You can get a Wells Fargo credit limit increase by calling customer service at (800) 642-4720. There is no option to request a Wells Fargo credit limit increase online. It’s best to not make a request until you’ve had your card for at least 6 months, and only if you’ve paid your bill on time every month. It’s also good to use your card on a regular basis. If Wells Fargo sees little activity, they may not see a reason to increase your limit.
If you ask for a Wells Fargo credit limit increase, Wells Fargo may do a hard pull of your credit, which will temporarily lower your score. But they’ll sometimes do just a harmless soft pull, especially with older accounts and when Wells Fargo offers an increase without you asking. Besides, getting more credit can be good for your score in the long run.
Here’s how to get a Wells Fargo credit limit increase:
Say or enter your credit card number to be connected to a representative.
Tell the representative you’d like a credit limit increase.
Answer the representative’s questions about your credit and income.
Give the representative permission to do a hard pull of your credit, if needed.
You won’t always have to ask for a Wells Fargo credit limit increase to get one. Wells Fargo will periodically review your account to see if you’re eligible, using only a soft pull of your credit. And if they like what they see, they may just raise your limit.
Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score. Bank of America, Barclays, Chase, U.S. Bank and USAA will conduct a hard inquiry if you request a credit limit increase. American Express, Capital One and Wells Fargo will not. Citi will notify you when you call if they will generate a hard inquiry or a soft inquiry, which does not affect your score. Discover typically uses soft inquiries, but if you don’t accept the credit limit offered and request a higher limit, it will then be a hard inquiry.… read full answer
Hard inquiries will lower your credit score by a few points, but can only affect your score for one year. After two years, hard inquires completely drop off of your credit report. The other thing you need to watch out for is overspending. Requesting a credit limit increase could really wind up hurting your credit score if you use the extra spending power to rack up debt you can’t afford to repay.
Still, the potential negatives that come with requesting a credit limit increase can be managed and are often outweighed by the benefits of having a higher credit limit. The boost in your credit limit could also raise your credit score as long as your spending stays at the same level. The additional credit would lower your utilization, which is the ratio of your balance compared to your credit limit. Ideally, this number should be less than 30 percent for each card. Keeping utilization low tells issuers you’re responsible and aren’t just desperate to max out your card.
Some issuers also extend automatic credit limit increases to eligible cardholders. These increases may occur periodically and do not generate a hard inquiry. To give yourself the best odds of receiving an automatic increase, make all of your monthly payments on time, preferably in full. And give it some time. Issuers tend not to extend automatic increases until you’ve had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you’re considered for another increase, assuming you manage your account responsibly in the meantime.
It’s important to remember that these are the lowest credit limits you’ll start out with if you’re approved for an account. You could receive a higher limit. And the actual limit you’ll receive is based on your credit history, income, employment status, level of debt and more. Unfortunately, you won’t know how much your credit limit will be until you’re approved. Wells Fargo does not publicly disclose its maximum credit limits.
If you accept the initial Wells Fargo credit limit offer, you can request an increase in your credit limit after at least six months of timely payments. Also, after six months, Wells Fargo may review your account for an automatic increase. Eligibility is based on things such as payment history and your total amount of debt. But there’s no guarantee when, or if, an automatic increase will occur. An automatic increase uses a soft inquiry, which means your credit score is not affected.
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