topic Re: Wells Auograph CLI and now your checking is a factor in Credit Card Approvals

Wells Auograph CLI and now your checking is a factor

AzCreditGuy — Sat, 11 May 2024 15:35:53 GMT

I opened my Wells Autograph back in July 2019, before it was a Plat card that I did a PC to Autograph. I recently requested a CLI and was given a $4k increase and just received a letter why they were unable to to give me the full CLI I wanted.

1. Low balance in my Wells Checking/Savings (a factor)

2. Not Enough recent deposits into my Wells/Savings (a factor)

3. Wells Fargo credit card has not been open long enough to gather payment history (a factor)

I have a bi-weekly deposit going into my Wells Fargos account of $2k...I have a B of A and US bank checking accounts and use the Wells as a pay it all, while the other banks are used as primary funds to build up.

FYI that CC has been used since 2019 as a monthly auto pay for my cellphone bill

Doesnt matter if your score is 751 , seems Wells wants money in its accounts lol

Re: Wells Auograph CLI and now your checking is a factor

cashorcharge — Sat, 11 May 2024 16:41:19 GMT

That’s Terrific!! Congratulations on your Approval!!👏🏼🍾🥂

Re: Wells Auograph CLI and now your checking is a factor

keekers — Sat, 11 May 2024 17:47:59 GMT

Congrats. I wonder how many people that factor turns away from Wells.

Re: Wells Auograph CLI and now your checking is a factor

LADave — Sat, 11 May 2024 17:49:10 GMT

Congrats on your approval!

WF is known to give high CLIs to some people who keep small amounts in their accounts, and to people who have no deposit accounts with them. They're also known to give smaller CLIs or denied CLIs while giving low deposit amounts as a reason.

From this, I suspect the reality is that deposits can help clients get CLIs (or better CLIs) than WF would otherwise be inclined to give. But that's mostly a guess. These days, I make sure that I have at least $500 sitting in my WF checking account for a while before requesting a CLI with them.

Re: Wells Auograph CLI and now your checking is a factor

NoMoreDebt — Sat, 11 May 2024 23:41:36 GMT

Congrats

Re: Wells Auograph CLI and now your checking is a factor

FicoMike0 — Sun, 12 May 2024 01:29:44 GMT

Congratulations! Good info about deposit account. I'm planning to ask them for cli, I guess I better churn some money 💰through my checking.

Re: Wells Auograph CLI and now your checking is a factor

Willy_Ong — Sun, 12 May 2024 02:20:53 GMT

How to request limit increase WF autograph? I can't find the button in the website or mobile app, I really lazy to give them a call lol.

Re: Wells Auograph CLI and now your checking is a factor

AzCreditGuy — Sun, 12 May 2024 02:29:49 GMT

@Willy_Ong wrote:
How to request limit increase WF autograph? I can't find the button in the website or mobile app, I really lazy to give them a call lol.

CLI is call in only...They do that in case they send you over to an underwriter for a HP

Re: Wells Auograph CLI and now your checking is a factor

Snook_on_the_Line — Sun, 12 May 2024 03:40:44 GMT

I guess I'm gonna have to start keeping more than the $500 min to avoid the monthly fee in my checking for a couple of months before I decide to app for that there active cash card they got.

Don't wanna get slapped with a toy limit cuz I didn't have my balance up to their liking.

Re: Wells Auograph CLI and now your checking is a factor

LADave — Sun, 12 May 2024 05:23:24 GMT

@Snook_on_the_Line wrote:
I guess I'm gonna have to start keeping more than the $500 min to avoid the monthly fee in my checking for a couple of months before I decide to app for that there active cash card they got.

Don't wanna get slapped with a toy limit cuz I didn't have my balance up to their liking.

I'm not sure how much you want to get approved for, but keeping a minimum of just over $500 in seems to have worked for me, for both approvals and CLIs. I wouldn't necessarily go too wild with it.

And remember, there are DPs of 5-figure WF credit card approvals with customers who had no prior history with the bank. In other words, they had $0 in a WF checking account. Of course, it's safe to say that WF saw other things they liked in their profiles. And having plenty of money deposited at WF won't guarantee anything.

Re: Wells Auograph CLI and now your checking is a factor

FalconSteve — Sun, 12 May 2024 07:29:04 GMT

@AzCreditGuy wrote:
I opened my Wells Autograph back in July 2019, before it was a Plat card that I did a PC to Autograph. I recently requested a CLI and was given a $4k increase and just received a letter why they were unable to to give me the full CLI I wanted.

1. Low balance in my Wells Checking/Savings (a factor)
2. Not Enough recent deposits into my Wells/Savings (a factor)
3. Wells Fargo credit card has not been open long enough to gather payment history (a factor)

I have a bi-weekly deposit going into my Wells Fargos account of $2k...I have a B of A and US bank checking accounts and use the Wells as a pay it all, while the other banks are used as primary funds to build up.

FYI that CC has been used since 2019 as a monthly auto pay for my cellphone bill

Doesnt matter if your score is 751 , seems Wells wants money in its accounts lol

It stinks that my 826 credit score isn't enough, WF will not treat me favorably because I don't want a WF checking account their fees and lack of interest. I get 5.35% interest with no fees, 4.60% for checking. Between checking, savings, and stocks, I could probably get a much higher limit (I bought a house and EV cash, with pleney of money leftover) if we transfered everything, but that's not happening.

Re: Wells Auograph CLI and now your checking is a factor

LADave — Sun, 12 May 2024 13:52:26 GMT

@FalconSteve wrote:

It stinks that my 826 credit score isn't enough, WF will not treat me favorably because I don't want a WF checking account their fees and lack of interest. I get 5.35% interest with no fees, 4.60% for checking. Between checking, savings, and stocks, I could probably get a much higher limit (I bought a house and EV cash, with pleney of money leftover) if we transfered everything, but that's not happening.

Wells Fargo is getting more liberal with credit card approvals and CLIs for some profiles that don't already have accounts with them, but they're still essentially a relationship bank.

It's up to you to decide if going for higher limits at WF is worth losing interest.

The most I'll usually keep in my WF checking is about $500, which seems to work for my purposes. At 5.35% APY compounded daily, that would be $26.25 in interest I'd lose after a year. I'm personally OK with that trade off, and I have other money in HYSAs (and other investments to get more than my HYSAs). YMMV of course, and there's never a guarantee you'll get better CLIs with WF or any other bank.

Re: Wells Auograph CLI and now your checking is a factor

AzCreditGuy — Sun, 12 May 2024 15:44:58 GMT

@LADave wrote:
@FalconSteve wrote:
It stinks that my 826 credit score isn't enough, WF will not treat me favorably because I don't want a WF checking account their fees and lack of interest. I get 5.35% interest with no fees, 4.60% for checking. Between checking, savings, and stocks, I could probably get a much higher limit (I bought a house and EV cash, with pleney of money leftover) if we transfered everything, but that's not happening.
Wells Fargo is getting more liberal with credit card approvals and CLIs for some profiles that don't already have accounts with them, but they're still essentially a relationship bank.

It's up to you to decide if going for higher limits at WF is worth losing interest.

The most I'll usually keep in my WF checking is about $500, which seems to work for my purposes. At 5.35% APY compounded daily, that would be $26.25 in interest I'd lose after a year. I'm personally OK with that trade off, and I have other money in HYSAs (and other investments to get more than my HYSAs). YMMV of course, and there's never a guarantee you'll get better CLIs with WF or any other bank.

They are not getting liberal with CLI, if they were than the Coice card holders would be getting SP for CLI, instead of HP and BS excuses that the account is still new, like they did with my Autograph denial of full CLI requested.

Re: Wells Auograph CLI and now your checking is a factor

AzCreditGuy — Sun, 12 May 2024 15:47:35 GMT

@FalconSteve wrote:
@AzCreditGuy wrote:
I opened my Wells Autograph back in July 2019, before it was a Plat card that I did a PC to Autograph. I recently requested a CLI and was given a $4k increase and just received a letter why they were unable to to give me the full CLI I wanted.

1. Low balance in my Wells Checking/Savings (a factor)
2. Not Enough recent deposits into my Wells/Savings (a factor)
3. Wells Fargo credit card has not been open long enough to gather payment history (a factor)

I have a bi-weekly deposit going into my Wells Fargos account of $2k...I have a B of A and US bank checking accounts and use the Wells as a pay it all, while the other banks are used as primary funds to build up.

FYI that CC has been used since 2019 as a monthly auto pay for my cellphone bill

Doesnt matter if your score is 751 , seems Wells wants money in its accounts lol
It stinks that my 826 credit score isn't enough, WF will not treat me favorably because I don't want a WF checking account their fees and lack of interest. I get 5.35% interest with no fees, 4.60% for checking. Between checking, savings, and stocks, I could probably get a much higher limit (I bought a house and EV cash, with pleney of money leftover) if we transfered everything, but that's not happening.

You have valid points, where are you getting the % bankiong at?

Re: Wells Auograph CLI and now your checking is a factor

Thomas_Thumb — Sun, 12 May 2024 17:26:31 GMT

@AzCreditGuy wrote:
I opened my Wells Autograph back in July 2019, before it was a Plat card that I did a PC to Autograph. I recently requested a CLI and was given a $4k increase and just received a letter why they were unable to to give me the full CLI I wanted.

1. Low balance in my Wells Checking/Savings (a factor)
2. Not Enough recent deposits into my Wells/Savings (a factor)
3. Wells Fargo credit card has not been open long enough to gather payment history (a factor)

I have a bi-weekly deposit going into my Wells Fargos account of $2k...I have a B of A and US bank checking accounts and use the Wells as a pay it all, while the other banks are used as primary funds to build up.

FYI that CC has been used since 2019 as a monthly auto pay for my cellphone bill

Doesnt matter if your score is 751 , seems Wells wants money in its accounts lol

Yes, they want to see $20k or more in qualifying accounts for avoiding monthly fees on Prime checking. That threshold might influence CLIs as well if linked.

Re: Wells Auograph CLI and now your checking is a factor

NAVYCHOP — Sun, 19 May 2024 04:36:41 GMT

WF is a mystery with CLIs. Their website says I have an 833 FICO 9 score. I have a long term home mortgage and sufficient stocks to have the Prime checking fee waived, They are offering me the reflect card for balance transfers I don't need every time I log in to their website. Yet when I ask for a CLI above my active cash $14k limit, they say they need a hard pull with underwriting to consider a request. I've even put about $20k in charges on the card this year and always pay in full. If my relationship is not good enough to get a soft pull CLI then I don't want to steer more business to Wells. The active cash was sock drawered on a recent trip to Europe as I will not pay the 3 percent FOREX fee on that card.

Re: Wells Auograph CLI and now your checking is a factor

nbnsraz — Tue, 21 May 2024 04:54:19 GMT

I got the same letter when they gave me 2.5k when I asked for 5k, but I had also recently got an auto CLI from the initial limit of 8k, so I wasn't bothered by that. Wells Fargo is generally known with their smaller CLI's, so I think it's just a way of encouraging relationship banking. Doubt it would really change their equations on how much credit you really get though.

Congrats on getting a decent increase though, 4k with Wells is good I think, especially if you don't put a lot of spending on the card.

Re: Wells Auograph CLI and now your checking is a factor

CreditAggie — Wed, 29 May 2024 05:02:07 GMT

Congratulations on your Wells Fargo Autograph CLI!