credit score, your current Wells Fargo account, and your financial information to make a decision. A credit limit increase means permission to borrow more money from Wells Fargo, so approval may be a sign that you’re doing well on your credit journey.
How to increase your Wells Fargo credit card limit
When you’re ready to request a credit limit increase from Wells Fargo, you can call the bank at 1-800-642-4720. Ask to speak to a representative about increasing the credit line on your account.
Make sure you are prepared with the exact increase amount you plan to request, either in full or by 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 look at financial information and account status to determine if the cardholder is eligible for an increase.
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How often does Wells Fargo increase credit limits?
Wells Fargo does not specify how often a cardholder’s credit limit can be increased, but generally, credit limit increases are possible every six months to a year, if the cardholder opened the credit account. more than six months ago and the account remains in good standing. Good standing indicates that the cardholder has been responsible in maintaining a low monthly balance and paying all bills on time.
Credit limit increases can occur automatically with many issuers if you keep your financial information up to date. For example, when you log into your account online, you may see a pop-up window asking for your current income information. If you see this pop-up (and even if you don’t), it may be smart to let Wells Fargo know when your income has increased or your employment status has changed. You are not required to provide this information if you do not wish to.
Requesting a credit limit increase involves a review of your credit score and credit history, which can sometimes involve a credit card inquiry. Credit card withdrawals can temporarily lower credit scores, but scores usually bounce back quickly if you continue to make regular payments. When you call Wells Fargo, you can ask the representative if there will be a thorough consultation before you formally submit your request for a higher credit limit.
How much will Wells Fargo increase your credit limit?
The amount Wells Fargo increases your credit limit will depend on your credit score, account status, and financial information, such as monthly bills and annual income. Keep the request reasonable: Asking for a 5% raise may be more welcome than a 50% raise.
If you recently received a massive pay raise at work, you may have a good chance of asking Wells Fargo for a significantly higher credit limit. If you’re not sure how much to ask for an increase, don’t be afraid to discuss it with your Wells Fargo representative and ask for their opinion. They may be able to give you an idea of how much of a raise you are likely to qualify for.
Do credit limit increases affect your credit score?
Credit limit increases can affect credit utilization and therefore your credit score. Credit utilization is the total amount of credit available compared to the amount you have currently used. We recommend cardholders keep their credit utilization below 30% (ideally 1-10%).
A credit limit increase has the potential to lower your credit utilization rate by increasing your total available credit. Utilization can have a big impact on your credit score, so the lower it is, the better your score.
However, if a credit boost leads to more expenses, the potential boost to your credit score will disappear. And, if you don’t have the ability to pay that increased expense, the 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 credit score by making payments on time and maintaining a low balance to keep credit utilization low.
Applying for a second credit card in the event of a denied application can be a backup option, but beware of the negative credit impact of too many difficult inquiries in a short period of time.
Also, know that if raising your credit limit leads to a hard inquiry, that can affect your score.
Requesting a credit limit increase should be easy, but the decision may not be immediate. Be patient, and if your request is denied, ask Wells Fargo to explain why. Work to improve your credit score over time, and be sure to report any increase in income. No matter what your line of credit is, it’s always important to spend responsibly.
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 credit scores?
Yes, credit limit increases may increase your total available credit and therefore reduce your credit utilization. This can help increase your credit score, but only if you don’t increase expenses; higher balances may destroy any reduction 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 by calling the number printed on the back of your card and request a credit limit increase.
Will I be eligible for a credit limit increase?
To increase your chances of being eligible for a credit limit increase, spend responsibly, keep balances low, and keep your financial information up to date. Raises and other increases in income can help show Wells Fargo that you have the income to pay higher balances.