How to get a Wells Fargo credit limit increase

Young person smiling as they look at their Wells Fargo credit card and consider a credit limit increaseImage: Young person smiling as they look at their Wells Fargo credit card and consider a credit limit increase

In a Nutshell

If you have a Wells Fargo credit card, you can request a Wells Fargo credit limit increase by calling and speaking with a customer service agent. But you'll need to meet the card issuer's criteria to qualify.
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Getting a Wells Fargo credit limit increase can help boost your spending power and even potentially improve your credit scores.

Your credit utilization rate is an influential factor in your credit scores, and by increasing your card’s credit limit, you may be able to reduce the percentage of available credit that you’re using, which can increase your credit scores.

If you have a Wells Fargo credit card, here’s how to request a credit limit increase and what to do if you get denied.

How to request a Wells Fargo credit limit increase

There are a few ways you can increase your available credit with Wells Fargo. Increasing your credit limit can give you more flexibility with large purchases or emergency expenses and can also potentially help your credit scores.

Does Wells Fargo increase credit limit automatically?

Wells Fargo may periodically review your account and increase your credit limit automatically if you’re eligible.

The card issuer doesn’t offer specific advice on how to qualify for an automatic credit line increase. In general, though, it’s a good idea to use your card regularly, keep your balance low relative to your credit limit, and pay on time every month.

Note, too, that some card issuers may decide to lower your credit limit if you don’t use your account carefully.

How to request a Wells Fargo credit limit increase

If you want to take the initiative, you can request a Wells Fargo credit limit increase by calling 800-642-4720. Unfortunately, the card issuer doesn’t spell out the requirements, but it may review your account history, current income and other factors to make its decision.

Be sure to have your card information ready and prepare to answer any questions the customer service agent may have.

Consider applying for a new Wells Fargo credit card

Applying for a new credit card can help you not only increase your overall available credit, but it can also give you the opportunity to explore different benefits and rewards rates and potentially choose from 0% interest credit cards, hotel credit cards, travel credit cards or even business credit cards.

Keep in mind, though, that a hard inquiry on your credit reports may be required when you apply for a Wells Fargo credit card. This inquiry could have a negative impact on your credit scores, but it’s usually small and temporary.

Does Wells Fargo do a hard pull for credit limit increases?

Wells Fargo doesn’t disclose publicly whether it runs a hard credit check to evaluate your credit health when you request a credit limit increase. If you plan to call and request an increase, ask the customer service representative about how it may affect your credit scores.

Even if the card issuer does run a hard inquiry, it can be worth it to help you achieve your financial goals. According to FICO, each additional hard inquiry knocks fewer than five points off your credit scores, and inquiries only influence your scores for 12 months. Just be sure to avoid multiple inquiries in a short time unless you’re rate-shopping for certain loans.

What to consider when requesting a credit limit increase

If you’re thinking about asking for a Wells Fargo credit limit increase, it’s a good idea to consider both the benefits and drawbacks. It’s particularly important to consider your spending habits and how increasing your available credit may impact your financial situation.

For example, if you tend to spend within your means and pay off your balance in full every month, or maybe occasionally carry a small balance, a credit limit increase could have a positive impact on your credit scores and give you some added flexibility.

But if you regularly carry a balance and struggle with overspending, a credit line increase could tempt you to rack up a larger balance, which means higher monthly payments and more interest charges. What’s more, a higher credit limit may not help your credit scores if your utilization rate doesn’t go down as a result of increased spending.

Take some time to think about your current situation, goals and spending habits to determine the right move for you.

What to do if Wells Fargo denies your request

If you apply for a credit line increase and get denied, ask the customer service representative to explain the reasons for the decision. This can help you determine your next steps.

For example, if it’s because you’re using too much of your available credit, work on paying down your balance. If it’s because of low credit scores, review your credit reports and take steps to improve your credit.

Whatever you do, continue to use your Wells Fargo credit card carefully. Depending on the situation, you may be able to apply for another Wells Fargo credit limit increase once you’re ready, or you can apply for a different credit card altogether, either through Wells Fargo or another card issuer.

About the author: Ben Luthi is a personal finance freelance writer and credit cards expert. He holds a bachelor’s degree in business management and finance from Brigham Young University. In addition to Credit Karma, you can find his wo… Read more.