Automatic credit limit increase from Chase?

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Nash
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Automatic credit limit increase from Chase?

Postby Nash » Sun Sep 01, 2013 12:29 am

Hello everyone,

I'm new to posting here, but I've read many things here over the past few months.

Back in January, I apped for a Chase Freedom card, which was approved for a $3,500 limit. Eight months later, I log on to my account and noticed I had an auto CLI, which bumped it up to $5,500. Is this typical of Chase to do? I found it odd, but hey, I'll take it. Also, I am not really familiar to Visa Signature, but would my card now qualify?

For the record, I also carry Discover it ($2.5k), and Amex BCE ($2k). Also, I paid off my student loans a year ago, and my only auto loan in March. My wife and I just bought a house in July, so our mortgage loan is now a credit factor.

Thanks for your input :)
Arsenal:
Discover it [3/12, $2,500]
Amex BCE [5/13, $25,000, bd 9/12]
Chase Freedom [1/13, $5,500]
SunTrust Cash Rewards [4/14, $7,000]
Bank of America Travel Rewards [9/15, $6,000]


randeman
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Postby randeman » Sun Sep 01, 2013 3:02 pm

I am new with Chase, having only recently been approved for two of their signature cards, so I don't have much personal experience with them. However, there is another credit education website that I use (which, like this one is also excellent) that has posts that tell me that they give auto CLIs on a YMMV basis. Some people get them, some don't. The same applies with Discover. In the past, I have gotten enough auto CLIs to raise my limit on my Escape card by about 33% of the opening trade line. I theorize that the reason I have gotten the periodic increases is because I have used the points I earn toward statement credits rather than gift cards or merchandise. I haven't used points for statement credits in several months and I haven't had anymore increases in that time frame either. Hence my theory. I don't know offhand if Freedom has a point system for cards, merchandise, and whatnot, but if they offer statement credits for points and my theory is correct, applying your points toward statement credits might get you increases.

As far as your question about it now being a signature card, just on the basis of a substantial CLI, no, it is not a signature card. A signature card is a different animal in that signature cards don't have a limit, per se, for example. They have a credit guideline which will include a certain amount that they will approve you for "over the limit" if you need it. They also expect you to pay that over the limit amount PLUS at least whatever the minimum payment is on the next due date after the "overage" appears. Moreover, in most cases, signature cards have a slew of other benefits associated that particular card.

If you want a signature card, I hear Chase is good about bumping cards up to that level. You just have to wait for 13 months after being approved for the Freedom before you can ask. You can also apply for a signature card outright. Something in your favor that will help your approval chances with a signature card is that most issuers of signature cards want to see a card with at least a $5000 credit line.

If you're own the fence about getting a signature card, just be aware that there are advantages and disadvantages to them. One disadvantage is most signature cards do not report credit limits to the bureaus because, as previously stated, they have no limits. They just report your highest month's balance. So unless you're willing to charge up $5000 and, if you do, it would be smart of you to pay it off AFTER the statement cuts, a signature card doesn't help your available credit lines to benefit your score. To me, however, the perks of a signature card far outweigh this disadvantage. I have the cards I want with the limits I want, so I will live with the not reporting.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

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nismoZtuner
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Postby nismoZtuner » Sun Sep 01, 2013 3:35 pm

interesting, i was recently approved for the marriott RP card.. with less than 1 year credit history... thanks for the info!
TU 752 (+4) - [5/9/2014] CK 726 - [11/24/14] EX 725 - [11/20/14] EQ 710
BankofAmerica Cash Rewards [2k] I American Express Blue Cash Everyday [3K] l Discover IT[2.5]
American Express Premier Rewards Gold [NPSL] I Marriott Rewards Premier [5k]
Chase Sapphire Preferred[7.3]
Inquires: TU(?) EX(?) EQ(?)
TCL-$19,800
Age-22

flan
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Postby flan » Sun Sep 01, 2013 8:18 pm

[quote="randeman"]

Chase (and pretty much everyone except BOA) report credit limits on signature cards.

Nash
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Postby Nash » Sun Sep 01, 2013 9:33 pm

That's all really good info. I've had my Freedom for nearly 8 months, so I'll keep waiting and time will tell.
Arsenal:
Discover it [3/12, $2,500]
Amex BCE [5/13, $25,000, bd 9/12]
Chase Freedom [1/13, $5,500]
SunTrust Cash Rewards [4/14, $7,000]
Bank of America Travel Rewards [9/15, $6,000]

randeman
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Postby randeman » Sun Sep 01, 2013 11:00 pm

flan wrote:Chase (and pretty much everyone except BOA) report credit limits on signature cards.


Chase reps on two different occasions, two different reps, told me they did NOT report limits on their signature cards. I haven't seen my credit report since I received the cards (and it isn't worth the expense to me of paying for it just to check), I am just reporting what I was told. I wouldn't be unhappy either way.
Cards and Credit lines Acquired:

Escape by Discover (7.75K), Barclay Holland America Visa (7K), Macy's store card (7K), Bloomingdale's store card (2.6K), Citi Custom Credit Line (3.5K), PayPal Smart Connect credit line (2.7K), Chase Freedom Visa (5K), Chase United MileagePlus Visa (5K), Chase Sapphire Preferred Visa (6K), Amazon store card (2.2K), Lord & Taylor store card (550), Nordstrom store card (1500), Gold Delta SkyMiles from American Express (3K), Discover It (6.5K), PayPal Credit Line (1K).

Kripler68
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Postby Kripler68 » Mon Sep 02, 2013 2:06 am

Chase does report credit limits on NPSL cards. It is listed on report as NPSL, but also shows the credit limit.

Robrus1
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Postby Robrus1 » Mon Sep 02, 2013 7:39 am

Chase reports a credit limit, I have seen it on my reports. OP, with good payment history and use of your card, it is pretty typical for Chase to give an auto CLI like that. Now that your card has over a 5K limit, if you want it switched to a signature card, you should be able to. I would recommend it now that it's an option.
IMO, there are no downsides. Here's what's included in the signature:

http://usa.visa.com/personal/visa-signature/benefits/index.jsp
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

chan35
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Postby chan35 » Wed Sep 04, 2013 5:48 pm

FWIW--"I acquired the CSP and a Freedom Signature card in June and they both report the CL. I check my reports several times a month. It's also noted on my CRs that these are flexible spending accounts.
FICO Scores:
EQ 704
TU 789
EX 781 (via Amex on 6/11/13)

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jumbo
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Postby jumbo » Mon Sep 16, 2013 1:39 pm

Chase has not been very generous for me. I have had Freedom for almost 2 years now, no CLI yet.
BofA Cash Rewards | CapitalOne QuickSilver | Discover More
Gold Delta AMEX | Citi DoubleCash | Citi Simplicity
Chase Freedom | Kohls Charge Card



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