Asking for a higher spending limit... advice?

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inquiry65
 
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Location: new york, ny

Asking for a higher spending limit... advice?

Postby inquiry65 » Sat Dec 15, 2012 6:22 pm

Seeking savvy insight on making credit line increase requests. I have a Mastercard issued through Wells Fargo; customer since '03, never missed a payment and FICO scores are high (780s)

Credit limit to date is $10K plus; 90% of my line available. Yet, over the past year, have been told twice my limit is as high as it can go for my income level.

I haven't requested an increase in 8 months. My questions are: Is there way around this company line? Last time they requested review of my credit reports but I declined, should I allow that?

If anyone else has Wells card who can share feedback would appreciate. Thanks, Happy Holidays.


MemberSince99
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Postby MemberSince99 » Sat Dec 15, 2012 7:51 pm

What I would suggest to you is the following: Your scores and history should get you almost any prime card you would want. (Obviously there are other factors but you should be good if all else is fine). I suggest you apply for a few other cards with different companies and see what they can do for you. Examples of companies you would want to get in with would be Chase, US Bank (make sure they do business in your state before you apply with them), Citi, BOA, etc. Prime lenders. Now you just never know which companies will like you until you pull the trigger, and I've found some will like you and give you a big limit to start if you have great scores and history, and others will go all Cap One on you, and the only way to know for sure is apply. So apply for a few and get a couple that have a higher limit than your 10k that Wells will not budge on.

Wait until the new cards report, then call Wells up and tell them that you have been asking for a CLI for a while now and they will not budge so you went and got a couple of cards from ABC and XYZ with limits of say 15k to 20k. Tell them you'd like to offer them the chance to compete for your continued business and that you'd like to see if they can meet or beat your new limits.
This way if they still say "no" then it's pretty clear you've gone as far with Wells as you are going to, and you can give the business to people who seem to want it more. And if you do get an increase from Wells, great, that means they want your business.

That's the best advice I can give you. Let us know if you try it how it turns out.

MemberSince99
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Postby MemberSince99 » Sat Dec 15, 2012 7:55 pm

Two other things I'd like to add. Whatever you do, do NOT close the Wells Fargo card. With 9 years showing on that, it's helping boost your score. If you do use someone else's card more, use the Wells card every now and then to keep it as an open account.

Also I would suggest Discover but they seem to be a naturally stingy company with limits as a rule. Again YMMV, but most start with a relatively small limit with them no matter what your other cards, though I read of some getting over 10k to start but that is RARE. So I don't think a Discover will be as likely to get you what you want here and that's why I didn't suggest them for this particular thing. It MIGHT happen but it's a lot more likely with say Citi.

Just a couple more bits of FYI.

inquiry65
 
Posts: 2
Joined: Sat Dec 15, 2012 6:01 pm
Location: new york, ny

Postby inquiry65 » Sun Dec 16, 2012 8:39 am

MemberSince99 - thanks for the sage advice. My guess is from your comments, another issue may be I don't use the Wells card enough, which admittedly I don't, it's been an emergency resource and as you point out with the long history and being mindful of high available credit has kept my FICO scores high.

I'll look into the Prime cards suggested just the same. I can't I've been unhappy with Wells, just unhappy with the CLI position they've taken given how long have been a customer without issue (unless their issue is I don't use the card enough). It's also my only card, so, perhaps that works against me as well.

I even used them for a balance transfer off the card to my checking account at an offer of 4.9% this past spring to buy a new computer, and paid it off early; bought new tux around same time for good friend's wedding, which, wasn't cheap, so, I have used the card for more than say, gas, or the occasional groceries. Perhaps I have grown with them as much as am going to.



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