Wells Fargo Line of Credit

Anonymous · ‎12-19-2017

I placed the topic in here because I did not see any other category for it.

My question is on a Wells Fargo line of credit. Has anyone had success with a limit increase and/or APR reduction? I tried all the backdoor numbers I could find and it appears no one knows who I should speak with. I did reach someone who instructed me to go into a branch. It sounded odd, but I did it anyway. That was a complete waste of time. Their over the phone banker said there was no way to increase a LOC and I would have to apply for a completely new one (and have two).

Hoping someone was in a similiar situation and had some success. Thanks in advance!

Anonymous · ‎12-20-2017

Mine has been sitting still since I opened it in 2013. If it didn't hurt my age of account so bad I would close it, but it's my first and oldest account. Bump if anybody knows different but I don't think there's any way for that to happen. At least I haven't experienced it in 4 years almost 5.

Anonymous · ‎12-20-2017

Thanks for the reply!

Anonymous · ‎12-21-2017

No problem I hope I'm wrong but I want to leave wf I'm just deeply entrenched.

Anonymous · ‎12-21-2017

I asked multiple customer service reps; front end and back end - appears the only way is to apply for a new one which makes absolutely no sense. As a matter of fact, it doesn't surprise me since Wells Fargo makes you do the same thing (close down original, open new one) for their credit card product changes as well. IMO, that is false advertising because that is not a product change, that is a new application.

Anonymous · ‎12-22-2017

Originally I had most everything at Wells Fargo and I couldn't take it any more. Pulled insurance, investments, checking, savings, loans, credit cards etc and went elsewhere. No remorse. As to the effects of closing older accounts it is very YMMV and what is your credit file like? Mine is old and thick so closing accounts (and I have closed eight accounts over the last three years) with no effect.

Anonymous · ‎12-25-2017

I know its not WF but I have a LOC with Andrews FCU, and was told the same thing. I apped for 30K and got 15K. If I wanted a bigger line I could reapply in 6 months and see if they will give a bigger line, thankfully I qualified for the best rate.

On A side note, one thing I did not anticipate and its a failure to research was ACH daily limits. Almost everyone has a 5000 a day limit. I wanted to use mine for an investment opportunity. Not sure why any credit union would give you big limit and no way to use it in a timely manner. I found that perplexing.

Anonymous · ‎01-30-2018

Bump. Still have yet to find an answer anywhere else.