Wells Fargo Platinum Card - Credit Limit Question ?

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RM4PointRewards
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Wells Fargo Platinum Card - Credit Limit Question ?

Postby RM4PointRewards » Thu Aug 18, 2011 1:58 pm

Hello everyone,

I got this Wells Fargo Platinum card in college and maintained it. As time went on as as student life goes... I had a balance on this card. I always made the payments on time - but finally was able to pay a lump sum balance off. The amount was about 85% of the credit limit. I know it was not best to maintain such a high balance - but with school and such what can you do. As of now all my cr. cards are zero'd out at month-end. This was the last standing issue I had.

To my dismay when I zero'd out the card, I received a letter from the WF stating that they had reduced my credit limits due to analysis of my accounts and credit report from Experian. I was surprised as on all 3 credit bureaus I have mid 700's on my rating and no late payments / negative comments in the last 7 years.

Could anyone provided advise on how to raise my CL up with this card again so as to improve my score even more? How long to wait before requesting it? My current credit limit is 80% of what it used to be. I no longer use this card and have consistently maintained a zero balance at month end. I occasionally put a $100 here and there on it and make sure there is no balance at month-end. Any other suggestions on how to raise this baby back up?

Thank you for reading and your suggestions. This was a sore point in my Cr. card history and I am just trying to make things right. :(

Best,

RM


CC Deville
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Postby CC Deville » Thu Aug 18, 2011 6:05 pm

When did Wells Fargo reduce your limit? 2009? 2010? This was happening at a lot of banks during the Great Recession between 2008-2010.

Wells Fargo is a joke really. For such a large bank they have a pathetic credit card portfolio and those cards that they do issue typically have lower limits compared to the other big banks.

Most banks like to see usage; they feel that if you are utilizing your credit line (responsibly) then you can handle more. If you aren't using the card (sockdrawered it) they feel that your current credit line is sufficient. Best thing to do would be to start using as a debit card for a good 6 months. Meaning, anything that you would normally use your debit card for or normal monthly bills that would be paid with cash/check use your Wells Fargo card for. Then after 6 months of heavy usage (and paying in full) call them and ask for a CLI.

Better yet, ask yourself if you want to continue to do business with a bank like Wells Fargo.....

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Postby Money card » Fri Aug 19, 2011 9:30 pm

I would say the less you use a credit card the better off you are. I would say do not request a credit limit. 50 or 100 a month is the correct amount of money you should charge.

RM4PointRewards
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Postby RM4PointRewards » Mon Aug 22, 2011 10:02 am

The limit decrease was around the financial crisis. So come to think of it - it makes sense. I switched all my finances and most of my business to BoA. I love their service and they have shown me true loyalty in harsh times. I had this Wells Fargo account dating back to First Union / Wachovia... I guess I just kept it out of the sake of keeping it. I will use your advice and charge about 100 here and there and wash it out. If my credit score wasnt at the peril of being hurt by closing this account I would. I will just maintain it for now. I primarily use my amex card for most purchases these days and love it !

Thank you for your kind advice!

Best,

RM

CC Deville
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Postby CC Deville » Mon Aug 22, 2011 8:28 pm

Keep in mind if you do decide to close it, the account will still help your AAoA for the next 10 years until it falls off.

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Pete838
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Postby Pete838 » Wed Sep 14, 2011 7:54 pm

My WellsFargo Visa has a limit of only $500, while my other cards (AMEX, Discover, Chase, Citi, BofA) have limits of 5k, 7.5k, 5k, 5k, and 10k, and they (WF) won't raise the limit.

So the card gets used for automatic toll payments and nothing else and gets paid off every month. Way to maximize profits, WF.

Back to the OP, if the bank has an unfavorable view of the account, which you can get with over-utilization, they often drop the limit as you reduce the balance in an effort to reduce future risk exposure. If you read back through the site you'll see several posts on the subject.
Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same.
Ronald Reagan



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