Getting a credit limit increase on Chase Freedom?

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Getting a credit limit increase on Chase Freedom?

Postby tigerowl06 » Sat Jan 21, 2012 2:07 am

Hi all,

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).

Relevant facts:

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)

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Postby CC Deville » Sat Jan 21, 2012 7:32 pm

I opened my Freedom in November 2010 with a $7,000 credit line, by August 2011 they did an auto CLI to $10,000 (+$3,000). I had ran about $5K through the card by that point.

I find that with many banks (Discover being one of them) that they like to see a lot of usage and then they generally will reward you with decent credit line increases. Keep in mind too that because of the CARD Act, the banks/credit unions have to use a formula to determine your ability to repay debts when applying for new credit or a credit line increase. If this formula indicates that per your income, they can only offer you a certain credit line, that is pretty much it. It does not appear that they need to request this info for auto CLI's.

Because Freedom is a cash back card, you should be using it like a debit card; anything that you would normally use your debit card for, use your Freedom and then pay it off in full. Chase is a stickler about credit line increases; each one initiated by the cardholder results in a hard inquiry from Experian. Hardly worth it. Usage, usage, usage and they will reward you with Ultimate Rewards points and auto credlit line increases.

Because you already got dinged for the inquiry, it is totally worth a call to them to plead your case. Let them know that you want to start to utilize their card for all of your purchases. Try this backdoor number for a recon of the CLI: (I got this from my fico forum and it was dated in 2010 so not sure if this will work or not, but give it a shot, don't call normal customer service).

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Postby plc44 » Sat Feb 09, 2013 5:31 pm

I had to fight with them to give me a $500 line of credit. But now I have relationships with AmEx and Chase the two companies I wanted relationships. So with usage that credit line will go up.
Discover More - $1000 (07/12)
Chase Freedom - $1000 (02/13)
American Express SPG - $2000 (08/13)
American Express Green Card - NPSL (12/12)

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