Asking for a credit limit increase can make sense in a variety of circumstances. Maybe you want to boost your credit limit so you have more room to make a large purchase, or perhaps you want to tweak your limit in order to lower your credit utilization on a specific card.
An increased credit limit could also come in handy if you want access to more credit you can use in an emergency situation. Asking for a credit limit increase could also help you avoid going over your credit limit, which comes with its own set of consequences.
Before you pursue a Wells Fargo credit limit increase, however, there are several steps you should take to set yourself up for success. Keep reading to learn how to request a credit limit increase with Wells Fargo and what you should consider first.
Who is eligible for a credit limit increase with Wells Fargo?
Wells Fargo does not list specific requirements you need to meet before you can apply for a credit limit increase. However, there are some general rules of thumb to keep in mind.
- Before you ask for a higher credit limit, it is generally recommended that you have had your card for at least six months. This amount of time may be enough for you to have proven your ability to use credit responsibly.
- Your payment history should be flawless before you ask for a credit limit increase. Note that having late payments on your account history could easily ruin your chances of receiving a higher credit limit.
- Make sure your credit score is strong before you ask for a credit limit increase. If your credit score is higher now than when you initially applied for your Wells Fargo credit card, then you’ll be in a better position to qualify for a higher credit limit.
What to do before you ask for a credit limit increase
If you feel your chances of scoring a higher credit limit with Wells Fargo are fairly good, there are still a few steps you should take ahead of time. Consider these moves before you ask for a Wells Fargo credit limit increase:
- Check your credit score. The first step you should take is making sure you have a handle on your credit score, including how your score currently compares to your score when you applied for your Wells Fargo credit card. Fortunately, there are several ways to take a look at your credit score for free.
- Determine the credit limit increase you want to ask for. You’ll want to have an idea of how much more credit to ask for before you make this request with Wells Fargo. It is generally recommended to ask for a credit limit increase of less than 50 percent. This amount can help you decrease your credit utilization rate or free up available credit for emergencies.
- Consider other options. Ask yourself whether asking for more credit is a good move. If you’re constantly maxing out credit card cards and are paying a lot of interest each month as a result, more open credit may be the last thing you need.
How to request a higher credit limit with Wells Fargo
Wells Fargo does not allow you to request a credit limit increase online. Instead, they ask you to call into their customer service line at 1-800-642-4720.
When you call into Wells Fargo to make this request, you should have your credit card number handy and be willing to answer any questions they ask. Be prepared to tell them the credit limit increase you’re hoping for as well as why you want it. Also, note that asking for a credit limit increase could result in a hard inquiry on your credit report, which could temporarily impact your score.
As a final consideration, you should note that Wells Fargo may automatically increase your credit limit from time to time. In these instances, you may not know the credit limit increase has been applied to your account until you’re notified. However, there is no specific timeline for this process, and there is no guarantee you’ll be targeted.
What to do if Wells Fargo denies your request
If you ask for a credit limit increase from Wells Fargo and you’re turned down, there is nothing to do other than stay the course. Continue using your credit card responsibly and pay your bill early or on time month after month. You can always wait to see if you qualify for an automatic credit limit increase after enough time goes by, or you could wait another six months and ask for a credit limit increase from Wells Fargo once again.
In the meantime, spend some time building your credit history and your credit score up, which you can do by paying your bills on time, keeping your utilization low and refraining from closing old lines of credit that may be increasing the average length of your credit history. Also, try using your Wells Fargo credit card more often since they may be less inclined to approve a credit limit increase for a card you rarely use.
Finally, consider applying for a new credit card that could provide you with the additional open credit you need. Some credit cards come with zero percent APR for a limited time or rewards for each dollar you spend. If you feel as if you cannot qualify for another credit card from Wells Fargo, consider applying for a Chase credit card, a credit card from American Express or a card from Discover.
Pros and cons to consider when requesting a higher credit limit
There are plenty of advantages and disadvantages that come into play when you request a higher credit limit with Wells Fargo or any other issuer. Some of the pros and cons can depend on your unique situation, but here are the main factors to consider.
Pros of a higher credit limit:
- Access more available credit for emergencies
- Decrease your credit utilization on your Wells Fargo credit card, which could help boost your credit score
- Free up more credit to pay for a large purchase
Cons of a higher credit limit:
- Potential to rack up more high interest credit card debt
- Potential for a hard inquiry on your credit reports
The bottom line
There’s nothing wrong with asking for a credit limit increase if you believe you could benefit from one, but make sure you’re not asking for more credit for the wrong reasons. If you are only going to rack up more debt you won’t be able to pay off, then asking for a credit limit increase is a bad move.
Generally speaking, a credit limit increase should only be pursued with a specific goal in mind, such as decreasing your utilization to boost your credit score or freeing up credit for emergencies or a large planned expense. Make sure you have a reason to ask for a credit limit increase, and that you have a plan to pay off every cent you borrow plus interest and fees.