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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. But receiving a raise will depend on several factors, and doing everything you can to prepare before asking can help improve your chances.
Wells Fargo will likely review your credit score, current Wells Fargo account, and financial information to make a decision. A credit limit increase means approval to borrow more money from Wells Fargo, so approval can 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 your account credit limit.
Make sure you are ready with the exact amount of raise you plan 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 status to determine if a 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 as frequently as 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. A good reputation indicates that the cardholder has been responsible for maintaining 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 information about your current earnings. If you see this pop-up (and even if you don’t), it might be a good idea to let Wells Fargo know when your earnings have increased or your employment status has changed. You do not have 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 may sometimes involve a firm credit card application. Forced credit card withdrawals can temporarily lower credit scores, but scores generally rebound quickly if you continue to make regular payments. When you call Wells Fargo, you can ask the representative if there will be a thorough investigation before formally submitting the request for a higher credit limit.
How much will Wells Fargo increase your credit limit by?
The degree to which 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 might be better received than a 50% raise.
If you recently received a massive pay raise at work, you might have a good chance of applying to Wells Fargo for a significantly increased credit limit. If you’re not sure how much to raise, don’t be afraid to discuss it with the Wells Fargo representative and ask for their advice. They may be able to give you an idea of how much of a raise you might be eligible for.
Do credit limit increases affect your credit score?
Credit limit increases may affect use of credit and therefore your credit score. Credit usage is the total amount of available credit compared to the amount you have currently used. We recommend cardholders keep their credit utilization below 30% (between 1% and 10% is ideal).
A credit limit increase has the potential to reduce your credit utilization rate by increasing your overall available credit. Usage can have a significant impact on your credit scoreso the lower it is, the better your score will be.
However, if an increase in credit leads to an increase in expenses, the potential increase in your credit score will be wiped out. And, if you don’t have the ability to pay 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 credit score by making on-time payments and maintaining a low balance to limit credit use.
Applying for a second credit card in the event of an application being declined can be a fallback option, but beware of the negative impact on credit of too many difficult applications in a short time.
Also be aware that if increasing your credit limit generates serious demand, it may affect your score.
Requesting a credit limit increase should be easy, but the decision may not be immediate. Be patient and if your application is denied, ask Wells Fargo to explain why. Work to improve your credit score over time and be sure to report any increases in income. Regardless of your line of credit, it’s always important to spend responsibly.
Frequently Asked Questions
How often can I get a credit limit increase from Wells Fargo?
You may qualify for a credit limit increase as early as six months from the date you open the account, and then potentially every six to 12 months thereafter.
Do credit limit increases affect credit scores?
Yes, credit limit increases can increase your overall available credit and therefore reduce your credit utilization. It can help your credit score go up, but only if you don’t increase your spending – higher balances can destroy any reduction in credit utilization.
How do I get my credit limit increased 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 entitled to a credit limit increase?
To increase your chances of qualifying for a credit limit increase, spend responsibly, keep the sales low and keep your financial information up to date. Boosts and other income increases can help show Wells Fargo that you have the income to pay off higher balances.