- Centurion Member
- Posts: 188
- Joined: Tue Jan 10, 2012 7:11 pm
- Location: New York, NY
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).