Raising My Limit

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X10A_Freedom
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Raising My Limit

Postby X10A_Freedom » Wed Jul 03, 2013 1:27 pm

Hi all (first post!),

For quite awhile my credit was not too great as I have a store card with quite a high balance. My limit was 1900 and I carried a balance of around 1500 - 1700 for about five or six months.

However, I bank with Chase and wanted a credit card that I could anywhere so I went to my bank and was already pre-approved for a Chase Freedom card even before paying off my store card balance in full. I received my Freedom card with a limit of $500. At this point the limit is becoming a hinderance as I put gas on it (I pay off the balance in full each month). I was wondering how much time I should wait before asking for a credit limit increase or will it go up automatically after a few months? Should I app for a new card so soon after receiving this one?

More Information:

About a week after I received the card I PIF the store card which was about $1500. The card has had a zero balance of about a month now with a $0 balance with a limit of $1900. The store card has been on my account for about two and half years with all payments made on time.

I have also had a car loan out for about a year now that I have missed no payments on. My student loans will also start to be paid on at the end of this month.

Thanks for any information or advice that you guys may be able to give me!
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000


MemberSince99
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Postby MemberSince99 » Wed Jul 03, 2013 6:40 pm

You can ask at any time for a CLI with Chase, but odds are it will be a hard pull (inquiry to your credit).

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Terry
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Postby Terry » Wed Jul 03, 2013 9:38 pm

MemberSince99 wrote:You can ask at any time for a CLI with Chase, but odds are it will be a hard pull (inquiry to your credit).



My experience with Chase is that anytime a customer request for CLI has always resulted in a HP. Also, they like to see usage for six months before considering the increase.
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X10A_Freedom
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Postby X10A_Freedom » Fri Jul 05, 2013 12:43 pm

Thanks for the information guys. I will probably wait a couple of months and then apply for a new card and a CLI on my Freedom. At that point I will have made a couple of payments on my student loans and the Freedom card will have had PIF payments made on it for a few months. Thanks!
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000

X10A_Freedom
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Postby X10A_Freedom » Mon Jul 08, 2013 2:03 pm

Actually,

I am going to stop by Chase after work and ask to speak with the same person that helped me apply for the card. He gave me some good information right from the start so I will see what he advice he has to give on the matter. I will explain that the limit is really becoming a hinderance as I would like to put my bills on it and such. I will also explain that I do have the cash on hand to PIF, but why pay with straight cash when you can get rewards and then PIF!
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000

takeshi
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Postby takeshi » Mon Jul 08, 2013 2:34 pm

Did you apply for the Freedom with high utilization? It helps to review your credit reports and cleanup what you can and drop utilization (and ensure that all changes are reflected on your reports) before applying.

X10A_Freedom
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Postby X10A_Freedom » Mon Jul 08, 2013 5:24 pm

Yeah, I made the mistake of applying when I had a high utilization. However, after lurking here for awhile I have cleaned up my act. I explained to the banker what I was doing and what I wanted. He told me that I am doing fantastic and that everything looks perfect. He said to keep doing what I am doing and ask for a CLI in 6 months. He said that he would not be surprised if they give me a huge increase. He was extremely helpful and gave me tons of advice. I love Chase and will continue to bank with them :) !
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000

lexrj
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Postby lexrj » Mon Jul 08, 2013 6:06 pm

X10A_Freedom wrote:Yeah, I made the mistake of applying when I had a high utilization. However, after lurking here for awhile I have cleaned up my act. I explained to the banker what I was doing and what I wanted. He told me that I am doing fantastic and that everything looks perfect. He said to keep doing what I am doing and ask for a CLI in 6 months. He said that he would not be surprised if they give me a huge increase. He was extremely helpful and gave me tons of advice. I love Chase and will continue to bank with them :) !


Sounds about right, if you keep your UTIL low (under 10%) and on time payments by the time of your request, you will most likely get a much higher CL on your Chase. I would guestimate at least 2k.
Make sure the low UTIL is reporting on your CR before you request a CLI, for that to happen you want to PIF your Freedom and Meijer before the statement closes for the 5th month.
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