How To Get A Wells Fargo Credit Limit Increase

How To Get A Wells Fargo Credit Limit Increase

Requesting a credit limit increase from Wells Fargo can be as easy as calling the number on the back of your credit card and asking. But receiving an increase will depend on several factors, and doing everything you can to prepare before you ask can help improve your chances.

Wells Fargo will likely review your credit score, current Wells Fargo account and financial information to make a decision. A credit limit increase means permission to borrow more money from Wells Fargo, so approval can be a sign that you’re doing well on your credit journey.

How To Increase Your Wells Fargo Credit Card Limit

When you’re ready to ask for a credit limit increase from Wells Fargo, you can call the bank at 1-800-642-4720. Ask to speak to a representative about increasing your account’s credit line.

Make sure you’re prepared with the exact increase amount you plan to ask for—whether total or by percentage—your account number and other identifying information. Wells Fargo may also want to know if your employment status or annual income has recently changed.

Credit card issuers like Wells Fargo typically look at financial information and account standing to determine whether a cardholder is eligible for an increase.

How Often Does Wells Fargo Increase Credit Limits?

Wells Fargo doesn’t specify how often a cardholder’s credit limit can be increased, but generally, credit limit increases are possible as frequently as every six months to a year—if the cardholder opened the credit account more than six months ago and the account remains in good standing. Good standing indicates the cardholder has been responsible in regard to maintaining a low monthly balance and paying every bill on time.

Credit limit increases can happen automatically with many issuers if you keep your financial information up to date. For example, when logging in to your online account, you may see a pop-up asking for your current income information. If you see this pop-up (and even if you don’t) it can be smart to let Wells Fargo know when your income has increased or if your employment status has changed. You’re not required to provide this information if you don’t want to.

Requesting a credit limit increase involves a review of your credit score and credit history, which can sometimes involve a hard credit card inquiry. Hard credit card pulls can temporarily lower credit scores—but scores typically bounce back quickly if you continue to make regular payments. When you call Wells Fargo, you can ask the representative if there will be a hard inquiry before you formally submit the request for a higher credit limit.

How Much Will Wells Fargo Increase Your Credit Limit?

How much Wells Fargo increases your credit limit will depend on your credit score, account standing and financial information such as monthly bills and annual income. Keep the request reasonable—asking for a 5% increase might be better received than a 50% bump.

If you recently received a massive pay raise at work, you might have a good chance asking Wells Fargo for a significantly increased credit limit. If you aren’t sure how much of an increase to ask for, don’t be afraid to discuss it with the Wells Fargo representative and ask for input. They may be able to give you insight into how much of an increase you’re likely to qualify for.

Do Credit Limit Increases Affect Your Credit Score?

Credit limit increases can affect credit utilization and thus your credit score. Credit utilization is the total amount of available credit compared to the amount you’ve currently used. We recommend cardholders keep their credit utilization below 30% (between 1% and 10% is ideal).

A credit limit increase has the potential to lower your credit utilization rate by raising your overall available credit. Utilization can heavily impact your credit score, so the lower it is, the better your score can be.

If a credit increase leads to more spending, however, the potential boost to your credit score will be wiped out. And, if you don’t have the ability to pay for that increased spending, an inability to pay in full or on time can have serious financial and credit consequences.

Whether or not Wells Fargo approves your request, you can maintain or improve your credit score by making payments on time and maintaining a low balance to keep credit utilization low.

Applying for a second credit card in case of a denied request can be a backup option, but beware the negative credit impact of too many hard inquiries in a short period of time.

Also, know that if your credit limit increase generates a hard inquiry, that can ding your score.

Bottom Line

Requesting a credit limit increase should be easy, but the decision may not be immediate. Be patient, and if your request is denied ask Wells Fargo to explain why. Work on improving your credit score over time and make sure to report any income increases. No matter what your credit line is, it’s always important to spend responsibly.

Frequently Asked Questions

How often can I get a credit limit increase from Wells Fargo?

You may be eligible for a credit limit increase as soon as six months from the date of account opening and then potentially every six to 12 months thereafter.

Do credit limit increases affect credit scores?

Yes, credit limit increases can raise your overall credit available and thus lower your credit utilization. This can help your credit score increase, but only if you don’t increase spending—higher balances can destroy any reduction in credit utilization rate.

How can I get a credit limit increase with Wells Fargo?

You may call Wells Fargo directly at 1-800-642-4720 or by calling the number printed on the back of your card, and ask for a credit limit increase.

Will I be eligible for a credit limit increase?

To increase your chances of being eligible for a credit limit increase, spend responsibly, keep balances low and keep your financial information up to date. Raises and other increases in income can help show Wells Fargo you have the income to pay off higher balances.

More from Forbes Advisor