How to request a credit line increase with Wells Fargo

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Asking for a credit limit increase can be a good move in a variety of circumstances. Maybe you want to boost your credit limit so you have more room to make a large purchase, or maybe you want to lower your credit utilization on a specific card. An increased credit limit can also help you to access more credit in an emergency situation and avoid going over your credit limit in the future.

Before you pursue a Wells Fargo credit line increase, there are a few steps you should take to set yourself up for success. Here’s everything you need to know about requesting a Wells Fargo credit limit increase, along with what you should consider before you apply:

Who is eligible for a credit limit increase with Wells Fargo?

Wells Fargo doesn’t list specific requirements you need to meet to increase your Wells Fargo credit limit. However, those who have done the following will likely put themselves in a better position for their request:

• Those who have had their card long enough to build up credit history. Before you ask for a higher credit limit, you should have had your card for at least six months. This gives you time to demonstrate a history of responsible borrowing.
• Those with a positive payment history. Your payment history should be spotless before you ask for a credit limit increase. Having late payments on your account history could lower your chances of being approved.
• Those who have kept their credit score high. You should make sure your credit score is strong before asking for a credit limit increase. Wells Fargo determines your initial credit limit based on your credit score, so if your credit score is higher now than when you initially applied for your Wells Fargo credit card, then there’s a good chance you may qualify for a higher limit.

What to do before you ask for a credit limit increase

There are a few steps you should take before requesting a credit limit increase from Wells Fargo:

• Check your credit score. You should be sure to have a good handle on your credit score, including how your current score compares to your score when you initially applied for a Wells Fargo credit card. You can check your credit score for free online by using a variety of free tools, including Wells Fargo’s Credit Close-UpSM program (you must have an eligible Wells Fargo account to sign up).
• Determine the credit limit increase you want to ask for. You should have an idea of how much more credit to ask for before you make your request. It’s a good idea to ask for a credit limit increase of less than 50 percent.
• Consider other options. You should make sure that you’re requesting a credit limit increase for the right reasons. If you’re already struggling with credit card debt, a credit limit increase may not be the best solution. Signing up for a balance transfer credit card or working with a certified credit counselor will likely be better for your situation.

How to increase your credit limit with Wells Fargo

Wells Fargo does not allow you to request a credit limit increase online. You can call their customer service line at 1-800-642-4720 in order to request an increase.

When you place the call, you should have your credit card number handy and be prepared to answer any verification questions they might ask. Be sure to let them know the credit limit increase you’re hoping for as well as why you want it. It’s important to note that asking for a credit increase may result in a hard inquiry on your credit report, which could temporarily impact your score.

Keep in mind: You may be eligible for an automatic credit limit increase from Wells Fargo after a certain amount of time. However, there’s no specific timeline for this process and no guarantee that you’ll be targeted. You can always ask a representative about this process before you make an official request, however.

What to do if Wells Fargo denies your request

If Wells Fargo turns down your credit limit increase request, there are a few steps you can take. You should

• Continue using your credit card responsibly. This includes paying your bill early or on time as often as possible, as well as being sure to not max out your credit card.
• Wait at least six months before asking Wells Fargo again. This will give your credit score time to recover from the potential hard inquiry. Plus, you might also qualify for an automatic credit limit increase during that time.
• Spend some time building your credit history and credit score. While you wait, you can work on improving your score by paying your bills on time, keeping your credit utilization low and refraining from closing old lines of credit.

You may also want to consider applying for a new Wells Fargo credit card that could provide you with the additional open credit you need. Some credit cards come with introductory APR offers that can help you save money on interest for a set period of time, while others let you earn points or cash back for each dollar you spend.

If your credit score isn’t where you want it to be, you may qualify for a credit card for borrowers with fair credit.

The bottom line

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. With a higher credit limit, you can have more purchasing power and more available credit for emergencies. But a higher credit limit also creates the opportunity to rack up more high-interest credit card debt, not to mention lower your credit score with a hard inquiry — even if it’s temporary.

However, there’s nothing wrong with asking for a credit limit increase if you believe you could benefit from one. To request your credit limit increase from Wells Fargo, all you have to do is call them. Just make sure you’re asking for a credit line increase for the right reasons. It’s a good idea to apply for a credit limit increase with a specific goal in mind, such as lowering your credit utilization or funding a large planned expense.

If you’re struggling with high-interest credit card debt, you’d likely be better off working with a certified credit counselor or looking for a new balance transfer credit card that you can use to pay down your debt.