Question About a Large Credit Limit

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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JHORNECK
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Question About a Large Credit Limit

Postby JHORNECK » Sun Jun 01, 2014 5:37 am

Ok.. So I recently applied for the Chase Sapphire Preferred card, because I will be overseas a lot in the coming years and liked the rewards/no foreign transaction fees associated with that card. I was a little worried that I would not be approved, because my oldest account (4 years) has a limit of $1,500, with one 30 day late payment 3 years ago. My only other account has a limit of $3,500, but it is only a year old. Anyways, I was approved and when I received my card I found out I had a $15,000 limit! My question is, how is this possible? I applied because my scores are ok (707,730,730) and I figured I could qualify for the minimum limit, but had no idea that I would get 3x that. Does this make sense to anyone else?

Income: 87,000
Military Star Card: 1,500
AMEX Blue Cash: 3.500
AAoA: 2.8yrs
One 30 day late payment in 2011


Robrus1
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Postby Robrus1 » Mon Jun 02, 2014 10:34 am

My theory is that Chase is going after some of AmEx's customers, or potential customers, by handing out some good size limits. My CSP is by far my highest limit card. Your income was a factor, as it is good. I was given an auto limit increase from 20K to 23.5K not long ago. I have yet to receive an auto from AmEx. Congrats and enjoy! It's a great card!
Amex Platinum
Amex BCP 21K
Amex SPG 5K
Barclaycard Arrival Plus WEMC 5K
Chase Sapphire Preferred 23.5K
Credit Union 10K
Discover IT 7.75K

haikuginger
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Postby haikuginger » Mon Jun 02, 2014 11:29 am

Once your credit is "good enough", Chase starts basing your CLs on your income instead of on your score. It's as simple as that.

Dman316
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Postby Dman316 » Tue Jun 03, 2014 7:11 am

Robrus1 wrote:My theory is that Chase is going after some of AmEx's customers, or potential customers, by handing out some good size limits. My CSP is by far my highest limit card. Your income was a factor, as it is good. I was given an auto limit increase from 20K to 23.5K not long ago. I have yet to receive an auto from AmEx. Congrats and enjoy! It's a great card!


Yeah I think Chase is trying to lure some of AMEX's customers.
My Cards

Chase Freedom Visa Signature: $5.2K
Capital One Quicksilver Visa: $7.5K
Discover IT: $5.5K
Huntington Voice World Mastercard: $1.6K

In the garden indefinitely.

takeshi
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Postby takeshi » Wed Jun 04, 2014 9:13 am

JHORNECK wrote:how is this possible?

You met their criteria. Keep in mind that creditors do not base their decisions solely on your other credit limits or even just score.

JHORNECK wrote:I applied because my scores are ok (707,730,730)

Where are these scores from and when were they pulled? There's no guarantee that Chase used a score with the same model(s) as the scores you've listed.

JHORNECK
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Postby JHORNECK » Tue Jun 10, 2014 6:10 pm

takeshi wrote:You met their criteria. Keep in mind that creditors do not base their decisions solely on your other credit limits or even just score.

Where are these scores from and when were they pulled? There's no guarantee that Chase used a score with the same model(s) as the scores you've listed.


I guess I was just surprised that they gave me such a large limit, compared to my other card. I understand that more goes into it than just those factors. I figured if I was approved, it would be for around 5k, though. I was a little shocked when I found out what it really was.

Scores are pulled from credit check monitoring (around 15 May, I think). I get my Experian every month, and take a look at the other two once a year to make sure there are no discrepancies.

ADDBounceyBall
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Postby ADDBounceyBall » Thu Jun 12, 2014 5:41 pm

I had a similar experience. I had two credit cards, CO Platinum Visa and FIA Visa Signature, both with $500 credit limits. They were my first credit cards! After some time (6 years or so) I decided to diversify a bit and get a Mastercard, Amex and Discover. HAWEMC gave me $5k, Discover and Amex both gave me about $3k. When I applied for a new CO Quicksilver card, since it's notoriously difficult to get a credit increase from CO (and $500 is not much buying power) CO gave me a $10k credit limit! yikes! I'm only working part-time right now since I'm still in school, so that kind of freaked me out a bit. So i'm super careful with that card, never use it online!



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