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Established Contributor
n777ua
Posts: 566
Registered: ‎05-29-2011

Re: CSP increase too soon??

After $7k then what ? $10k ? $20k? Higher CL just bc you want it isn't a good reason.  Lenders want to see a decent income and history, and "history" does not mean one week.

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Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012

Re: CSP increase too soon??

You're lucky you even got approved, and its a bit much to expect a CLI already. Most of the time a CLI from Chase will be a HP. Auto CLIs are possible after a few months if you have very heavy spending and the income/scores to match. I got one after 3 months via a SP, but I think it's the exception not the norm.
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Established Contributor
ObeyJohnny12
Posts: 591
Registered: ‎05-05-2012

Re: CSP increase too soon??

Chase rarely gives auto cli. You'd be lucky to ever get one. From what i seen here Chase gives auto cli but to users who have cards in the 500-1000 range but theres that smaller percent of users who have 5k or higher who have been able to get an auto cli with a sp.

Are you going to need that increase soon or is it more of a want?
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Established Contributor
zeusta20
Posts: 586
Registered: ‎02-22-2011

Re: CSP increase too soon??

Okay...first of all everybody...I'm not a her, i'm a HIM...lol. Secondly, I don't plan on doing HP's!! lol Thats why I was asking if Chase does increases through SP's. I'm in the garden, and I plan on staying here. Being in the garden, myFico ENCOURAGES SP's. Yea, I want the high CL's, BUT, its not just because of a WANT, but because it helps with UTL. I'm currently at 29% UTL, and I want to try and get below the 9% that every talks about. Yea, thats going to include paying off some debt, (which I plan to do), but I see increases happeneing everywhere, and thats what i'm trying to do. If Chase only does HP's for CLI, then by all means i'm staying where i'm at.

 

So, I appreciate the "tough love", but i'm not being reckless. My ultimate goal is to build the best credit profile, and have high limits. I'm just a little impatient, so i'm trying to see how I can get a head start on it. The reason why I asked if it would be too soon, is because I see people getting increases, and then request a SP again, and there they go getting bumped from 5k to 7k, then to 10k immediately after. It was just a question I was wondering if Chase did too.

 

Thanks for the responses though everybody.lol.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Established Contributor
zeusta20
Posts: 586
Registered: ‎02-22-2011

Re: CSP increase too soon??

Its the exact same as people getting the "app itch" on this site. Everybody gets the itch...well, a good chunk at least. My itch lately has just been trying to increase my limits.

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Contributor
pkosheta
Posts: 98
Registered: ‎08-13-2008

Re: CSP increase too soon??

If you are going to get one, it will occur @ appx 6months. That is when I and another person on the forums received an auto CLI. Mine went from 5k to 15k and I have no idea why. The most I put on one month was 2k followed by 1k to get the min spend and other than that maybe 100/month was my average. It became my highest limit by 8k. High limits are wasted on the frugal.
Age 28
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Established Contributor
Cdnewmanpac
Posts: 767
Registered: ‎01-16-2012

Re: CSP increase too soon??

1. You need to pay attention to WHO is talking about these every hour CLIs, WHICH cards this happens with (frequently ge backed cards that serve little purpose but to artificially inflate available credit) and HOW these CLIs fit into the poster's long term plans.
2. The csp is NOT a card for carrying balances, so as long as you pay it off the day before posting, your utilization will be zero.
3. There are also fico related penalties with underutilization. So you need to look at your average monthly spend as well. If you have 5 cards with 20k limits, you will need to post a balance on one card of between 1k and 2k to maintain a single card util between 1-10% and overall util of >1%. If you are in a bucket that optimizes 5-9% util, it is impossible to maintain both individual and overall utilization. To keep overall utilization 5-9%, you will need to post a balance of 5-9k on one card.
4. With the exception of Amex, the limits on useful cards from mainstream issuers grow over YEARS. You need to look LONG TERM, not focus on the next 6-12 mos. but many of the people on this board came here during rebuilding, which was frequently needed because of impulse decisions and an inability to delay gratification. So keep that inherent bias in mind.
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 16k, USAA WMC 15k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k. FICO 08 says my EQ is now 844, was 510 in 2010.
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: CSP increase too soon??

I received an auto CLI on my Chase Freedom from $5500 to $8000 just about a month ago.  I got the card around April of last year.  Don't know how rare they are but they can happen.

 

I think the concern of underutilization is a little overblown.  1% works pretty well for most people.  Even if 5-9% is ideal for a particular person, you're only talking about a few points. 

 

  


Starting Score: ~500 (12/01/2008)
Current Score: EQ 681 (04/05/13); TU 98 728 (01/06/12), TU 08? 760 (provided by Barclay 1/2/14), TU 04 728 (lender pull 01/12/12); EX 742 (lender pull 01/12/12)
Goal Score: 720


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Established Contributor
zeusta20
Posts: 586
Registered: ‎02-22-2011

Re: CSP increase too soon??

Good to know! Thanks. appreciate the info!

CL-5kNPSLCL-3.6kCL-4kCL-7.5kCL-7kCL 7.9kCL-4.2k
GARDENING SINCE 07/13/13
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012

Re: CSP increase too soon??

They thought you were a girl bro, lol. Sigh, if only we had a way into NFCU, a man could dream right...

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