Chase Credit Limit Increases

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Whatamuji
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Chase Credit Limit Increases

Postby Whatamuji » Sat Nov 07, 2015 2:26 am

I'm debating on asking for a credit increase from Chase. However I have no experience getting an increase from Chase, so I was wondering what other's experiences may be in this regard. I would like a $2000 increase at the most and perhaps $900 - $1000 at least. I did recently get a raise so I would hope that would help in the decision making process, but I do have a large utilization on the Chase account I want an increase on (around 50% utilization). That number is dropping every week however and is the only card with a running balance. Would it be better for me to bide my time till the utilization has dropped or would I be okay in asking for a credit increase?
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k


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lobbythis
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Re: Chase Credit Limit Increases

Postby lobbythis » Sat Nov 07, 2015 2:52 am

Drop that utilization as soon as possible.

Tubpbs
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Re: Chase Credit Limit Increases

Postby Tubpbs » Sat Nov 07, 2015 6:57 am

lobbythis wrote:Drop that utilization as soon as possible.


Yes. I would not ask for the increase until the balance is paid off. Especially if you are currently doing it already. Pay it in full. Put some spend on the card in a regular couple of cycles and pay that in full, then go for it.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

jcarte29
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Re: Chase Credit Limit Increases

Postby jcarte29 » Sat Nov 07, 2015 8:32 am

Chase is very tight. I've only had one CLI on my CSP and that was 3 months following a HP unsuccessful request.

I'm not even gonna bother asking for one on my Marriott, I'll just wait until they grant me one lol (especially because it's a HP to ask for it)
Portfolio:
CITI Diamond Preferred $7,000 [06-16]
AMEX Platinum (Charge) [11-16]
AMEX EDay $12,000 [11-14]
Lowes Store $15,000 [4-14]
CSP VISA $6,000 [7-14]
GM MC $9,000 [9-14]
AAdvantage Red MC $10,350 [10-14]
Discover IT $4,500 [03-15]
Chase Marriott VISA $5,000 [04-15]
Cap One Quick $2,600[4-10]

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CarefulBuilder14
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Re: Chase Credit Limit Increases

Postby CarefulBuilder14 » Sat Nov 07, 2015 9:42 am

I'd pay Freedom down and garden. Even with lower utilization, a CLI from a HP might be unimpressive.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Whatamuji
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Re: Chase Credit Limit Increases

Postby Whatamuji » Sat Nov 07, 2015 2:23 pm

How long would be the minimum amount of gardening I should do to get a good CLI? 6 months?
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k

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CarefulBuilder14
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Re: Chase Credit Limit Increases

Postby CarefulBuilder14 » Sat Nov 07, 2015 4:43 pm

Whatamuji wrote:How long would be the minimum amount of gardening I should do to get a good CLI? 6 months?

If your current CLs are adequate, I'd skip the CLI request to save the inquiry. You'll probably get an auto CLI on something.

I'd only leave the garden when you find a new card you really like - even if just for the bonus.
Wallet: Prestige CSP SchwabPlat Freedom It Hyatt SallieMae AAPlat
SD: Arrival BrooksBros BCE ED IHG
Letting new accounts cool off since May
Really not sure what I'll add next or when

Vermonster
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Re: Chase Credit Limit Increases

Postby Vermonster » Sat Nov 07, 2015 6:02 pm

Anecdotal evidence here:

Apped for Freedom as my first card. Reported $13k income and was instant approved for $2.7k limit. 3 years later and the limit hadn't increased so I took the HP and asked for $5k over the phone. It seemed reasonable given I was just approved for the CSP. I expected a counter offer, but was given a 7-10 notice. Despite listing $90k as my income now, they said I had "too high debt to income ratio." I reconned and an amazingly chill guy gave me the $5k after commenting that we had "a lot of accounts with them."

Last week I noticed that our limit is now showing $9k. We tend to carry a balance, though nothing that should scare a large bank. Chase is almost guaranteed to do the least expected thing.
Chase Freedom $9k~~Chase Sapphire Preferred $6.5k~~Amex Blue Cash Preferred $12.4k~~Citi Double Cash $4.7k

takeshi
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Re: Chase Credit Limit Increases

Postby takeshi » Sat Nov 07, 2015 10:28 pm

Whatamuji wrote:However I have no experience getting an increase from Chase, so I was wondering what other's experiences may be in this regard.

Experience doesn't really matter. The experiences of others aren't necessarily relevant unless their credit profiles and income are similar enough to your own. I've never received a CLI but I've bumped into my internal limit. My wife, on the other hand, has received several auto CLI's.

We can speculate and speculate but the only way to find out if you'll get a CLI is to request it.

Whatamuji wrote:I do have a large utilization on the Chase account I want an increase on (around 50% utilization).

Get that down. Revolving utilization has a significant impact. 30% is a suggested max. Optimal is much lower.

Also, you need to consider your entire credit profile -- not just your Chase accounts.

Whatamuji wrote:How long would be the minimum amount of gardening I should do to get a good CLI? 6 months?

There's no such simple and direct relationship. CLI's are not simply handed out in exchange for time. X months will not guarantee a CLI. Your credit and income will determine what you qualify for. That's why you need to get your revolving utilization down.

Whatamuji
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Re: Chase Credit Limit Increases

Postby Whatamuji » Sat Nov 07, 2015 11:43 pm

Well the card I'm after is the IHG Rewards card. Once I've paid the balance off on the Freedom card and gardened for awhile then should I simply take the HP for the card even though I don't have a card with a limit of $5k? Or do I take the HP on a CLI and then garden some more till I hit the $5k mark.
Kohls: $300, Discover IT: $1.8k, Capital One Quicksilver: $2k, Amazon Store Card: $2.2k, BoA Cash Rewards: 1k, Chase Freedom: 3.2k, AMEX HHonors 3k



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