08-12-2013 07:38 PM
SO chase freedom isn't good at auto CLI?? damn was hoping to make it work itself up to 5k so i can swtich it to Signature
08-12-2013 10:56 PM
I think when it comes down to Chase, they are more conservating about auto CLI'ing on certain credit cards over others.
08-13-2013 12:42 AM
I've been reading rather extensively trying to work out how to game the Chase auto CLI system (owning only a small limit card), and have come across a few interesting points - note that my experiences apply to lower limit chase cards. I am currently running a strategy to see if those experiences reflect a more common practice. I will report findings at 3 months, 6 months.
Background: Freedom arrived last month, $500 CL, no significant history (few INQs). Income ~55k.
Usage: As I don't have any other credit lines, I have the flexibility to run everything through the card. Thus far have run $1k through the card, constantly paying it down as soon as balances post. First statement cuts on the 20th of August, balance at that point will be <10%, to be paid in full well in advance of the due date. For the next two months I will be maintaining or trying to exceed this level. Those who have had success with auto CLIs seem to do so when using ~1.5-2x+ of the CL per month during the first 6 months of having the card.
Based on extensive reports from here and elsewhere, it seems that chase has a first review of CL within the 2-4 month window. Most users got an increase at 3 months if at all, usually between 300-500. Nearly all who did get an increase in the period used the card heavily at the above ratio minimum. Now as I don't have a credit history elsewhere it will be interesting to see whether Chase values the history and multiple lines, or the card usage for consider the auto CLI. Second window seems to be at 6 months, for those users who only just manage to spend at the CL, and those who continue to exceed CL using pay down often get a second bump at this point. Again increases are typically small, $300-500. Third review is at around 12 months, and if the payment history, usage and everything else looks kosher the auto CLIs seem to come in small increments every 6 or so months, even if usage isn't that heavy (suggesting something about maturity of the line).
In terms of the bigger limit cards, I have a couple of theories about why many don't see much in the way of auto CLIs:
1. People who are getting larger limit freedom's generally have a thicker credit file and a greater number of credit lines. Now, dependent on income (lower incomes having less flex to put alot through the card), this leads to the usage being somewhat spread, meaning that people struggle to hit a ratio which suggests a CLI is 'needed'. Those who have had success seem to have had much higher usage than the total credit limit consistently over a several month period.
2. Auto CLIs for larger limit cards without sufficiently heavy usage seem to be restricted to those with 12 months history.
3. Some see limit increases when their usage was high, but then goes down, with another high credit limit card in competition.
I'm not sure how much the interest 'carrot' matters to chase, as most freedoms currently run with the 15 month 0% APR, so I'd be interested to hear more about cases where people didn't have that.
As with all things here, YMMV, but will be an interesting experiment (hey I'm bored waiting to establish a decent history).
08-13-2013 03:34 AM
There really are no tactics to a CLI with Chase. I recently got a CLI to $4.8k from 4.5k after going over my CL. I paid it back down and then went over my CL again. I'm suspecting another CLI soon. Lol.
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