WF SP CLI Denial

[Anonymous]

So decided to do a SP CL on my WF card from $1500 to $3000 to bring util down and was denied. Perhaps too much too quickly. Thinking it might be income. This would be a nice CL to get my util down to 30% and under on average. Hopefully just the account is too new. 

I have paid the account in full each month. Util on this card is 65%-95% based on what happened during the month. Last month was 95% 

Was told to call 866-412-5957 tomorrow since they are closed right now which I guess is a recon line for advise on what to do next before attemping a HP CLI. 

Perhaps the only way forward is making mulitple payments over the month to bring util down and will be doing that until i can get a CLI. 

[Anonymous]

Ummm... Pay down the WF to $5 and let that report and no other balances on your other cards.

Ideally you should only report a statement balance of less than 8.9% on any card.  

[Anonymous]

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@Anonymous wrote:

Ummm... Pay down the WF to $5 and let that report and no other balances on your other cards.

Ideally you should only report a statement balance of less than 8.9% on any card.  

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I could try that.

Going to call them tomorrow and see what they say.

[Meanmchine]

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@Anonymous wrote:

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@Anonymous wrote:

Ummm... Pay down the WF to $5 and let that report and no other balances on your other cards.

Ideally you should only report a statement balance of less than 8.9% on any card.  

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I could try that.

Going to call them tomorrow and see what they say.

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Good luck

[Anonymous]

Spoke to them and they told me pretty much my credit profile is too new and my income is too low. The last part means i'll probably be stuck at this limit for quite some time. will admit my income is low. 

Hopefully I'll have a auto CLI at some point down the road. Doubt it tho. 

So wanted to avoid mulitple payments but it's what i'll have to do for now to bring my util down or wait some time and apply for more credit to pad usage. Looks like WF isn't going to give me any more.

They did make a postive note and keeping my account is good standing if that makes any difference. I don't blame them for the denial. If I was UW i'd likely deny it as well. 

[Anonymous]

So I got a cross notice in the mail and spoke to the the UW department what was going on again and they were much better then the previous rep I spoke to. They pretty much said we want to give you more credit but legally based on your income we can't due a proxy rent payment that puts you right over the cutoff. I have no rent payment right now. Figure it's all part of the Credit CARD Act of 2009.

They said pretty much it's BS but we can't do it sadly. 

So I guess my WF card will remain at $1500 until I can increase my income. They said i'm fine here but can't go much more. 

Dare I give props to WF for being extremely helpful and wonderful to me on the phone?  

[Anonymous]

I’ve found WF CSRs to be very hit or miss. I’m glad you finally got a good one to help explain things.

Sorry for the denial, but keep doing what you’re doing!

[PackAttack07]

I have two W.F. cards and have been denied for Soft pull CLI via phone on at least 6 or 7 occassions. In some of these cases it made no sense since they are my primary account (can see income) and debt had been paid down strategically in the months prior to the call to show credit profile improvement.

At least 1/3rd of the time, maybe even half, I had a 10%-30% CLI added onto the relevant account within 2 or 3 months. Don't be surprised if you get the same, although income wasn't my problem. There have been times where the account was at as much as 89% Utilization when asking for the increase. They like seeing large payments and periods of varying usage (show them you can pay it down at least a decent amount for a few months). 

I don't even expect to get an increase when I call now every 3-6 months. I use it as an opportunity to update my income on file - stupidly there is no income entry point for W.F. other than applications and CLI, so by doing a soft-pull CLI inquiry via phone (confirm it'll be SP and that they will back out before letting it get to their UW dept) you can show them you're interested and potentially trigger a review of your account for an increase.

[Anonymous]

So I got the offical denial letter today and it says nothing about income. 

The reason for denial purely was "insufficient experience with current account"

Gives me hope a CLI may be possible the road. Will try again in 6 months. 

[PackAttack07]

Sorry you didn't have any luck, but like I said now they know you're interested in a higher limit so just keep using the card and paying it. Not sure how new your account is - I wouldn't expect an increase until you've had the card a solid 4-6 months at least if you couldn't get a higher CL on recon when you applied.

Don't max it out or anything, but if you can run it up mid-cycle to 50%-70% of your limit and pay it down before your statement cuts they'll get the picture and eventually raise it for you. Only do that if you can 100% pay it of course, but they want to make money and if you're hitting your head on the ceiling every month and have sufficient income and creditworthiness, they will raise for you. Between my two Wells Fargo cards (one being a Propel) I've had at least 10 CLIs, most of which were unsolicited (before I started calling them regularly to have them do a soft-pull check).