Dylan1982 wrote:I've had my Freedom card since 2/2013 and was issued a $5k CL.
When 8/2013 rolled around (6 months after establishing my acct) I never got an automatic CLI.. I called in (HP) and got a CLI of $3k totalling for a new CL of $8k.
Now I am past the 1 yr mark, and it has been 8 months since I called in for a CLI and I've still yet to receive an automatic CLI... So what gives??
I use my Freedom card for EVERY SINGLE PURCHASE!!! Bill gets paid in full at the end of every month. And as of March, I made a huge payment of $4,xxx to my bill b/c I bought some things.
My utilization on the card as of right now 38%, but I pay my bill (from my last statement balance) before 5/17 in full....
So I've had the card for 14 months with outstanding usauge and outstanding payment history, yet Chase refuses to give me an auto CLI... Again, what gives, why haven't I gottem and auto CLI??????
I would guess that because you initiated a CLI after 6 months, your account was passed over for the one and only auto CLI. Typically the auto CLI's that banks give within the first year of cardmembership are given when no other CLI had been requested/given. As always, YMMV. After the first year, the banks have to get creative about credit line increases; some banks like Citibank and US Bank will send an email or letter via USPS indicating that you qualify for a CLI and all they need is your updated annual income. Other banks will notify you when you log into online account management that you qualify for a CLI and all they need is some updated income information.
Auto CLI's after the 1st year of cardmembership are extremely rare because banks/credit unions must follow the CARD Act law that require financial institutions to "prove" that you can handle more debt. This is "proven" when they collect an updated annual income amount. *They are allowed to use your income provided on the application for credit for one full year.
I see that you quoted one of my previous posts. I did receive 1 auto CLI from Chase in 8/11 for $3,000 (My Freedom was opened 11/10). I had not received one before then and I did not request a CLI in between. You will also see in my post that I suggested that the cardmember allow the bank to give the auto CLI first-meaning, do not ask for a CLI before your one and only auto CLI. If it makes you feel any better, I have not received a credit line increase since.
That is how things work now after CARD Act. Credit line increases are not impossible to obtain but they aren't the gravy train they used to be before 2008. Chase is absolutely dreadful wherein credit line increases are concerned. Bank of America as well. The absolute best bank for easy credit line increases is Citibank (and AMEX). Any future, uninvited credit line increases from Chase will require that you ask and will require a HP.