Wells Fargo Credit Line Increase

[MDG099]

So I currently have 3 CC's:

Cap1: $500 limit/ $0 balance

GEmoney: $3,000 limit/ $1400 balance

Wells Fargo: $2,000 limit/ $0 balance

I also have a collection on my CR. However, the hospital, CA, and I all came to an agreement in writing that when we settled the debt that it would be removed from all 3 of my CR's. So I settled the debt last week and I called this morning and they said it should be removed within 2 weeks from my CR. SO! I should be in pristine condition once that is off.

Now, my question...

I'm waiting for the collection to come off before I request a CLI on my Wells Fargo card, however is there a certain way I should go about it? I'm looking to raise it substantially for my utilization as well as for any emergency's that arise. My hope is for $10,000 CLI. I have had this card for about a year with no late payments and PIF or made a larger payment than the minimum on the card. I'm just wondering if anyone has any advice for me. Thanks!

[ngerasimatos]

What are your scores?

[MDG099]

Before the collection:720 (this one will probably be higher because I've paid down the majority of my CC balances)

After the collection :642

[ngerasimatos]

Once it falls off, pull your reports and make sure everything looks in line. As for the request, I would call or go into a branch and ask for the CLI and tell them why you are wanting it. I think with that score, assuming you have no baddies and a good payment history you should be fine. 

[MDG099]

Any idea which CR Wells Fargo pulls?

[ngerasimatos]

Depends on your location. 

[Anonymous]

My scores are low to mid 700s across the board and I've had my card for 1 year. At the the one year anniversary they axed me from $5000CL to $3000CL. I don't really care because the card sucks (rewards wise) but just thought I'd let you know my experience with them thus far. Oh, and I have my mortgage with them for 1 year, pay extra on my mortgage EVERY payment and always on time.

[MDG099]

Well, what would be a good rewards card then? I don't travel too much right now, so airline points isn't very important. But I will be looking for a nice rewards card eventually.

[Anonymous]

We have NavyFed nRewards. I think they offer a better rewards card, but I'm pretty happy with the one we have now. We charge all our household expenses for the month on it and pay it about twice a month in full. We get a point for every dollar we charge. (AT&T Wireless $140 =140 points). Look into your credit union, if all possible. They reward customers like you. DCU also offers reward cards where you can redeem points for cash deposited to your savings account.

Wells Fargo isn't worth your time, IMHO. My husband applied for a loan for an attorney and WF ended up talking him into a credit card, with a credit limit of half of what we needed. Also wound up opening a checking/savings account with them, to be closed later on this month. :-)  I would bet instead of WF granting you a credit limit increase, they would either push you to open another credit card, or transfer your application to all their many departments before reverting back to their original offer of a new credit card.

WF approved $2500 credit card at I am pretty sure 28%, treating it like a signature loan. Originally they said 22%. Then we got papers in the mail.

Navy Fed approved one month later a $3500 credit card at 8.9%. (After like three hard inquiries from WF hit, and the new account)

[Anonymous]

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@Anonymous wrote:

We have NavyFed nRewards. I think they offer a better rewards card, but I'm pretty happy with the one we have now. We charge all our household expenses for the month on it and pay it about twice a month in full. We get a point for every dollar we charge. (AT&T Wireless $140 =140 points). Look into your credit union, if all possible. They reward customers like you. DCU also offers reward cards where you can redeem points for cash deposited to your savings account.

Wells Fargo isn't worth your time, IMHO. My husband applied for a loan for an attorney and WF ended up talking him into a credit card, with a credit limit of half of what we needed. Also wound up opening a checking/savings account with them, to be closed later on this month. :-)  I would bet instead of WF granting you a credit limit increase, they would either push you to open another credit card, or transfer your application to all their many departments before reverting back to their original offer of a new credit card.

WF approved $2500 credit card at I am pretty sure 28%, treating it like a signature loan. Originally they said 22%. Then we got papers in the mail.

Navy Fed approved one month later a $3500 credit card at 8.9%. (After like three hard inquiries from WF hit, and the new account)

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Sorry to hear that, sometimes they do go bit too far. (Thats what WF says, together we will go far)

anyway, WF cards with rewards are a joke. I would not go for rewards to WF, I have $1500 CL card and it is sock drawered. It is used occationally to keep it active.