Your Wells Fargo Platinum limit will be at least $1,000 for qualified applicants. That’s the Wells Fargo Platinum minimum credit limit, per the card’s terms and conditions, which means it’s all you’re guaranteed to get if approved for an account. You might receive a much higher Wells Fargo Platinum Card limit, depending on your income, debt and credit history. But you can’t count on having more than $1,000 to work with for a big-ticket purchase or balance transfers.
With that being said, you may have a tough time finding a 0% credit card with a higher minimum limit than Wells Fargo Platinum. The card currently offers an introductory APR of 0% for 18 months on purchases and 0% for 18 months on qualifying balance transfers - balance transfer fee of 3% intro for 120 days, then up to 5% (min $5).
Here’s the scoop on Wells Fargo Platinum credit limits:
Credit limits start at $1,000: The more income you have, at least compared to your current debt obligations, the higher you can expect your credit limit to be.
You can ask for an increase: To request a higher Wells Fargo credit card limit, call (800) 642-4720. Your odds of approval are highest if you pay your monthly bills on time and keep your credit utilization low. Wells Fargo may also grant automatic credit line increases to select eligible customers, but there is no way of knowing for sure whether you’ll be among them.
You can move your credit around: If you already have a Wells Fargo credit card and want to open another one, you can ask customer service - (800) 642-4720 - to shift some of your existing credit to the new card. You can’t move your entire credit line, though, just an amount above the original account’s minimum credit limit. For example, the Wells Fargo Cash Wise Visa® card has a minimum credit limit of $1,000. If you have a Wells Fargo Cash Wise with a $2,000 limit for instance, you could shift $1,000 in credit to a new Wells Fargo Platinum.
So to recap, your Wells Fargo Platinum credit limit will be $1,000+, and you could get an increase either by requesting one from Wells Fargo customer service at (800) 642-4720 or by moving your credit from another Wells Fargo card. That’s as much as you’ll know going in.
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.
You can request a Wells Fargo Platinum card credit limit increase by calling customer service at (800) 642-4720. To raise your chances of being approved for a higher credit limit, pay your bill on time for at least six straight months, reduce your outstanding debt, and update the income Wells Fargo has on file. Wells Fargo will be more likely to increase your credit limit if the revised income clearly shows that you can afford a higher limit.… read full answer
When you request a Wells Fargo Platinum credit limit increase, Wells Fargo will conduct a soft pull of your credit report, which does not affect your credit score. However, some Wells Fargo Platinum credit limit increase requests may involve a hard pull, which will cause a short-term dip in your credit score. Wells Fargo cannot do a hard pull without your permission.
Alternatively, you could be eligible for a Wells Fargo Platinum credit limit increase without even requesting one. The Wells Fargo Platinum card may offer an automatic credit limit increase if Wells Fargo’s regular review of your account shows a history of on-time payments and low debt.
The Wells Fargo Platinum card credit score requirement is 700 or better. That means people with good credit or better have a shot at getting approved for the Wells Fargo Platinum Card.
You should note that while your credit score is an important factor, there are plenty of other things that will impact your chances of being approved for the Wells Fargo Platinum Card, too. Some other key criteria include your income, existing debt load, number of open accounts, recent credit inquiries, employment status and housing status.… read full answer
If you excel in other areas, you might be able to get approved with a slightly lower credit score in some cases. But it’s best to wait to apply until you meet the Wells Fargo Platinum credit score requirement. You can check your credit score for free on WalletHub.
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