Credit Cards

[iGotchi]

Hello, last December I was approved for a Chase Freedom as my first credit card with a $500 credit limit. However, I have found that this CL is not enough and I have had to make 4 payments on the card already. I want to ask Chase for a CLI, but I don't want to risk a HP without asking for help. I plan to pay in full every month.

Some information. I am a recent college graduate and currently owe $14,000 in student loans, $35,000 on a new car,  Equifax FICO scorce of 675, and Trans Union FICO of 724. I also have an average account age of 2 years. I have a checking and savings account with Chase.

Given the above information, should I risk a HP for a CLI to at least a $2000 CL? Or should I wait, and hope for Chase to do an auto CLI? Thanks!

[youngandcreditwrthy]

How many inqs do you currently have? When was your most recent acct opened?

[iGotchi]

1 inquiry in the past 6 months. The most recent account opened was my car last May when I graduated. Strange thing is that Chase did not perform a hard pull on Experian, Trans Union, or Equifax (to the best of my knowledge) when I applied for the credit card. In the paper work that was sent with the card, the scoring system used was, "Application Score". I have no idea what that is. Also, I have never missed a payment on my car or student loans if that matters.

[youngandcreditwrthy]

That is odd...

Well, your scores look good... Not a lot of inqs or new accts. I think you can afford the hp and would prob get an increase!!!! Maybe ask for $5000? Or whatever amount haha that amt seems to be a good cl barrier to break ;-)

Good luck :-)

[nicholasyud]

better off get some other CC with decent limit rather than waste an inquiry for credit limit increase....

[iGotchi]

My plan was to establish a good relationship with Chase, since I bank with them, and eventually apply for the Chase Sapphire Preferred. I wanted to use the Freedom and Sapphire Preferred to fully utilize their rewards program for travel or cash back. Is this a good train of thought? Or are there other credit cards that offer better rewards programs?

[kwinks]

This is exactly what I am trying to do. i got my chase freedom last February. However I got a capital one secured card for 6 months and then applied for chase. I also bank with them and I feel that it helped me tons with the freedom. I got a cl of 3000 And I was just approved for csp yesterday.  I think patience is really important with chase because they are tough....

also by last december....do you mean December 2012? Because if so then I say you have to wait at least 6 months before asking for cli...that's just a good rule of thumb for any credit card. 

[bettercreditguy1]

Chase likes to see History, payment and usage. Six months is early, a year better. In addition to using a HP, they also place emphasis on the internal review of your relationship with them.

[youngandcreditwrthy]

I wouldn't app for CSP til you have 6 mos to a year with the Freedom. Also, opening a CSP could affect your cli on Freedom or vice versa. People discuss having to move credit lines from other Chase accts all the time here! Lol

[iGotchi]

Sorry if I gave everyone the wrong impression that I would be applying for a Chase Sapphire Preferred. I don't plan to apply for one until July of this year.

However, back to my original question, should I ask for a CLI on my Freedom (I have a measly $500 CL)? Given that I don't believe Chase performed a hard pull when I applied for the card (No Chase inquiries on my credit EQ and TU reports on 1/3/13, and no EX credit score on documents that came with the card) and with a EQ FICO 675 and TU FICO 724 (same report).

I have already paid in full 4 times since owning the card for the past month (December 2012, sorry if that also wasn't explicitly stated). My only fear is calling and having a hard pull performed and I'm told that there would be no CLI. More input is much appreciated