CLI request was declined

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X10A_Freedom
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CLI request was declined

Postby X10A_Freedom » Wed Aug 28, 2013 2:07 pm

Well, I think that I may have made a mistake. I found out about a week ago that my credit score from TU is 719 as I was seeing what I could do to refinance my auto loan. Seeing this, I decided to call into Chase and request a CLI. I have had the card since June 2013 (a little over 3 months) and have always PIF. The card has a $500 limit on it and I made a request to have them bump it up to $4k with a gross income of $43k a year. It was declined and I should be receiving a letter in the mail in about 5 days with the reasoning as to why it was declined. It may be because I have debt from my auto loan and student loans. Should I have waited longer before I made the request? Or maybe I should have only asked them to bump it up to $2k. Sigh,
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000


Daniel
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Postby Daniel » Wed Aug 28, 2013 3:30 pm

From what I have heard, many banks have a requirement that the account be active a certain length of time before a CLI can be granted. Barclays requires 6 months from what I have read, and Wells Fargo explicitly states 12 months on their website. I am not sure what Chase's rules are, does anyone here know what they may be?

Robrus1
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Postby Robrus1 » Wed Aug 28, 2013 3:39 pm

I believe it's 6 months for a requested CLI. I requested and received a CLI on my CSP after having it about 9-10 months. If I were OP I'd wait 6 months from now before asking for another one. If OP uses it frequently and pays on time, he/she might receive an auto CLI at the 6 month mark from the account opening, which is what happened in my case and several others on here. The one I requested and received was about 3-4 months after that, so hang in there OP, Chase is pretty good with increases, they just need a little more payment history on the card.
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thom02099
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Postby thom02099 » Wed Aug 28, 2013 6:22 pm

IIRC, it's 6 months for Chase. When I got my JP Morgan Select card, I asked about CLI on it, was told I had to wait 6 months for a CLI. I'm pretty sure that's going to be true across the board on all Chase cards.
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catsartcox
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Postby catsartcox » Wed Aug 28, 2013 7:07 pm

Daniel wrote:From what I have heard, many banks have a requirement that the account be active a certain length of time before a CLI can be granted. Barclays requires 6 months from what I have read, and Wells Fargo explicitly states 12 months on their website. I am not sure what Chase's rules are, does anyone here know what they may be?


With my wells fargo, I have always have been able to get a CLI every 6 months. Well, 180 days. But no sooner.
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cdogg
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Postby cdogg » Wed Aug 28, 2013 8:38 pm

X10A_Freedom wrote:Well, I think that I may have made a mistake. I found out about a week ago that my credit score from TU is 719 as I was seeing what I could do to refinance my auto loan. Seeing this, I decided to call into Chase and request a CLI. I have had the card since June 2013 (a little over 3 months) and have always PIF. The card has a $500 limit on it and I made a request to have them bump it up to $4k with a gross income of $43k a year. It was declined and I should be receiving a letter in the mail in about 5 days with the reasoning as to why it was declined. It may be because I have debt from my auto loan and student loans. Should I have waited longer before I made the request? Or maybe I should have only asked them to bump it up to $2k. Sigh,


Well, it depends on many factors. I got CF about 5 months ago, just called them this morning to raise my limit from $10k to $15k. they asked me gross income, less than 2 mins, they gave me the increase. i have about $80k overall CL. and also have student loan (about $18k) left. but i think since i had previsouly had three paid off car loan and pay off mortgage, that helps. so hang in there. give about another 6 months and with solid payment history, i am sure you should be able to have $4k CL no problem.
Current Cards: American Express:Blue Cash Everyday CL 33.6k member since 94
Bank Americard Power Cash Rewards Signature Visa CL 20k member since 10
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takeshi
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Postby takeshi » Thu Aug 29, 2013 10:44 am

X10A_Freedom wrote:Should I have waited longer before I made the request?

How long has this account been open or how long was it since the last CLI? What's your utilization like on this card? What's your overall utilization like? Consider your entire credit picture. We really don't have enough info from your OP to even guess.

Dylan1982
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Postby Dylan1982 » Sun Sep 01, 2013 10:01 am

You can call the back door number for Chase and speak to a credit analysis (888) 245-0625.


On Friday, I too jsut did a CLI and I have only had my card for 6 months. I was approved for $3k CLI.

Good Luck
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X10A_Freedom
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Postby X10A_Freedom » Fri Sep 06, 2013 1:31 pm

@Takeshi

My ratio is always below 10% if at all. It has been about three months since the card has been opened.

@ The rest of the group

Good news! I called the number on my decline statement that I received from Chase and after some sweet talk got bumped up to $1000. Hey... at this point I was expecting a hard pull with nothing to show for it, and it was only a $500 increase, but at least I can use the card now and not pay it off every two days. The analyst told me to just give it time as this is my first major card and that I should be happy that I got it. She also told me that a credit score of around 720 is not horrible (not great either) for a 22 year old... I was told to let this major card age a bit so that I have "established" revolving credit from a major lender. I think that some of it had to do with that I have never missed a payment in over 3 years on my installment loans and my Meijer department card.

I will do the wait game now and maybe they will give me an auto increase in the next three months as that will be the time when the card will reach six months old. Like I said... I am happy at this point that my hard pull did not go to complete waste.
Meijer Store Card: 2011 - $1.9k
Chase Freedom: 6/13 - $1000

Daniel
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Postby Daniel » Fri Sep 06, 2013 6:12 pm

catsartcox wrote:With my wells fargo, I have always have been able to get a CLI every 6 months. Well, 180 days. But no sooner.


Same with mine, I meant one must have an account for at least 12 months before it is allowed. I have actually gotten 2 Auto CLIs in 5 months from WF before, so I am sure you are correct that they allow it to happen every 180 days or something like that.



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