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Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012

Re: CSP increase too soon??

You lowes your utilization by paying down your debt not adding more available credit.  If you have a high monthly spend and have problems with using more than 30% of your credit line but you PIF each month you should look into an AMEX charge card.  If that is not the case for you just work on paying down your debt and you will be golden.

 

Chase isn't going to give you a limit increase if you are constantly revolving debt.

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Moderator
09Lexie
Posts: 22,429
Registered: ‎09-13-2012

Re: CSP increase too soon??

@zeusta
My apologies for assuming you were a 'she' . Yes, the garden does encourage SP's. Gathering higher CL will help with your util but like you said - so will paying down your balances. The cards in your siggy are all prime lenders and over time they will either grow or make it easier during your next app spree to command higher CL's.

Unfortunately, the cc you have are not like GE or NFCU- patience is the key to building the best credit profile.

Good luck and glad to see you are still in the garden.
New Contributor
CreditAce
Posts: 103
Registered: ‎02-19-2013

Re: CSP increase too soon??


Walt_K wrote:

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. 

 

  


+1. I agree about util. I'm not obsessive about it and never pay my bill before the statement cuts just to improve my scores. If I am planning for an app then I try to keep it under 10% reporting the previous cycle but that's about it.

Community Leader
Valued Contributor
myjourney
Posts: 23,571
Registered: ‎02-07-2013

Re: CSP increase too soon??


zeusta20 wrote:

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.


I'm just glad to have my friend back it the garden with me...we both waiting on new cards and HUGH CLI's :smileyvery-happy:

"Intelligence plus character--that is the goal of true education"
I will be gardening until a better offer/bonus comes along
Last escape 06/06/13 Bronze 7/6/2013 Silver 9/6/2013 Gold 12/6/2013 Palladium 3/6/14 made it
Established Contributor
distantarray
Posts: 2,112
Registered: ‎09-25-2011

Re: CSP increase too soon??



WarJar101 wrote:

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


lmao my largest credit limit was $1,500 secured card went to $17,000 with NFCU, then $16,500 with Amex that helped everything else. 1 and half years from being declined for a BOA SECURED card -_-; to 108k in credit limits.


total credit limits $108,400 Credit scores Ex 728 EQ 738 TU 758
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012

Re: CSP increase too soon??

Completely unfair lol, I need that hookup distantarray lol...

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Valued Member
Creditseeker93
Posts: 116
Registered: ‎02-06-2013

Re: CSP increase too soon??

[ Edited ]
Okay so I have a question. I have a CSP and when I was approved Chase gave me 5K limit for the CSP to start. I knew this wouldn't be enough due to current travel plans, so I called chase consolidation department and had them move $5K from my (JOINT) Chase Freedom account (had a 13K limit), to my CSP and that gave me $10K on the CSP.

I already charged about $7,000 on the card and wasn't sure if I should pay it off before the statement cuts (so it doesn't get reported on my CR)or to just pay it off when my statement comes in the mail. I'm going to be paying in full as I've done with all my credit cards in the past (and plan to do for the foreseeable future).

What do you think Chase would mind if I pay before statement cuts? And which payment plan would help me most likely get a Auto CLI ?
AMEX BCP 6,,000***** *****Chase Sapphire Preferred $10,000 **** Chase Freedom $8,000 *****Sears Mastercard Platinum $5,000 **** Macy's Star Rewards $1,000 ***** American Express BCE $24,900 (AU) **** *****Discover IT $4,000 (AU)*****
Senior Contributor
Walt_K
Posts: 3,065
Registered: ‎11-02-2009

Re: CSP increase too soon??


Creditseeker93 wrote:
Okay so I have a question. I have a CSP and when I was approved Chase gave me 5K limit for the CSP to start. I knew this wouldn't be enough due to current travel plans, so I called chase consolidation department and had them move $5K from my (JOINT) Chase Freedom account (had a 13K limit), to my CSP and that gave me $10K on the CSP.

I already charged about $7,000 on the card and wasn't sure if I should pay it off before the statement cuts (so it doesn't get reported on my CR)or to just pay it off when my statement comes in the mail. I'm going to be paying in full as I've done with all my credit cards in the past (and plan to do for the foreseeable future).

What do you think Chase would mind if I pay before statement cuts? And which payment plan would help me most likely get a Auto CLI ?

Chase won't mind if you let it report, and I don't think it matters either way for the CLI.  Either way, Chase is going to have its own records of your charging and paying on the card.

 


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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Contributor
bobvette
Posts: 78
Registered: ‎02-04-2012

Re: CSP increase too soon??


Cdnewmanpac wrote:
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.

Why would you say that? Is there evidence that states Chase doesn't like you to carry a balance? I have 12 months 0% interest, why wouldn't I carry a balance? You people with your balance and utilization phobia's need to relax a little. Since November I have opened 3 AMEX cards, a CSP, A Citi Thank You Preferred, and a Pen Fed Rewards Visa, $70,000+ in CL’s, while having 20-25% utilization. I also received a $9,500 CLI on a Chase Freedom. My AMEX BCP opened at $10,000 and was instantly increased to $25,000 on day 61, all while I had balances on 4 or 5 of my cards. If your scores are good and you have a decent income, all this other crap is just that, crap.

AMEX BCP $26,600 CSP $12,000 Pen Fed Plat Rewards $12,000 Citi Thank You Preferred $10,500 Chase Freedom $10,000
Delta CU $10,000 Cap 1 X 2 $7,500 AMEX TE $2,000
HSN $1,700 Kohls $1,000 BBRZ $700

Starting Score: EQ-592 TU-606
Current Score: EQ-728 TU-730
Goal Score: 725

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Established Contributor
Cdnewmanpac
Posts: 759
Registered: ‎01-16-2012

Re: CSP increase too soon??

first, bobvette: it is NEVER a good idea to include the phrase "you people" in an internet post. second, the csp has an interest rate of 15.24%. it is therefore. poor choice for carrying a balance. if you got 12 months no interest, then it doesn't apply to you for those 12 months. but you are the first person I have ever heard of getting an interest free period on the csp. the op didn't. neither did I. my point was about economic value, not some paranoia about how credit issuers "think". carrying a balance on a high interest rewards card negates the value of the rewards, thus negating the purpose of the card. maybe next time just respond to what is written instead of making assumptions. deal?
In wallet: Ink Plus 10k, AMEX TE 25k. In bag: CSP 12k, USAA WMC 13k, Hyatt 13k, United MPE 12k, AMEX HHonors 3k. In SD: Cap 1 QS 5k, Discover IT 7k

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