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WF paying often and early harm chances of a CLI?

credit-user-19
Frequent Contributor

WF paying often and early harm chances of a CLI?

So I was slightly annoyed about having to make mulitple payments on my WF card but just got into the habbit of doing it and made it "Acceptable" just to keep my credit line open. 

 

With that said it seems I am paying 3 and 4 times a month now including the low statement balance. For the first 6 months of the card I was letting high usage balances post and then paying in full. 

 

Do you think this could harm my chances possibly of getting a CLI of them saying your not utilizating your credit much and long enough and don't need more? Trying to take guesses at WF UW criteria here.

 

6 months in I asked for a CLI and was denied based on lack of exp at least in writing. Speaking to a UW said Income was an issue however that wasn't given to me in writing so i'm unsure. I do plan to try again in 5 months and see what the answer is. 

 

Anybody else here with a WF card that paid balances off early and often but still got a CLI? 

Message 1 of 9
8 REPLIES 8
Nomad3
Frequent Contributor

Re: WF paying often and early harm chances of a CLI?

It's my understanding that WF won't approve any CLI until you hit 12mo. I just got mine and they gave me a low limit so I asked them to double it, they said because it was <30 days after approval they could submit it. Still waiting to hear back.

You shouldn't need to leave your utilization high for statement though, they can see your monthly spend even if you are paying down multiple times a month. Should be a sign that you need more room.


Goal: Mortgage/Chase Trifecta


Message 2 of 9
M_Smart007
Legendary Contributor

Re: WF paying often and early harm chances of a CLI?

OP, good luck with a CLI out of super conservative WFSmiley Indifferent

I don't even bother. I use Propel here and there and cash wise every 6 months to keep alive.

Message 3 of 9
Andypanda
Established Contributor

Re: WF paying often and early harm chances of a CLI?

I got tge card to use on a vacation i just took. I made a mid cycle payment. Right befor my vaction i called to see if i coukd get a cli, even though it was 4 months, took a hp, but got the cli.

Message 4 of 9
M_Smart007
Legendary Contributor

Re: WF paying often and early harm chances of a CLI?


@Andypanda wrote:

I got tge card to use on a vacation i just took. I made a mid cycle payment. Right befor my vaction i called to see if i coukd get a cli, even though it was 4 months, took a hp, but got the cli.


Just curious of you CLI before and after the HP?    .. I have plenty of CL is why I never would take a HP for it.

a few people have manged a SP CLI, but those are pretty rare.

Message 5 of 9
OmarGB9
Community Leader
Super Contributor

Re: WF paying often and early harm chances of a CLI?

I don't think that's a problem. Their internal system can see your transaction and payment history, and if anything, having to cycle your limit like that should HELP your chances of a CLI because it'll signal them that your limit is too low compared to your spend.

Last App: 12/27/2021
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Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 9
CardNut
Valued Contributor

Re: WF paying often and early harm chances of a CLI?

I always report balances. My situation is a little different. I maxed out my 10K Propel on a 0% intro. I got a auto 2K CLI 10 mos into the promo. I made minimum payments until the 0 ended. I PIF (Aug 31, 2019). A week ago (6 mos after auto CLI), I requested a 6K CLI to 18K (SP), and got it.

 

Use the card heavy for 6 mos and then request a CLI, if you meet their income requirements and have low util. They will require you to tell them how much to request. Can't ask them to put in what they think is appropriate. 

 

If they say, I'll put that into the UW department for review, and they will make a decision in a few days, it's a no. If they tell you immediately congratulations, your new CL is X, you're good.

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 7 of 9
noobody
Established Contributor

Re: WF paying often and early harm chances of a CLI?

WF Propel Amex

04/19 approved for 12.5K without prior relationship

in three months run balance up to 9K

pay down to 3K on 10/19

some small charges and minimum payments in between

ask for CLI to 20K, approved for 19K last week, soft pull

 

 

EX819 1HP|TU797 1HP| EQ(Fico8 BankCard)841
Message 8 of 9
CardNut
Valued Contributor

Re: WF paying often and early harm chances of a CLI?


@noobody wrote:

WF Propel Amex

04/19 approved for 12.5K without prior relationship

in three months run balance up to 9K

pay down to 3K on 10/19

some small charges and minimum payments in between

ask for CLI to 20K, approved for 19K last week, soft pull

 

 


That's basically my strategy. It seems to be effective. 

Scores, HPs/24 mos. (updated 01/13/21):
    Experian FICO Score 8 = 828, 1/24
    Experian FICO Score 9 = 813, 1/24
   TransUnion = 811, 1/24
    Equifax = 813, 0/24

Total 2020 rewards, incl. offers/deals = $1,388.00

Total CL: $247,000

Cards (hover over for CL | interest rate | Date Opened):
Message 9 of 9
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