GOT APPROVED!!!!! But question....

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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nitsugua23
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GOT APPROVED!!!!! But question....

Postby nitsugua23 » Tue Jul 22, 2014 3:01 am

Long time lurker, first time poster....This site has helped me take my credit seriously over the past few years! Theres so much information here for people if they're eager to learn. Truly life changing! Anyone that asks me how i learned so much about the credit world i always refer them to this site.

Anyways last night after doing hours of research on this site, I applied for the Chase Sapphire Preferred card and got instantly approved for a 10K CL!!! May not seem like much to a lot of you guys, but considering the rest of my cards are as follows: CO: $3,250 Discover it: $3,300
as well as an AMEX Gold (which i just upgraded to premiere rewards yesterday), 10K CL is a lot!

I'm happy with it but i just have a few quick questions.

I've had flawless payment history on all of my cards as well as my car loan BUT at the time i applied for the CSP i have about a $1500 balance on my discover card and $200 balance on my capital one card. Do you guys think that if i would have applied for the CSP when i had all my balances paid off, would they have given me a higher CL? I know when you apply for credit, it's just a snapshot in time. There's no way for the creditor to know that all my balances on my cards will be paid off next month.

Also do you guys think that now since Chase has given me a 10K CL that CO and Discover will start being a little more generous with the auto CLIs? or will i have to call them when the time comes for a CLI and mention that my CSP CL is 10K? What are your thoughts? Oh and my salary is 50K a year, if that helps any. Thanks.
CO (7/2011): $6,250
Discoverit (9/2012): $9,500
AMEX PRG (3/2013)
CSP (7/2014): 10K
CSR (9/2016):10.8K


MemberSince99
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Postby MemberSince99 » Tue Jul 22, 2014 9:51 am

I think there is no way to know if your limit would have been any higher had you had 0% reporting. It's like asking if I had taken the train on such and such a date would I have gotten mugged. I mean who knows?


It's a pointless exercise in any case - you got a huge boost over your current limits. Not sure why it's even worth worrying about unless 10k doesn't work.


As for the other lenders, they may or may not. Discover is known to be conservative but it's ALWAYS ALWAYS ALWAYS YMMV and impossible to say what a given lender will do for each and every person because it's always different.


Sorry to be useless but nobody really knows. Don't sweat it, over-analyze it, or worry and fret over it, just enjoy the card and live life.

takeshi
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Postby takeshi » Tue Jul 22, 2014 12:34 pm

nitsugua23 wrote:I've had flawless payment history on all of my cards as well as my car loan BUT at the time i applied for the CSP i have about a $1500 balance on my discover card and $200 balance on my capital one card. Do you guys think that if i would have applied for the CSP when i had all my balances paid off, would they have given me a higher CL?

Impossible to say but it's slightly more useful to look at utilization instead of balances. 1,700 / 6,550 is ~26%. A bit under the 30% recommended max. Utilization could have been much better but no telling how it would have impacted your CL.

nitsugua23 wrote:Also do you guys think that now since Chase has given me a 10K CL that CO and Discover will start being a little more generous with the auto CLIs?

Again, no idea. While having higher limits can help creditors do not simply match CL's.

nitsugua23
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Postby nitsugua23 » Tue Jul 22, 2014 4:18 pm

Ok thanks for the feedback. I'm sure I'm just analyzing the small stuff too much lol. Does Chase give out auto CLI or will i have to call when the time comes? I'm happy with 10K and if i ever do call for a CLI it won't be for at least a year and only for utilization purposes. I'm just wondering how chase works. I know CO and Discover both give auto CLIs. Waiting for about 4-5 other inquiries to fall off my report this November when I applied for my car loan a few years back.
CO (7/2011): $6,250
Discoverit (9/2012): $9,500
AMEX PRG (3/2013)
CSP (7/2014): 10K
CSR (9/2016):10.8K

MemberSince99
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Postby MemberSince99 » Tue Jul 22, 2014 7:03 pm

They MAY give you an auto CLI, but don't count on it. In general if you request one, 99% of the time it's a hard pull (or two). There is no hard and fast rule with Chase about it. It's always YMMV with this.

flan
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Postby flan » Tue Jul 22, 2014 10:36 pm

nitsugua23 wrote:Ok thanks for the feedback. I'm sure I'm just analyzing the small stuff too much lol. Does Chase give out auto CLI or will i have to call when the time comes? I'm happy with 10K and if i ever do call for a CLI it won't be for at least a year and only for utilization purposes. I'm just wondering how chase works. I know CO and Discover both give auto CLIs. Waiting for about 4-5 other inquiries to fall off my report this November when I applied for my car loan a few years back.


Chase gives auto CLI in the first not-quite-year of holding a card, sometimes. After that, they sometimes invite people to ask for one, without a hard pull. That's their method of complying with regulations that require them to consider your ability to repay before extending credit. (you tell them your income as part of asking) There was a thread about such an invitation recently. Other than that, it's going to be a hard pull.

luvbullmarkets
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Postby luvbullmarkets » Wed Jul 23, 2014 2:33 pm

I am not shocked by your new $10K limit. My wife who has very limited credit history recently applied and got AMEX BCE card with $10K limit.

Bottom line the credit crunch is finally over and high limits are back!
Amex EveryDay, Amex BCE , Barclaycard Arrival+ WEMC, CSP Visa Signature, Discover it, Wells Fargo Propel 365 Amex

"Attack this day with a level of enthusiasm unknown to mankind." - Jack Harbaugh

nitsugua23
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Postby nitsugua23 » Wed Jul 23, 2014 6:32 pm

luvbullmarkets wrote:I am not shocked by your new $10K limit. My wife who has very limited credit history recently applied and got AMEX BCE card with $10K limit.

Bottom line the credit crunch is finally over and high limits are back!


Yea I hope so man! Now hopefully my other creditors will start being more generous with their credit limits. Can't complain though because, they were the building blocks that I used to construct a strong credit portfolio up to this point but I can never have enough for utilization purposes of course. Lol
CO (7/2011): $6,250
Discoverit (9/2012): $9,500
AMEX PRG (3/2013)
CSP (7/2014): 10K
CSR (9/2016):10.8K

MemberSince99
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Postby MemberSince99 » Thu Jul 24, 2014 6:48 am

If you keep utilization at 0%, it really doesn't matter. I never, ever, carry a balance.

nitsugua23
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Postby nitsugua23 » Thu Jul 24, 2014 8:03 pm

Sorry to be a headache to you guys but I have another question and I didn't know if I should make another thread for it or not. Is it true that CSP no longer give the 7% point dividend at the end of the year? Some posts I read said they dont anymore but a video I watched on YouTube said they do still give it but it's just not a bullet point in their marketing anymore. I know you guys will know the truth though. :D thanks in advance for the info!
CO (7/2011): $6,250
Discoverit (9/2012): $9,500
AMEX PRG (3/2013)
CSP (7/2014): 10K
CSR (9/2016):10.8K



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