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How Do I Increase My Credit Card Limit With Wells Fargo 2021

Wells Fargo Credit Increase

How much credit do you need? Learn how to increase your credit card limit with Wells Fargo. Many people are unaware that they have a limit as to how much money Wells Fargo will lend them. In this blog post, we will discuss how to increase your credit card limit with wells Fargo and the benefits of increasing your credit limit!

Wells Fargo is one of the largest and well known financial institutions that offer checking, credit cards, mortgages, and auto loans for personal and business use. Learn how to increase your credit card limit with Wells Fargo and what the best Wells Fargo credit cards are.

How To Increase Credit Card Limit With Wells Fargo

Increase Credit Limit Wells Fargo

To request an increase in your credit limit with Wells Fargo you must call their customer service at 1-800-642-4720 and they will be happy to review your account.

How To Increase Credit Limit Wells Fargo Online?

At this time it is not possible to ask for a credit card limit increase with Wells Fargo online, just like Chase. However, there are other credit card companies that have an easier process to increase your credit limit.

Who Is Eligible For A Credit Limit Increase With Wells Fargo?

While Wells Fargo doesn’t have a list of requirements you need to meet before you ask for a credit limit increase there is a standard set of requirements that all credit card companies check for:

  • Payment History. One of the most important aspects that credit card companies look for is on-time payments and perfect payment history. If you have any missed or late payments this can hurt your chance of getting a credit limit increase.
  • You should have your credit card for a minimum of 6 months before you request a credit limit increase. This shows your history of responsible borrowing.
  • Credit Score. Before you request a credit limit increase you should check your credit score. If you have a good to excellent credit score you have a better chance of getting a higher credit limit.
  • Debt. If you have a low debt that is below 30% then you might be approved for a higher credit limit. This shows you can pay your debts responsibly.

How Do I Know My Wells Fargo Credit Limit?

Once you are approved Wells Fargo will email you to let you know what your new credit limit will be. As soon as you get your card to activate it, the letter will also state what your credit limit it.

You can also find your Wells Fargo credit limit by:

  • Logging into your Wells Fargo account online
  • Select open card details for your card
  • Find your daily limits under this card

Does Wells Fargo Increase Credit Limit Automatically?

Yes, Wells Fargo’s does do credit limit increase automatically. A lot of people think that when they get a credit card, the limit is set. However, Wells Fargo has an auto-increase feature to ensure that their customers have enough borrowing power.

This automatic credit limit increase from Wells Fargo is a tool that scans your credit account to see if you are using your credit responsibly. If they think you can manage a credit limit increase they will notify you that they will be increase your credit limit for you.

This means that if you are using up all or most of your available balance and spending close to the limit on a regular basis, then it may be time to call the customer service team at Wells Fargo and ask for a limit increase.

Related: How To Increase Credit Limit

What Causes Wells Fargo To Increase Credit Limit?

There are several reasons why Wells Fargo might automatically increase your credit limit. If you pay your credit card bill on time every month, avoid having too much debt, and use your credit card responsibly you may automatically receive a credit limit increase.

If you do the opposite it might result in a credit limit decrease.

How Long Does It Take For A Wells Fargo Credit Limit Increase?

How Long Does It Take For A Wells Fargo Credit Limit Increase?

The truth is Wells Fargo reviews accounts as soon as they are flagged for review, so it may not take long at all. Your new credit card limit with Wells Fargo can be approved immediately or can take a few days.

Once your account is reviewed Wells Fargo will send you an email to let you know if you have been approved or denied.

How Often Does Wells Fargo Give Credit Limit Increases?

You can request a credit limit increase at any time, but Wells Fargo will review your account and make their decision based on what’s available. The best practice for increasing your credit limits is to ask for a credit limit increase every 6 months. What if I don’t get an answer? If Wells Fargo doesn’t respond to your inquiry within 30 days, then the answer is no!

How Much Of A Credit Limit Should I Ask For?

When you call Wells Fargo to request a credit limit increase one of the questions they might ask is how much you would like to increase your credit limit. A good rule is to ask for 10% to 25% more or up to $250 for every $1,000 in credit you already have.

If you have excellent credit you might be able to ask for a higher credit limit.

How Much Does Wells Fargo Raise Credit Limit?

Wells Fargo will take into account the amount you requested to raise your credit limit as well as taking in account your current credit score and your current income. If your credit score and income have increased since you first opened up your credit card account chances are they will raise your credit limit to the amount you asked for.

If you have a lower income, or your credit score has decreased, and have a lot of debt you might get a lower credit limit increase than what you asked for. You might also be denied for these reasons.

Does Wells Fargo Credit Limit Increase Impact Your Credit Score?

Yes, Well Fargo does increase the credit limit. They will do a hard inquiry on your credit before they approve your credit limit increase. This will hard inquiry will show up on your credit report and can temporarily lower your credit score by a few points.

Related: What Is A Good Credit Score?

What Is The Minimum Credit Score For A Wells Fargo Credit Card?

Minimum Credit Score For Wells Fargo Credit Card

The minimum credit score for a Wells Fargo credit card is 700. All of Wells Fargo personal credit cards are for people who have good to excellent credit scores.

Wells Fargo doesn’t have an option for bad credit so if you do have a low credit score and want to apply for a Wells Fargo credit card, you should increase your credit score so you don’t get denied.

Related: The Easiest Ways To Increase Your Credit Score

However Wells Fargo does have Secured Business Credit Card with a credit limit of $500 to $25,000. This is a great option for businesses who are just starting out or businesses who have past trouble with their business credit.

Related: How To Start Building Business Credit

Is It Good To Request A Credit Limit Increase?

Yes, it is a good thing to request a credit limit increase. When you contact Wells Fargo for a credit limit increase it can increase your buying power so you can make more purchases and lower your credit utilization (which makes up 30% of your credit score).

Why Did Wells Fargo Lower My Credit Limit?

Wells Fargo can decrease your credit limit if you are not in good standing with them. Make sure you make your payments on time every month to stay in good standing. On-time payment history makes up 35% of your FICO so it’s important to pay your Wells Fargo credit card bill on time every month to increase your credit score.

Wells Fargo might lower your credit limit for many reasons. Some of these reasons might include:

  • Payment history– If you aren’t making your payments on time or have missed payments they might lower your credit limit
  • Lower Income– If your income is lower than when you applied for the credit card they might lower your credit limit as you are not making as much money.
  • Usage– If you haven’t been using your card for long periods of time, they might lower your credit limit or close your credit card altogether.

Related: What Happens When You Don’t Pay Your Credit Card Bills

What If Wells Fargo Denies My Credit Limit Request?

If Wells Fargo denies your request for a credit limit increase they will provide you a reason why it was denied. Wells Fargo will send you a letter on why you got denied, which you should work on before you request another credit limit increase.

Even if your credit limit increase is denied you should still pay your credit card bills on time or early. You can always wait for an automatic credit limit increase or wait six months to work on your credit history before you apply again.

What Happens If My Wells Fargo Credit Limit Increase Gets Denied But I Still Need The Extra Money?

If you request a credit limit increase and it gets denied but you still need the money for an unexpected auto repair, a home renovation, a hospital bill, or something else you can always apply for a personal loan.

Wells Fargo offers personal loans from $3,000 to $100,000 with flexible terms from 12 to 84 months and competitive rates. However, there is a chance that if you were denied a credit limit increase for your Wells Fargo credit card you might also be denied a personal loan with Wells Fargo but you can still apply. You can see Wells Fargo Loan Options here.

If you have bad credit you can still get a personal loan with companies like Payoff, Opp Loan, and Leap Credit. You can also use the SuperMoney Comparison tool to compare all the personal loans and find the best one for your needs.

Related: How To Get A Personal Loan

Can I Overpay My Credit Card To Increase My Credit Limit?

Overpaying your credit card will not raise your credit limit. Paying off your credit card bill in full every month can help increase your credit score by lowing your credit utilization but will not increase your credit limit.

What Credit Limit Does Wells Fargo Give?

Wells Fargo starts their credit limit at $1,000. If you have a higher income, or fewer debt obligations, or a higher credit score, you can expect our credit limit to be higher. If you have a low credit limit in the beginning and want to increase the Well Fargo credit limit then wait about 6 months and make sure all of your accounts are in good standing before contacting Wells Fargo for a credit limit increase.

What Is A Good Credit Limit With Wells Fargo?

A good credit limit that you should strive to get is considered to be a $5,000 to $10,000 credit limit. This is a good starting point for most credit cards as $5,0000 to $10,000 can be used to make larger purchases.

Related: How To Get Personal Loans

Pros & Cons Of A Credit Limit Increase

Before you ask for a credit limit increase with Wells Fargo you should go over the pros of cons.

Pros

  • ✅ Increase your buying power with a new tradeline
  • ✅ Extra money for unexpected events such as medical bills, auto repairs and larger purchases
  • ✅ Increase your credit score
  • ✅ Give you peace of mind for having more money if you need it

Cons

  • ❌ Putting yourself into more debt
  • ❌ Higher interest fees if you don’t off your credit card each month

Related: What Is The Best Strategy To Avoid Paying Interest On Your Credit Cards

5 Best Wells Fargo Credit Cards

Wells Fargo offers many different types of Wells Fargo credit cards. Some Wells Fargo credits card offer 0% APR for an extended period of time on purchases and balance transfers. These are a few of the best Wells Fargo credit cards.

1. Wells Fargo Active Cash Card – Best For Rewards

Wells Fargo Active Cash Credit Card - The Credit Repair Blueprint
  • Earn $200 cash rewards bonus when you spend $1,000 in purchases within the first 3 months of opening an account
  • 0% interest for 15 months
  • No annual fee
  • Unlimited 2% cash rewards on purchases
  • Get up to $600 of cell phone protection against damage or theft.
  • Requires Good to Excellent Credit (670-850)

Related: 10 Best Rewards Credit Cards

2. Wells Fargo Platinum Card – Best For 0% Interest

Wells Fargo Platinum Card- The Credit Repair Blueprint
  • 0% interest for 18 months
  • No annual fee
  • Get up to $600 of cell phone protection against damage or theft
  • Requires Good to Excellent Credit (670-850)
  • No signup bonus offer
  • No rewards

What Is The Credit Limit For Wells Fargo Platinum Card?

The Wells Fargo Platinum Card credit limit starts out with a minimum of $1,000 credit limit for qualified applicants. If you have a higher income, less debt, on-time payments, and a higher credit score you will have a much higher starting credit limit.

Related: 8 Best No-Interest Credit Cards

3. Wells Fargo Business Secured Credit Card

Wells Fargo Business Secured Credit Card - The Credit Repair Blueprint
  • Earn 1.5% cash back on every $1 spent
  • $500 to $25,000 credit line based on the funds deposited as security
  • Zero liability protection
  • No annual fee
  • Must have a Wells Fargo business checking or savings account prior to applying
  • Reports payments and credit usage to the Small Business Financial Exchange to help build business credit.

Related: How To Start Building Business Credit

4. Wells Fargo Business Platinum Credit Card

Wells Fargo Business Platinum Credit Card - The Credit Repair Bllueprint
  • Earn $300 cash back bonus or 30,000 bonus points when you select a Business Card Rewards Program and spend $3,000 in the first three months of account open date.
  • Earn 1.5% cash back on every $1 spent
  • 0% interest for first 9 months
  • No annual fee
  • Online banking and bill payment options
  • Up to 99 employee cards with no additional fee

5. Wells Fargo Cash Wise Visa Card

Wells Fargo Cash Wise Visa Credit Limit Increase
  • No annual fee
  • 0% interest APR for 15 months
  • 1.8% cash rewards on digital wallet purchases including Apple Pay and Google Pay during the first 12 months.
  • Earn $150 cash rewards bonus after $500 on purchases in first three months
  • Earn unlimited 1.5% cash rewards on purchases
  • Get up to $600 protection on your sell phone against theft or damage when you pay your monthly bill with your Wells Fargo Cash Wise Visa Card.
  • Requires good to excellent credit score

What Is Wells Fargo Cash Wise Credit Limit?

The average credit limit for the Wells Fargo Cash Wise Credit Card is $1,000 so if you apply you will at least start out with $1,000. After 6 months you can ask for a credit limit increase by calling Wells Fargo at 1-800-642-4720.

What Are Some Good Wells Fargo Credit Card Alternatives?

While Wells Fargo has excellent credit cards that work for everyone, finding some good alternatives is also a good option. If you currently have a Wells Fargo credit card and are looking to open up another credit card, or transfer your Wells Fargo credit card balance to a new card, these are some good alternatives.

Capital One Quicksilver

How to increase credit limit with capital one
  • No annual fee
  • Earn unlimited 1.5% cash back on every purchase every day
  • One-time $200 cash bonus once you spend $500 on purchases within 3 months
  • 0% interest APR for 15 months on purchases and balance transfers
  • Redeem your rewards to make purchases through Paypal and Amazon
  • No foreign transaction fees
  • Extended Warranty
  • Complimentary Concierge Service
  • Travel Accident Insurance
  • Need Excellent Credit (800)

Learn how to increase your credit limit with Capital One here

Related: How To Get An 800 Credit Score

Discover It Cash Back

Discover It Cash Back Best Rewards Credit Card
  • No annual fee
  • 0% APR for 14 months on purchases and balance transfers
  • 5% cashback on everyday purchases (up to $1,500) each quarter at places like Amazon, Walmart, Target, grocery stores, restaurants, gas stations and when you pay using PayPal.
  • 1% cashback on all other purchases
  • Discover will automatically match all the cash back you earned at the end of your first year.
  • Requires good to excellent credit (690-850)

Chase Freedom Unlimited

Chase Freedom Unlimited Rewards Credit Card
  • No annual fee
  • Earn $200 bonus after spending $500 on purchases in your first three months
  • 5% cashback at grocery stores up to $12,000 spent in the first year.
  • Unlimited 1.5% cashback on all other purchases.
  • 0% interest APR for 15 months on purchases and balance transfers
  • 5% cashback on Lyft rides through March 2022.

Conclusion

Wells Fargo offers great credit cards where you can increase your credit limit by calling Wells Fargo. As long as you have a good credit score you can apply for a Wells Fargo credit card. Wells Fargo will automatically increase your credit limit as long as you are using your credit card responsibly and your credit score doesn’t decrease.

 

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