- Platinum Member
- Posts: 93
- Joined: Sat Jan 21, 2012 1:43 am
- Location: Seattle/WA
I got my Chase Freedom Visa back in October of 2009 (CL=$500) as my first credit card with no previous credit history. Had to fight to do that. Over the course of the first year and a half or so, I got this limit raised to 2K (3 CLIs, 1st automatic after 3 mo.). At that time, my income was 25K and my credit score was about 680 Equifax/FICO. Today, my income is 50K and when I asked for a CLI from Chase, my credit score came back 735. I asked for a CLI to 5K (they said the system would just come back with whatever it could give me if it couldn't give me that). "The system" gave me an increase to $2,500 (so an increase of $500).
My credit report/score are based on this and two other cards: Discover More (CLI=$1,750; about 8 mo. old) and Amex Zync (no preset limit, high balance just under 2K; about 8 mo. old).
I asked for an increase on my Discover More card about two months prior and it went from $1000 to $1750. This is my most recent inquiry and the only since I started it and the Amex.
I tend not to spend a whole lot of money on my cards, but when I got my new job, I had a couple of larger months on the Freedom that were greater than the 2K limit. I did not overspend the limit, I paid the card off twice those months to keep it under.
No derogatory info on my report, just the inquiries.
The reason they gave in the explanatory letter they sent was:
We were unable to approve the increase for the full amount you requested for the following reasons:
You already have the maximum amount of credit we can offer you.
Not very helpful!
Is it worth it to call and haggle with them about the credit line? I am under the impression that lenders like to see limits on your oldest cards in the 3.5-5K range. Do you think that is so? What would my prospects be if I tried talking to someone? When I was making 25K, I was clearing 2-3 hundred/mo. after expenses. I am now clearing something more like $1,500. The point is, though my income has "only" doubled, my disposable income, the income I could/would use to manage a credit line, has increased considerably more. I really could handle a larger increase, and at this rate, it's going to take a couple of years to get it where I want it, if they do it at all.
Chase Freedom ($2.5K, 10/2009)
Discover it ($6K; 03/2011)
Amex BCE ($19.5K; 02/2013 - 2011 BD)