Wells Fargo Credit Limit

buildingcreditfromnothing · ‎03-13-2015

Hello everyone!

I applied online for the Wells Fargo Visa Sig but was approved with a CL of $2500! WTH! My other lines average at around $35k. I'm not happy with Wells Fargo so far...

Here's a quick look at my profile:

Merrill + 75k CL

Alaska Airlines Visa Sig: 18k

123 Cash Rewards: 11k

CSP: 26k

Diners Club: 40k

Ritz Carlton: 21k

Nordstrom Visa: 15k

Macys: 25k

Shell: 3k

Chevron: 15k

BofA Business: 50k

Compared to the rest of my cards, Wells Fargo is worthless. How should I go about getting a CLI?! I called the underwriters yesterday and they said they needed payment history. I'd need to make multiple payments a month to use the card, so should I even bother?

lhcole77 · ‎03-13-2015

If having a WF card is worth it to you then I would do what they suggested.

If it's not, then don't.

I've been pleased with my relationship with them and my account has increased dramatically over time.

P.S. Do you have an established relationship with them?

B335is · ‎03-13-2015

WF treats their credit cards as an afterthought. You'll probably need to put in at least 6 months before they consider a CLI. I just tried with 5 months and they denied me.

thom02099 · ‎03-13-2015

@buildingcreditfromnothing wrote:
Hello everyone!

I applied online for the Wells Fargo Visa Sig but was approved with a CL of $2500! WTH! My other lines average at around $35k. I'm not happy with Wells Fargo so far...

Here's a quick look at my profile:

Merrill + 75k CL
Alaska Airlines Visa Sig: 18k
123 Cash Rewards: 11k
CSP: 26k
Diners Club: 40k
Ritz Carlton: 21k
Nordstrom Visa: 15k
Macys: 25k
Shell: 3k
Chevron: 15k
BofA Business: 50k

Compared to the rest of my cards, Wells Fargo is worthless. How should I go about getting a CLI?! I called the underwriters yesterday and they said they needed payment history. I'd need to make multiple payments a month to use the card, so should I even bother?

Wells Fargo is a very conservative bank. What others have given you as credit limits is apparently not relevant in their decision. They gave you the (presumably automated) limit based on data you input in your application as well as scoring. Underwriters advised you they needed to see payment history, presumably if you decide to use the card, you'll generate a history. Making those multiple payments per month could be the motivator for Wells Fargo to get you a possibly substantial credit limit increase, several months down the road.

Worth is subjective. There must have been a reason you applied for that particular card. If it is not worth it to you, because of a lower credit limit, it's your decision as to what to do with the card, ie, sock drawer or cancel.

buildingcreditfromnothing · ‎03-13-2015

Thank you for your reply. Although building a payment history is what they desire, I wonder if there is an alternate way to pursue a credit line increase. Perhaps, the executive office? As someone that takes home a mid six-figure salary, as well as additional business income, a $2500 credit line seems like an error in their system. After reading through the forum, I have concluded that Wells Fargo weights your banking relationship when determining the credit line they assign to you. I have been a customer since 2000. They don't seem to care.

Anonymous · ‎03-13-2015

I would go into the branch armed with your latest credit reports and talk to the branch manager. Do you have a history of high balances in your checking and savings accounts with them?

I bank with Wells myself ,business and personal,and know they can offer high limit cards to some, but it is no way across the board. We are only with them because we travel for our business and all of our money is made out of state. Wells is located in multiple states so that we can make cash deposits weekly and have immediate access to our funds. Credit card wise besides an overdraft account, most people don't see the large credit card limits with them often seen with banks such as B of A and Chase.

Maybe force the manager to call the appropriate higher level department. Personally I think $10,000-$15,000 given your banking relationship of 15 years, income, and credit file is what should be pushed for with a cli review in 6 months.

buildingcreditfromnothing · ‎03-15-2015

Thank you for your response! I think I'll do just that