Chase Credit Access Line

[Anonymous]

Hi All

I know this was mentioned before, but maybe its more fresh to mention it.

Had faxed Chase, requesting only a 2K credit limit.
Just spoke to a CSR and was told I was given a CAL of over 10x this.

I was told I have no preset limit, but must pay it down below the CAL each month.
Will never carry a balance on this card, as I don't carry a balance with anyone anymore.

Shall see how it reflects on my CR in the next few months and may get it dropped to 5K

I already have, what I feel is too much credit as it is.

Cheers

[haulingthescoreup]

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uaflyer wrote:

Hi All

I know this was mentioned before, but maybe its more fresh to mention it.

Had faxed Chase, requesting only a 2K credit limit.
Just spoke to a CSR and was told I was given a CAL of over 10x this.

I was told I have no preset limit, but must pay it down below the CAL each month.
Will never carry a balance on this card, as I don't carry a balance with anyone anymore.

Shall see how it reflects on my CR in the next few months and may get it dropped to 5K

I already have, what I feel is too much credit as it is.

Cheers

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Congrats on the card!

It sounds like you might have a Visa Signature, or maybe a World MC. Which CC did you get?

If they don't report a limit, they will probably report your highest-ever balance instead. That can potentially make you look maxed-out.

A workaround is to wait for your statement to drop, make a huge charge for near your CL, and pay it off immediately. Chase will report that charge amount as your highest-ever, so that will effectively be your CL for determining util. If you pay it off immediately, you should be OK. (Should.) Many people do this as a cash advance, making it easy to repay. I remember reading long ago that someone bought a car with their CC to establish the high balance, and then moved the CC balance to a standard auto loan.

You just really, really, really don't want to have that high charge show up on your statement as a current balance and get reported to the CRA's.

[Anonymous]

I got a United Airlines Platinum Signature VISA.  Its a 24K CAL. (argg)

Just buy tickets with it, so really need maybe $2K and at most $5K

Got an AX Delta Platunum last month.

Still concerned about too much unsecured credit.  I now have about $150K and feel better if it was more like $50K.

How can I be worth the same amount as I make ?  Given little is showing up on my credit report, other than the creditor

Since I pay everything each month, I figure if I need more I can just call and get instant increases.

For now, I would be worried it would effect my ability to get a mortgage or something else in the future.

I mentioned this forum, and it seems the credit grantors are well aware of it.

Like I have noted, I once had terrible credit.  I just post hoping some learn from my mistakes and history.

The high balance IO ever had was $29K about 2 years ago on a Citibank card.  This was actually over limit, but paid it the next month.

For those dealing with credit, possibly noting you are learning here will help your case.

Cheers

Message Edited by uaflyer on 09-17-2009 01:47 AM

Message Edited by uaflyer on 09-17-2009 01:57 AM

[haulingthescoreup]

Unless you're afraid that you're going to be tempted to use this excess credit, leave it be. It's helpful for your FICO scores if any cards ever report balances, and you'll be treated better by creditors when you have solid existing CL's. (Sad but true commentary on how life works.)

You might call and ask if they have a non-Signature version of your card. These do report the CL, instead of the highest balance, so they're a lot easier to handle. From your username, it looks like you fly a lot, so I wouldn't dump the card if it can help you with rewards points, etc.

The other way to keep from getting bitten by a no-reported-limit card is to PIF (pay in full) every month BEFORE the statement posts. As this is a Chase card, I assume that they drop their statements every month on the same date, and they report the balance that is on the statement to the bureaus. If you pay online a day or two before the statement date, the statement will show $0, and that's what will be reported to the CRA's, resulting in no score penalty.

I do understand your apprehension about having too much available credit, as you've had problems in the past, and I commend you for wanting to stay out of trouble in the future. I'm sure you'll get a lot of advice one way or the other about what to do, but only you know whether having lots of available credit will be a problem for you. I'll just say that as long as you remain the master of your credit, rather than vice versa, having high CL's is a plus.

Good luck, and happy flying!

[Anonymous]

In another manner, I suppose I would be worried if I lost a card and didn't discover it soon enough.

But I will keep the cards I have, if I downgraded the UAL card; I wouldn't get the same benefits and promotions.

One thing I do is plan payments online in advance to avoid interest.

With AX, I already have full payment for 25 days after the first charge of the month.

I have renters, so I just have them pay my credit card.  (they pay every 3 or 6 months in advance)
Makes it easier and less risk of a lost check or some mishap.

when it goes over, the bank always sends me a check within 30 days later; which is fine with me

Just shall see if my CR drops more and work it from there.

Thanks

[haulingthescoreup]

Since you're already paying in full online, just change your internal due date to the statement date (instead of the published due date.) Sure, you'll be paying 3 weeks or so earlier than before, and I suppose that technically that money could be earning interest somewhere at some pitiful amount, but paying before the statement drops will do the trick.

Congrats on having responsible renters! That's a nice place to be.