A Wells Fargo credit limit rise can increase your spending power, and possibly even improve your credit score.
Credit utilization rates are a key factor in credit scores. By increasing your credit limit on your card, you can reduce your credit use, which could increase credit scores.
Here’s how to request credit limit increases for your Wells Fargo credit cards.
How can I request a Wells Fargo credit limit rise
Wells Fargo offers several ways to increase your credit limit. You can increase your credit limit to be more flexible with large purchases and emergency expenses. This can help you improve your credit score.
Is Wells Fargo able to automatically increase its credit limit?
If you are eligible, Wells Fargo might periodically review your account to increase your credit limit.
The card issuer does not offer any advice about how to get an automatic credit line rise. It’s best to use your card frequently, to keep your balance below your credit limit, and to pay your bills on time each month.
You should also be aware that card issuers can lower your credit limit if your account isn’t used properly.
How to request an increase in your Wells Fargo credit limit
You can call 800-642-4720 to request a Wells Fargo credit increase. The card issuer won’t specify the requirements but may review your income, account history and other factors in order to make a decision.
Make sure you have all your information handy and be prepared to answer any questions that customer service agents may have.
Apply for a Wells Fargo Credit Card
A new credit card will allow you to increase your credit score and offer you the chance to choose from various benefits and rewards rates, including 0% interest credit cards and hotel credit cards.
When you apply for a Wells Fargo card, a credit inquiry may be necessary. Although this inquiry can have a negative effect on your credit scores it is usually temporary and infrequent.
Does Wells Fargo conduct a hard pull to increase credit limits?
When you request an increase in credit limit, Wells Fargo does not disclose whether it conducts a hard credit review to assess your credit score. Ask the customer service representative how this may impact your credit scores if you call to request an increase.
Even if the card issuer conducts a thorough inquiry, it may be worthwhile to help you reach your financial goals. FICO states that each additional inquiry will not affect your credit score by more than five points. In addition, inquiries are only good for 12 months. If you are rate-shopping for loans, avoid multiple inquiries within a short period of time.
What you should consider when asking for a credit limit raise
It’s important to weigh the advantages and disadvantages of asking for a Wells Fargo credit limit rise. You should also consider your spending habits and how increasing credit can impact your financial situation.
If you are a person who spends within your means, pays off your balance every month in full, or carries a small balance occasionally, a credit limit raise could have a positive effect on your credit scores and allow you more flexibility.
If you have a high credit card balance and are prone to overspending, an increase in your credit limit could lead you to accumulate a higher balance. This will result in higher monthly payments and greater interest rates. If your utilization rate does not decrease due to increased spending, a higher credit limit might not improve your credit score.
To make the best decision for yourself, take some time to reflect on your current situation, goals, and spending habits.
What to Do if Wells Fargo Denies Your Request
Ask the customer service representative for explanations if you are denied for credit line increases. This will help you decide your next steps.
If it is because you are using too much credit, then work to reduce your debt. Low credit scores may be the reason. Take steps to improve credit.
Keep your Wells Fargo credit cards safe and sound no matter what. You may be eligible to apply for an additional Wells Fargo credit limit.