Text Rect/Preferred Height not expanding

Hi, I’ve been trying to make my text object expanding when the actual text string is too long to fit the width (wrap). i tried options like this: New UI.Text rect to fit with text size ? - Questions & Answers - Unity Discussions and c# - Adjusting the height of Unity 4.6 UI Text according to content - Stack Overflow and many more. In the screen shot you will see my setup in a new project, maybe you can tell why the text is overflowing but the preferred Height is not expanding, and the Rect is the same oneliner?

(the img in red border is what i actual want to achieve dinamically, now I just changed the height manually without the content size fitter constrains.

Some other forums suggested adding LayoutElement but that did nothing, since the problem is the prefferedHeight is not changing
Also had suggestions to just use simple plain text gameObject with Wrap (horizontal) and Overflow (vertical). which still does the same as above, text overflows, but the RECT does not expand vertically. (so i could but a background image for example)

BTW im using laster Unity 5.5.0f2

I have the same issue but only with custom Bitmap fonts. Content Size fitter works horizontally but not vertically.

Normal fonts work when I put a content size fitter on them though. Unity 5.4.1f1