Wells Fargo Credit Lines: How to Get One and What to Expect

To get a Wells Fargo credit line, you'll need to have a Wells Fargo checking account and a good credit history. You can apply online, by phone, or in person at a Wells Fargo branch.

Wells Fargo credit lines offer a range of benefits, including flexible credit limits and no annual fees.

You can use your credit line to cover unexpected expenses, pay for large purchases, or consolidate debt.

Wells Fargo offers two types of credit lines: a Wells Fargo Platinum Card and a Wells Fargo Secured Credit Card.

A business line of credit is a revolving line of credit extended by Wells Fargo Bank that can help increase your business working capital.

You'll pay interest only on the amount you use, and the interest rate will typically be lower than that of a credit card.

With a line of credit, you can access funds from $5K to $1K, depending on your situation.

Wells Fargo offers both unsecured and secured business lines of credit, giving you flexibility to choose the option that best suits your business needs.

The Small Business Advantage line of credit is designed for young businesses less than 2 years old with established business credit.

BusinessLine line of credit is designed for established companies two or more years old with an established business profile.

Suggestion: Old National Bank Credit Card

Wells Fargo offers several types of business lines to suit different needs.

A cash flow line of credit provides access to funds when cash flow is low, allowing businesses to pay bills and cover expenses. This type of line of credit is often used by businesses that experience fluctuating cash flow.

A revolving line of credit provides a set amount of funds that can be borrowed and repaid as needed. Wells Fargo's revolving lines of credit can be used for various business purposes, including equipment purchases and renovations.

Explore further: Cash Flow Loan

A term loan provides a lump sum of funds that must be repaid over a set period of time. This type of loan is often used for specific business purposes, such as purchasing equipment or expanding operations.

Wells Fargo's business lines often have variable interest rates, which can change over time based on market conditions.

Expand your knowledge: Typical First Time Credit Lines

Wells Fargo offers two unsecured business lines of credit: Small Business Advantage and BusinessLine. These lines can help you take advantage of unexpected business opportunities or increase your cash flow temporarily.

The Small Business Advantage line is designed for young businesses that are less than 2 years old and have established business credit. This is a great option for new companies.

A BusinessLine line of credit is designed for established companies that are two or more years old and have an established business profile. This is the type of line you'll want to look into if your business is more established.

If this caught your attention, see: Wells Fargo Old National

Wells Fargo's business lines of credit are subject to a 5% floor rate. This means that even if the WSJ Prime Rate is lower, your rate will not go below 5%.

Annual fees will only be charged after the first year that you have a revolving business line of credit with Wells Fargo. This fee is currently $25.

Recommended read: How to Lower Credit Card Interest Rate Discover

A Wells Fargo business line of credit can be accessed with a credit limit ranging from $5K to $1K, depending on your situation.

You can leverage both unsecured and secured business lines of credit through Wells Fargo, making it a flexible option for businesses with varying credit profiles.

A secured line of credit is available through Wells Fargo, which can be a good option if your business doesn't have an established credit profile or if you need to access a larger credit limit.

With a secured credit line, you can use collateral to access a BusinessLine secured Wells Fargo business line of credit.

If this caught your attention, see: Credit Union Membership Access Act

Wells Fargo has decided to allow some customers to keep their personal lines of credit, after a month of backlash from consumers and advocates.

Only customers who have been using their lines of credit can continue to maintain them. This is a welcome change for those who rely on these lines for big purchases, such as home renovations.

Wells Fargo offered customers credit lines of up to $100,000, which can also help customers consolidate credit card debt at a lower rate.

Losing access to that line of credit could be damaging to customers’ credit scores, since closed accounts and the total amount of credit factor into consumers’ credit history.

Customers who haven’t borrowed against their credit lines over the past 12 months have to call the bank or use their line or credit to maintain it.

Wells Fargo started notifying existing customers a month ago that it had planned to close those credit lines, sparking outrage on social media.

Intriguing read: 12 Month Introductory Rate Heloc

After applying for a business line of credit, you'll likely receive an email from the lender stating that they've received your application. This is a normal part of the process, and it's a good sign that your application is being reviewed.

You may receive a second email from the lender, informing you that your application has been approved with modified terms. This happened to me when I applied for a line of credit with Wells Fargo, where I was initially approved for a lower amount than I had originally applied for.

The approved amount may be lower than what you initially applied for, as it was in my case with Wells Fargo, where I was approved for a $10,000 line of credit with a 13% interest rate. This is often due to factors such as your debt-to-income ratio or credit score.

You'll be prompted to log in to the lender's LoanTracker program to view the modified terms and accept the offer. This is where you'll see the details of your approved loan, including the interest rate and repayment terms.

Related reading: Terms of Payment L/c

Accessing your business line of credit is a straightforward process. A couple of days later, the line of credit should appear in your account online.

You can test it out by transferring funds back and forth from your line of credit to your checking account, and the transfers will post instantly. This was the experience of one user who found that the transfers and subsequent payments were available immediately.

The annual fee to keep your line of credit open is worth it for the convenience of quick access to funds. This was the conclusion of the same user, who noted that the $25 annual fee was a small price to pay for the benefits.

As your business grows and your debt-to-income ratio improves, you may be able to apply for an increase in your credit limit. This was the plan of the user who initially applied for the line of credit, who expected to be able to increase their credit limit in the future.

A different take: Age Requiremtns on Authorized User Credit Cards

Wells Fargo offers two unsecured business lines of credit: Small Business Advantage and BusinessLine.

The Small Business Advantage line is designed for young businesses, specifically those less than 2 years old with established business credit.

A BusinessLine line of credit is geared towards established companies with a business profile of two or more years.

Annual fees will only be charged after the first year of having a revolving business line of credit with Wells Fargo.

Interest rates for Wells Fargo business lines of credit are typically lower than credit cards, with a floor rate of 5% WSJ Prime Rate.

For another approach, see: Co Branded Credit Cards for Small Business

A business line of credit from Wells Fargo does not come with rewards in the traditional sense, unlike some credit cards that offer cash rewards, points, or travel perks.

However, there are some benefits to consider. You can link your line of credit with a MasterCard access card, which may provide you with promotions and partner offers you wouldn't otherwise qualify for.

Another unexpected perk is that you can use your line of credit as overdraft protection on your Wells Fargo business checking account, which can help prevent NSF fees.

Wells Fargo has a long history, dating back to the 1800s, and is a trusted name in finance.

If you're looking for a business line of credit with rewards, you might want to consider other options.

Wells Fargo offers two unsecured business lines of credit, Small Business Advantage and BusinessLine, which can help you take advantage of unexpected business opportunities or increase your cash flow temporarily.

The Small Business Advantage line of credit is specifically designed for young businesses, which are less than 2 years old and have established business credit.

BusinessLine is designed for established companies that are two or more years old and have an established business profile.

You can access a Wells Fargo business line of credit for as little as $5,000 and up to $1 million, depending on your situation.

Annual fees will only be charged after the first year that you have a revolving business line of credit with Wells Fargo.

Wells Fargo's business lines of credit are subject to a 5% floor rate, which is based on the WSJ Prime Rate.

You might like: Old Dominion Wells Fargo

Your credit score could take a hit if you have a Wells Fargo credit line that's being closed and moved to a fixed payment schedule. This is because the closed account will look like a personal loan on your credit report, and if your credit utilization spikes, your score could drop.

Closing an account can also cause your credit score to temporarily dip. This is usually a short-term effect, but it's still something to be aware of.

Senator Elizabeth Warren is speaking out against Wells Fargo's move, saying customers shouldn't face repercussions in their credit scores because of the bank's actions. She's right, you shouldn't have to deal with a lower credit score because of something the bank did.

If you're holding one of these expiring lines of credit, it's a good idea to pay back your balance as quickly as possible. This will help minimize the impact on your credit score.

Opening a personal loan could also be an option to manage repayment, but only if you can find an interest rate that's better than the rate on your Wells Fargo balance.

You might enjoy: Credit Union Balance Transfer Credit Cards