If you go over your credit card limit with Wells Fargo, Wells Fargo may either deny the transaction or allow it without increasing your overall credit limit. Whether or not the transaction goes through depends in part on how you have managed the account and how long you’ve been with Wells Fargo. There is no Wells Fargo credit card over-limit fee. But if Wells Fargo allows an over-limit transaction, the amount over the limit will be due along with the minimum payment on your next billing statement.
Things are a bit different if you use a Wells Fargo credit card for overdraft protection on a bank account from Wells Fargo. Overdraft protection means that if your Wells Fargo checking account doesn’t have enough money to cover a purchase, your credit card gets used to cover the difference. The overdraft charge and its resulting fee could take you over your credit limit. The overdraft fee is $12.50 if the total of overdraft protection advances for the day is $50 or less. It’s $20 if the total of overdraft protection advances for the day is greater than $50.
If you find yourself frequently in danger of going over the credit limit on your Wells Fargo credit card, you may want to ask for a credit limit increase. Call customer service at 1-800-642-4720 to request one. However, you’ll need to have sufficient income to handle the increased limit. You’ll also need a history of timely payments on your card in order to have a good chance of getting approved. Keep in mind that when considering you for a credit limit increase, Wells Fargo may ask to do a hard pull of your credit, which would temporarily drop your score by a few points.
Going over your credit limit can result in your credit score taking a hit, as credit utilization (i.e. how much of your available credit you use on a monthly basis) accounts for about 15% of your overall score.
Other than this, going over your credit limit could result in over-the-limit fees, a decrease in your credit limit, or other penalties imposed by the credit card provider since this can be regarded as poor credit management and high lending risk.… read full answer
You should always be careful when using your credit cards to the limit, as maxing it out carries with it similar effects on your credit.
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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