Why won't Chase increase my Freedom Card's Credit Limit?

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kleopat
 
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Why won't Chase increase my Freedom Card's Credit Limit?

Postby kleopat » Mon Jan 11, 2016 6:43 pm

Hi everyone,

I've had the Chase Freedom Card since 2012 and was approved for $3,000.00 at the time. Since then, they've automatically increased my limit just once by only 300 dollars. So I've pretty much had the same limit forever now. I always make my payment on time and I have 4 other cards and they all have +6k limits. I've called and the CSR said he'd have to run a hard pull, which I declined. I've tried updating my income on their website, but that didn't do anything either.

Please help and thank you!


kdm31091
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby kdm31091 » Tue Jan 12, 2016 7:19 am

kleopat wrote:Hi everyone,

I've had the Chase Freedom Card since 2012 and was approved for $3,000.00 at the time. Since then, they've automatically increased my limit just once by only 300 dollars. So I've pretty much had the same limit forever now. I always make my payment on time and I have 4 other cards and they all have +6k limits. I've called and the CSR said he'd have to run a hard pull, which I declined. I've tried updating my income on their website, but that didn't do anything either.

Please help and thank you!


Chase is really not known for CLIs. You can request it and take a HP. People have been successful that way. Assuming your report is in good shape, plus the amount of time you've had it, I would say you should have no issue getting a CLI with a HP.

Other than that, not much you can do except keep waiting for another potential SP/auto CLI from them. It does happen, it's just very rare.

Chase is probably one of the least flexible issuers over time with adjusting one's terms (limit/APR) as the profile improves. You have to almost always just ask for the CLI (and the APR reduction isn't gonna happen).

takeshi
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby takeshi » Tue Jan 12, 2016 9:22 am

Because your credit profile and income do not qualify for a CLI versus their underwriting criteria. We can't provide any more specific information as we don't know anything about either of those. You can provide us with info about your credit profile but the best we can do is guess as we'll never know the details of any creditor's underwriting criteria and can only attempt to use anecdotal evidence.

A lot of people seem to have no luck getting CLi's from Chase. Others do seem to get them. I've never received a CLI on any of my Chase cards but I know I bumped into my internal limit when opening my Freedom as I had to reallocate to open. My wife, on the other hand, has received several auto CLI's, going from 6K to 17K over a couple of years.

The small CLI is yet another indicator that they have concerns with your credit profile.

kleopat wrote:I always make my payment on time and I have 4 other cards and they all have +6k limits

That's great but it's not just on time payments with your Freedom that matter. You entire credit profile and your income at time of consideration matter.

Limits on other cards are not relevant either. Other creditors and products have their own underwriting criteria which are not relevant to Chase.

kleopat wrote:I've called and the CSR said he'd have to run a hard pull, which I declined.

If you want to request a CLI it will be hard pull. It's up to you to determine if the CLI request or the hard pull is a bigger priority. Hard pulls are a relatively small factor and their effect tapers and falls off relatively quickly.

If denied you'll at least have their denial reason(s) as a starting point if you can't assess your own reports to see what might be your issues.

yfan
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby yfan » Tue Jan 12, 2016 12:36 pm

As others have said, it will take a HP for Chase to increase your limit by consumer request. Consider, though, whether you really need an increase on your Freedom. Do you really need it or is this mostly just a morale booster?

kdm31091
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby kdm31091 » Tue Jan 12, 2016 12:46 pm

yfan wrote:As others have said, it will take a HP for Chase to increase your limit by consumer request. Consider, though, whether you really need an increase on your Freedom. Do you really need it or is this mostly just a morale booster?


Agreed on this point. Make sure you really think about it. While burning a HP isn't the end of the world anyway, you may decide a 3k limit is sufficient for your spending on what Freedom offers for bonus rewards.

Ghoshida
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby Ghoshida » Wed Jan 13, 2016 9:48 pm

Chase is a strange animal. My friend who has only 3 cards, 2 of them from Chase, got decent CLIs at 4-5 month intervals. I got once on the Freedom and that was it.

OP, do you have any other Chase card? Are you interested in another Chase card? One way to get higher limits with Chase is to open another Chase card. Depending on how your profile has improved since you got your Freedom (seems like it has, given other cards have higher limits), it's likely that Chase will grant you a bigger limit this time. Check their prequal site to verify whether you're eligible for their higher-end cards. Once you get another card with a larger limit, you could move some of the limit to your Freedom.

That said, this approach has both plus and minus. The minus first: at least one HP, and a drop in the AAoA, or a possible denial. The plus: overall bigger credit file, a (hopefully) better card from Chase, and higher limits.
AMEX BCE | PRG || Barclaycard Sallie Mae || Capital One QuickSilver | Venture || Chase Freedom | Sapphire Preferred || Citi Dividend || Discover It || UFCU Great Rate || US Bank Cash+ #1 | Cash+ #2 | Club Carlson Plat | REI || Total CL $144.2k + PRG NPSL, not counting AU

JonE
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Re: Why won't Chase increase my Freedom Card's Credit Limit?

Postby JonE » Thu Jan 14, 2016 1:46 am

I will more than likely open a CSP and move Freedom's limit over then close it. Discover does the job for me cash back wise and it'd be nice to have a high-CL travel card.
Current Cards: Chase Freedom, Discover IT
Future: TBD



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