Chase CLI Denied (kind of sad)

Anonymous · ‎04-19-2017

I thought my rebuilding was going well but I guess not. I have never had a CLI so i thought I would give it a shot. I have had the freedm two years. Current CL 5500, balance of 1500. Overall utilization across all cards of 21%. Current EX Fico of 712 up from low 500's three years ago. Only negative on EX is a 30 day late from 51 months ago. Sort of dissapointed. I really thought I was doing good but I guess not. I assume no recons are possible?

Anonymous · ‎04-19-2017

The problem was likely your utilization. High 20's on the card you were requesting it on and 21% aggregate isn't ideal. I never recommend requesting CLIs unless you're in the 1%-9% range in both aggregate utilization as well as utilization on the card you're requesting the CLI on. If you've got excellent credit scores and a super clean report perhaps you can get away with a little higher utilization, but in general I don't think it's a good look. If you can take your utilization down immediately and call and recon you may get a different answer, but otherwise most likely not. I assume they hit you with a standard HP when you requested the CLI?

Anonymous · ‎04-19-2017

@Anonymous wrote:
I thought my rebuilding was going well but I guess not. I have never had a CLI so i thought I would give it a shot. I have had the freedm two years. Current CL 5500, balance of 1500. Overall utilization across all cards of 21%. Current EX Fico of 712 up from low 500's three years ago. Only negative on EX is a 30 day late from 51 months ago. Sort of dissapointed. I really thought I was doing good but I guess not. I assume no recons are possible?

I can relate to the disappointment but keep grinding...just a small denial not a huge setback and it's fixable.....

K-in-Boston · ‎04-19-2017

@Anonymous wrote:
I thought my rebuilding was going well but I guess not. I have never had a CLI so i thought I would give it a shot. I have had the freedm two years. Current CL 5500, balance of 1500. Overall utilization across all cards of 21%. Current EX Fico of 712 up from low 500's three years ago. Only negative on EX is a 30 day late from 51 months ago. Sort of dissapointed. I really thought I was doing good but I guess not. I assume no recons are possible?

You can absolutely recon, just be prepared to speak with a credit analyst. Don't feel bad though, I tried for a CLI on my circa-2007 $4200 Freedom last year - had about 20 points on you and no negatives but util was around 28% (none on that card, but it had been seeing about $1000 in spend a month for about 5 months). Declined and ended up being declined with the recon even though the analyst (after grilling me thoroughly) left it sounding like it should be an approval but I'd know in a few days. I tried again on New Years Eve and still declined, but immediately got an approval for $12k on a CSP at lowest APR, which made no sense but I've shuffled some credit lines around.

Anonymous · ‎04-19-2017

OP - Let me ask your income?

If it's 20-40k then I feel like $5,500 is a good CL which is why Chase Denied you for a CLI, if it's 50k + then you may be able to recon it.

Anonymous · ‎04-19-2017

@Anonymous wrote:
OP - Let me ask your income?

If it's 20-40k then I feel like $5,500 is a good CL which is why Chase Denied you for a CLI, if it's 50k + then you may be able to recon it.

I feel worse then. 130K

Anonymous · ‎04-19-2017

@Anonymous wrote:
The problem was likely your utilization. High 20's on the card you were requesting it on and 21% aggregate isn't ideal. I never recommend requesting CLIs unless you're in the 1%-9% range in both aggregate utilization as well as utilization on the card you're requesting the CLI on. If you've got excellent credit scores and a super clean report perhaps you can get away with a little higher utilization, but in general I don't think it's a good look. If you can take your utilization down immediately and call and recon you may get a different answer, but otherwise most likely not. I assume they hit you with a standard HP when you requested the CLI?

yup. HP on EXP

Anonymous · ‎04-19-2017

Hmm - Is there any 1 or 2 cards you have with over 50% Utilization individually? That also is taken into consideration.

You should receive a denial letter saying why they denied you CLI request.

Anonymous · ‎04-19-2017

I'd recommend going the recon route as suggested above. If you can pay your individual card and aggregate utilization down to 1%-9% first I think that would be ideal.

K-in-Boston · ‎04-19-2017

@Anonymous wrote:
@Anonymous wrote:
OP - Let me ask your income?

If it's 20-40k then I feel like $5,500 is a good CL which is why Chase Denied you for a CLI, if it's 50k + then you may be able to recon it.
I feel worse then. 130K

Cheering you up again... 210ish and denied.