topic Re: Wells Fargo Credit Line Reallocation for New Account in Credit Cards

Wells Fargo Credit Line Reallocation for New Account

UncleB — Fri, 12 Feb 2016 01:20:04 GMT

While logged into my Wells Fargo checking account they show me as having an offer for their Visa.

My specific offer isn't attractive (high APR) but I did notice some interesting language displayed prominently above my terms that others might find interesting:

Apparently if you have an account you've not used for six months, it's credit line is 'fair game' for allocating a portion for a new card - and your application for the new account is your consent for them to do so.

This is also the first time I've seen in writing that they are also willing to move credit lines from one card to another at a customer's request, although I've read of it a few times on here.

I don't have a Wells Fargo card on my radar, but perhaps this might help someone who does. Please disregard if this is 'old news'.

Re: Wells Fargo Credit Line Reallocation for New Account

FinStar — Fri, 12 Feb 2016 01:41:05 GMT

@UncleB wrote:
While logged into my Wells Fargo checking account they show me as having an offer for their Visa.

My specific offer isn't attractive (high APR) but I did notice some interesting language displayed prominently above my terms that others might find interesting:

Apparently if you have an account you've not used for six months, it's credit line is 'fair game' for allocating a portion for a new card - and your application for the new account is your consent for them to do so.

This is also the first time I've seen in writing that they are also willing to move credit lines from one card to another at a customer's request, although I've read of it a few times on here.

I don't have a Wells Fargo card on my radar, but perhaps this might help someone who does. Please disregard if this is 'old news'.

This has been in writing for a while but not many folks may have dug deeper - good info still.

Also, if you have any current WF CC relationship, and if a CLI requires UW review or engagement, they also offer this as an option in the event a CLI is not granted.

Re: Wells Fargo Credit Line Reallocation for New Account

WLRK11 — Fri, 12 Feb 2016 04:18:37 GMT

@UncleB wrote:
While logged into my Wells Fargo checking account they show me as having an offer for their Visa.

My specific offer isn't attractive (high APR) but I did notice some interesting language displayed prominently above my terms that others might find interesting:

Apparently if you have an account you've not used for six months, it's credit line is 'fair game' for allocating a portion for a new card - and your application for the new account is your consent for them to do so.

This is also the first time I've seen in writing that they are also willing to move credit lines from one card to another at a customer's request, although I've read of it a few times on here.

I don't have a Wells Fargo card on my radar, but perhaps this might help someone who does. Please disregard if this is 'old news'.

Thanks for posting this! I started a chat with WF a few months ago to specifically ask if WF will reallocate my limits. The chat agent thought I was asking about a CLI, but after repeating myself a few times, she informed me that WF does not allow customer to reallocate limits.

So, this is great news!

Re: Wells Fargo Credit Line Reallocation for New Account

UncleB — Fri, 12 Feb 2016 04:36:25 GMT

@WLRK11 wrote:
Thanks for posting this! I started a chat with WF a few months ago to specifically ask if WF will reallocate my limits. The chat agent thought I was asking about a CLI, but after repeating myself a few times, she informed me that WF does not allow customer to reallocate limits.

So, this is great news!

I'm glad you found it helpful... I thought I recalled at least a person or two a while back who had problems moving credit lines with Wells, and I was hoping this might help.

At a glance I was unable to find this exact language on the credit card page of their site, but it shows up once a pre-qual offer is presented; it will be right above the 'black box' with your terms.

Hopefully now that the text is displayed plainly on their offers, the CSRs will be better informed! <fingers crossed>

Re: Wells Fargo Credit Line Reallocation for New Account

KSK1912 — Fri, 12 Feb 2016 04:39:43 GMT

@UncleB wrote:
@WLRK11 wrote:
Thanks for posting this! I started a chat with WF a few months ago to specifically ask if WF will reallocate my limits. The chat agent thought I was asking about a CLI, but after repeating myself a few times, she informed me that WF does not allow customer to reallocate limits.

So, this is great news!
I'm glad you found it helpful... I thought I recalled at least a person or two a while back who had problems moving credit lines with Wells, and I was hoping this might help.

At a glance I was unable to find this exact language on the credit card page of their site, but it shows up once a pre-qual offer is presented; it will be right above the 'black box' with your terms.

Hopefully now that the text is displayed plainly on their offers, the CSRs will be better informed! <fingers crossed>

Where did you see the offer after you logged in to your WF account? I use WF for my banking too and even though my cc with them is secured, i would like to know at least where to look in case they happen to send me an offer too. This is useful information. Thanks.

Re: Wells Fargo Credit Line Reallocation for New Account

UncleB — Fri, 12 Feb 2016 05:03:10 GMT

@KSK1912 wrote:

Where did you see the offer after you logged in to your WF account? I use WF for my banking too and even though my cc with them is secured, i would like to know at least where to look in case they happen to send me an offer too. This is useful information. Thanks.

Here's a screen print of where I clicked to get the pre-qual offer (circled). After I clicked it, it took a few seconds; I suspect a SP was taking place behind the scenes.

Re: Wells Fargo Credit Line Reallocation for New Account

KSK1912 — Fri, 12 Feb 2016 05:12:28 GMT

@UncleB wrote:
@KSK1912 wrote:

Where did you see the offer after you logged in to your WF account? I use WF for my banking too and even though my cc with them is secured, i would like to know at least where to look in case they happen to send me an offer too. This is useful information. Thanks.
Here's a screen print of where I clicked to get the pre-qual offer (circled). After I clicked it, it took a few seconds; I suspect a SP was taking place behind the scenes.

This is awesome.. I mean you posting the screen shot

Thanks a lot, i will keep an eye in that area every time i log in..

Thanks.

Re: Wells Fargo Credit Line Reallocation for New Account

Anonymous — Fri, 12 Feb 2016 06:03:43 GMT

On my phone, but when I log in, they always have this sucker there...with a variable APR. sorry, once again on phone.

Re: Wells Fargo Credit Line Reallocation for New Account

UncleB — Fri, 12 Feb 2016 07:48:45 GMT

@Anonymous wrote:
On my phone, but when I log in, they always have this sucker there...with a variable APR. sorry, once again on phone.

If it's a prequal, you'll have an offer that looks something like this:

Then when you scroll down you'll have a specific APR:

Re: Wells Fargo Credit Line Reallocation for New Account

Anonymous — Fri, 12 Feb 2016 15:55:22 GMT

Thanks Uncle B! I never have the set ApR. freakin popup and this. Kinda annoying actually like a perfume counter sprayer. Took the pic last night. Stupid pop ups. Thank you myFico for teaching to read the fine print or id think this mofo was a prequal.