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Wells Fargo Credit info

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12njoy
Super Contributor

Wells Fargo Credit info

I got approved for my first Wells Fargo Visa in March 2014 for $2,500 the same day after opening up a checking account.  Asked for a CLI in June 2014 to $5,000.  Denied and approved on recon.  Wells Fargo will try and approve CLI on SP which for me was EX which is on ice.  On recon, they agreed to HP TU which got my CLI approved.  Fast forward to late July 2014.  Decided to app for the Wells Fargo Propel World American Express.  Approved with $2,500 (assumed it would be at least $5,000).  Called today to reallocate $2,500 from Visa to American Express since they have sign up bonus of 40,000 with $3,000 spend in 3 months.  Credit analyst said Wells Fargo is "Top of my wallet" for me.  I asked what does that mean.  He told me that Wells looks at how much you spend on average with your credit cards and they try and become the top card in your wallet with their limit.  For example, they said that I average $3,000 per month across all my cards so they gave me a combined credit line of $7,500.  Analyst said that while other credit limits does factor into the equation, it's the usage on the other cards, including any existing Wells Fargo cards that weigh more heavily.  He said if I had averaged a spend of $10,000, they would have had no problem beating that as he could see that I pay in full.  They also factor in other credit criteria as well but the aveage spend appears to be a mitigating factor.  My problem was that the PRG card I have didn't show most of my charges or payments (according to analyst).  I ran about $26,000 through that last year.  I'm going to start using the Wells cards that I have heavily for two months and see what happens when I ask for a CLI.  Analyst said that you could ask for a CLI every 4 months, but if you have heavy usage, you can do it more frequently.  Hopefully this helps someone on the fence with Wells Fargo.  Oh and they like to see a relationship with them in other areas (i.e., checking, auto, home, etc...). 

(Formerly known as: Credit is my hobby/TCL objective)
___________ 12Njoy
FICO - EX 810; EQ 797; TU 804 I'm climbing back to 800+
Message 1 of 20
19 REPLIES 19
thom02099
Valued Contributor

Re: Wells Fargo Credit info

As a sidebar to this....

 

I recently got a Wells Fargo Propel 365 card, with CL of $8K.  I've been running most of my spend through this card since receiving it.  I also have a WF Platinum Visa card, which has practically no useful purpose other than cell phone protection, minimal rewards.  I called WF to close my Platinum card and move the $7K CL to the Propel 365 card.  The analyst I spoke with said "no problem" but also said something interesting -- that since I'd recently gotten my Propel card, they could use the same CREDIT PULL for the transfer of CL.  That's something that was new to me, that they did a credit pull for a CL transfer from one card to another.  Since they pulled TU and my score is over 800, there was no problem at all and now my CL on the Propel 365 is $15K.  Still have great cell phone protection with the WF backing, and now have a better CL for the Propel 365...and one less card to worry about!

Message 2 of 20
IrishPM
Frequent Contributor

Re: Wells Fargo Credit info

I have the Platinum Visa with Wells Fargo with a CL of $12,500...started out with $7,000 and over 3 years they've raised the CL about every 9 months. It sucks that you can no longer use the card for Bill Pay if you have checking with them. It was extra convenient for me to pay all of my bills on the first of each month with my credit card, earn some rewards points, and pay the bill off each month. That system worked well for me and didn't have to worry if a creditor was paid or not, Wells Fargo guaranteed the payment would be sent on time each month.

Message 3 of 20
mjb59463
Regular Contributor

Re: Wells Fargo Credit info

I just got the Wells Fargo Plat with a 2500 limit. I plan on opening up the WF propel 365 amex in the future as well. Need something that gives me rewards for gas.


I'm wondering, Did they give you any sort of grief about having another card through them? Wells has always been a touchy lender in my experience. It was just this year that I got approved after trying twice in the past.
Scores: 790 TU (Barclay), 780 EX (Fico8), 790 EQ

Chase Freedom Unlimited (6k), CSP (20k), Amex Delta Platinum (13.5k), Amex Marriott Bonvoy (16k), Barclay Apple (12.5k), USBank Flexperks Travel Rewards (12k), Wells Fargo Visa Signature (10k), Citi Double Cash (8k), Amex Gold, Amex Platinum, Amex BBP (15k) Marriott Bonvoy Boundless (15k)
Message 4 of 20
12njoy
Super Contributor

Re: Wells Fargo Credit info


@mjb59463 wrote:
I just got the Wells Fargo Plat with a 2500 limit. I plan on opening up the WF propel 365 amex in the future as well. Need something that gives me rewards for gas.


I'm wondering, Did they give you any sort of grief about having another card through them? Wells has always been a touchy lender in my experience. It was just this year that I got approved after trying twice in the past.

They gave me no grief at all regarding the second card.  I was surprised how they calculate your credit limit.  It appears that other credit limits factor less and actual spending factors more.  I have five cards with $10,000+ but have never really spent anywhere near the limits.  I'm going to test their explanation over the next two months and try for a CLI and see what happens.  They did give me a CLI on my Wells Fargo Visa after only two months ($2,500-$5,000).  The Propel World Amex has a sign up bonus of 40,000 points.  Yes it comes with a hefty $175 annual fee which is waived the first year.  I'll call to cancel after my first year like I did with Amex PRG (they gave me 25,000 points to keep PRG).  If they don't sweeten the deal, I'll close and move credit line to Wells Fargo Visa.

(Formerly known as: Credit is my hobby/TCL objective)
___________ 12Njoy
FICO - EX 810; EQ 797; TU 804 I'm climbing back to 800+
Message 5 of 20
Anonymous
Not applicable

Re: Wells Fargo Credit info

Great info. Gave up my two WF Cards as they had stagnated as a card issuer. Possibly there is the waking of a Giant.
Message 6 of 20
12njoy
Super Contributor

Re: Wells Fargo Credit info


@Anonymous wrote:
Great info. Gave up my two WF Cards as they had stagnated as a card issuer. Possibly there is the waking of a Giant.

According to the analyst at WF, they love to see usage.  He must have stressed that ten times in that conversation.  He predicated it by saying "I'm not telling you to run out and charge $15,000, but if you did and then asked for a CLI, I would be much more inclined to give it to you looking at your credit profile".  Keep in mind that my scores are not great, but WF seems willing to work with me.

(Formerly known as: Credit is my hobby/TCL objective)
___________ 12Njoy
FICO - EX 810; EQ 797; TU 804 I'm climbing back to 800+
Message 7 of 20
Creditaddict
Legendary Contributor

Re: Wells Fargo Credit info

If you link Wells Fargo Credit Card as overdraft do they charge a fee to use it?

Currently our savings is the overdraft and they charge $12.50 to make an advance from savings to checking (BS!)

Message 8 of 20
12njoy
Super Contributor

Re: Wells Fargo Credit info


@Creditaddict wrote:

If you link Wells Fargo Credit Card as overdraft do they charge a fee to use it?

Currently our savings is the overdraft and they charge $12.50 to make an advance from savings to checking (BS!)


That I don't know.  I'm new to WF since March 2014. 

(Formerly known as: Credit is my hobby/TCL objective)
___________ 12Njoy
FICO - EX 810; EQ 797; TU 804 I'm climbing back to 800+
Message 9 of 20
thom02099
Valued Contributor

Re: Wells Fargo Credit info

It also helps if one has an established history with Wells Fargo.  I've got a mortgage and another loan with them, in addition to the two (now 1) credit cards.  In addition to the spend correlation that the OP discussed, the analyst I spoke with mentioned that, in looking over my profile, I have a lot of funds going through Wells Fargo, and that they appreciate my business.  I bet they do !!

 

Also of note:  As with all Wells Fargo cards, one can only make 2 payments per month, on line at their website.  I specifically asked about that, since the Propel card uses the AMEX system, but was told that since it's a WF issued card, it's still only 2 payments per month.  I was hoping that they would follow the AMEX protocol and allow more payments from their on line website.  One can always call in and pay more times per month, or push from your non-WF account. 

Message 10 of 20
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