03-13-2013 09:57 AM
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.
03-13-2013 10:06 AM
03-13-2013 10:09 AM
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.
03-13-2013 11:14 AM
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
03-13-2013 11:59 AM
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.
03-13-2013 12:25 PM
Completely unfair lol, I need that hookup distantarray lol...
03-13-2013 08:27 PM - edited 03-13-2013 08:28 PM
03-14-2013 08:34 AM
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.
03-14-2013 10:37 AM
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.
03-14-2013 11:28 AM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.