Asking for a credit limit increase can be a good decision in a variety of circumstances. Maybe you want to increase your credit limit so you have more room to make a large purchase, or maybe you want to reduce your credit usage on a specific card. An increased credit limit can also help you access more credit in an emergency and avoid going over your credit limit in the future.
Before you pursue a Wells Fargo line of credit increase, there are a few steps you should take to prepare for success. Here’s everything you need to know about the Wells Fargo Credit Limit Increase Application, plus what you need to consider before applying.
Who is eligible for a credit limit increase with Wells Fargo?
Wells Fargo does not list the specific requirements that you must meet to increase your Wells Fargo credit limit. However, there are a few general rules to keep in mind.
- Before you apply for a higher credit limit, you must have had your card for at least six months. This gives you time to demonstrate a responsible borrowing history.
- Your payment history must be impeccable before you apply for an increase in your credit limit. Having late payments in your account history could reduce your chances of being approved.
- You need to make sure that your credit score is strong before you apply for an increase in your credit limit. Wells Fargo determines your initial credit limit based on your credit score. Therefore, if your credit score is higher now than when you originally applied for your Wells Fargo credit card, there is a good chance that you will qualify for a higher limit.
What to do before asking for a credit limit increase
There are a few steps you should take before you apply for a credit limit increase from Wells Fargo:
- Check your credit score. You need to be sure that you are on top of your credit score, including how your current score compares to your score when you originally applied for a Wells Fargo credit card. It’s easy to check your credit score for free online.
- Determine the increase in credit limit you wish to request. You should have an idea of ââhow much additional credit to apply for before you apply. It’s a good idea to ask for a credit limit increase of less than 50 percent.
- Consider other options. You need to make sure that you are asking for a credit limit increase for the right reasons. If you’re already struggling with credit card debt, increasing your credit limit might not be the best option.
How To Increase Your Credit Limit With Wells Fargo
Wells Fargo does not allow you to request a credit limit increase online. You can call their customer service line at 1-800-642-4720 to request a raise.
When you place the call, you should have your credit card number handy and be prepared to answer any questions they might have. Make sure you let them know the increase in credit limit you are hoping for and the reasons why you want it. It is important to note that asking for a credit increase can lead to a serious investigation of your credit report, which could temporarily affect your score.
You may be eligible for an automatic Wells Fargo credit limit increase after a certain period of time. However, there is no specific timeline for this process and no guarantee that you will be targeted.
What to do if Wells Fargo denies your request
If Wells Fargo denies your request for a credit limit increase, there are a few steps you can take. You should continue to use your credit card responsibly and pay your bill early or on time as often as possible. You can wait to see if you qualify for an automatic credit limit increase or wait another six months before applying to Wells Fargo again.
While you are waiting, you should spend some time building your credit history and credit score. You can improve your score by paying your bills on time, limiting your credit usage, and not closing old lines of credit.
You may also want to consider applying for a new Wells Fargo credit card that could provide you with the additional open credit you need. Some credit cards come with an introductory 0% APR, while other reward credit cards allow you to earn points or cash back for every dollar spent. If your credit score is not where you want it, you may be eligible for a credit card for borrowers with fair credit.
Pros and Cons to Consider When Applying for a Higher Credit Limit
There are many pros and cons that come into play when you apply for a higher credit limit from Wells Fargo or any other issuer. Some of the pros and cons may depend on your particular situation, but here are the main factors to consider:
Benefits of a higher credit limit:
- No more credit available for emergencies
- Lower credit utilization rate
- More purchasing power for large purchases
Cons of a higher credit limit:
- Potential to accumulate more high interest credit card debt
- Possibility of a serious investigation of your credit reports
The bottom line
There is nothing wrong with asking for a credit limit increase if you think you might benefit from it, but be sure to ask for a credit limit increase for the right reasons. If you’re struggling with high interest credit card debt, increasing credit might not be the best strategy.
It’s a good idea to ask for a credit limit increase with a specific goal in mind, such as reducing your credit usage, freeing up extra credit for emergencies, or funding a large planned expense.