How much Utilization for CLI? Chase Freedom

Discuss the Visa & MasterCard payment networks as well as cards that operate through them.
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How much Utilization for CLI? Chase Freedom

Postby EDMD » Thu Feb 13, 2014 1:08 pm

Hey all, new here. I'm a med student with loans so not much credit to establish but working on it, aiming for 700+ but range 660s. I'm curious as to what is the best method to get a significant CLI for Chase Freedom. I recently opened one with a whopping $500 limit. Should I aim for 10% utilization (for the specific card not overall although I know this is ideal, working on it) or would say 30% be more appealing so that they would want to increase in the next 6 months? I pay on time and statement in full (I always do with all my cards, no credit score dings, lowest rating is my credit history years since I opened my first card in undergrad). I'm planning on waiting 6mos before asking if there is no auto, I don't want a hard pull.

I have a US Bank Visa plat 3K, Cap 1 MC Platinum 2K, Cap 1 Journey $500 (won't even try here, 10% utilized month paid in full then back in the drawer) and Discover IT $1400 (would like to increase this eventually). I have about 36% total utilization that should be paid off in full within the next month or two. Then plan to only use 10% total utilization, hopefully raising my credit score steadily.


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Postby tezail3 » Thu Feb 13, 2014 10:29 pm

I've been with chase since I've first started with credit cards in 2011. The freedom was the first I had, and like you, was granted a whopping $500. Fast forward three years later and I'm up to all of $1300. All my cards except one are with chase, and I've found that if I use it to the point of almost completely reaching my limit (as in maybe $100 or $200 shy) and then paying it off in full before the cycle is up, I see an automatic cli within the next two statements.

The most recent example. Started off with the Amazon card having $1900, pushed it to about $1700 when I moved in June and saw and increase to $2200 the next month. I put my upcoming cruise on the card in December--a total of $1700--plus other expenses, and had my balance reach close to $2000. Paid it all off before the next due date. By the end of January my limit had automatically increased to $4400. Yes, two times what I had before.

So basically...incredibly long response cut short. Show them that you are good for their business and that they can trust that you'll pay em back. If I did my math correctly, you have a little more than $7k in available credit. I'd say once you pay off your balances, use your freedom as much as you can and if you're comfortable, push it to maybe 400 or so and then pay it off before or by the due date. Do that a couple times, and both you and chase will be very happy. You'll have a high utilization on that card for a little, but in the long run once they increase your limit automatically you should be good to go. :)
[font=Arial][size=80]Amex Blue Cash Everyday: $14k
Chase Sapphire Preferred: $6.5k (Auto CLI from $5000 in a month and a half)
Chase Freedom: $5k (Auto CLI from $500 to $1300 to now)
Chase Amazon: $4.4k (Auto CLI from $1900)
Chase Slate: $1k (Auto CLI from $500)
Citi Thank You Preferred: $6.7k
Barclaycard Rewards World MC: $10k[/size][/font]

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Postby takeshi » Fri Feb 14, 2014 9:40 am

30% max and 10% or less ideal utilization are general recommendations for reported utilization for credit scoring purposes. You can use whatever you want. Chase doesn't have to look at your credit report to determine how you've used your Freedom. They're the account holder and can just look at their own records. Usage alone isn't going to determine whether or not you get a CLI or how much of a CLI. Your internal limit with them needs to allow room for CLI for one thing.

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Postby whit » Fri Feb 14, 2014 10:21 am

to add to what's already said,

there's a student who has loans of 100k+ because like you, he's a student, 100k in loans is not as bad as credit card but it's not as good as mortgage loans; and personally, if I was a student it would be hard for me to take on that type of loan unless it's in a field I know I can earn back fast or if I had rich parents willing to pay (my aunt and uncle are landlords of a few properties personally while also working that six figures but still my cousin worked at vs to finance her own car, she's paying purchase interest charges while they're living it up)

because college student graduates are having a harder time finding jobs now then they did before

there was a student who got approved for a chase sapphire preferred because he did it before he took on student loans

another can't even get approved for CL increase on his current freedom 500, reason cited was because he's overextend

he doesn't keep much in his bank account with Chase

another gets student loans, also has 500 CL which chase doubled after he had his accounts for a year, or thereabouts, maybe a few months less then that, but instead of spending the money he's alloted quarterly completely he manages to keep a good balance in there while paying rent and spends his money wisely..I don't think he kept his utilization 10-30% because it's 500..that's like 50-150...he did use his debit card more then his cc, for flights too because he simply couldn't use the cc for that

I'm sure as time passes it will auto increase again;

eta--all of them are borrowing 100k+ because they're in med too

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Postby EDMD » Fri Feb 14, 2014 11:20 am

Thank you for the advice, makes sense. I'll apply for an Amex once I hit the 700 mark probably in a year, so if my Chase Freedom stays that low like Tezail3 mentioned (really, 3 years to $1400?!) I probably won't push it. So that way I'd be okay with a few solid cards, establishing credit having all the major names.

I'll have about 200K by graduation, not looking forward to it but I plan to pay that off asap by still living as a student post grad.

Thanks again for the posts

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