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Hi Everyone
I wanted to know what is the best way to get chase to increase my credit limit. I currently have a Chase Slate with a 7K dollar limit and and several other cards with varing credit limiits from 3K to 9K. I logged in to pay my Slate bill and they showed me card offers for me, and I picked the freedom unlimited and I was approved instantly but for only $500.00. What would be the best way to use the card to get them to want to give me an increase because $500 is a really low limit.
Eric
@Anonymous wrote:Hi Everyone
I wanted to know what is the best way to get chase to increase my credit limit. I currently have a Chase Slate with a 7K dollar limit and and several other cards with varing credit limiits from 3K to 9K. I logged in to pay my Slate bill and they showed me card offers for me, and I picked the freedom unlimited and I was approved instantly but for only $500.00. What would be the best way to use the card to get them to want to give me an increase because $500 is a really low limit.
Eric
Unfortunately, the answer to your question isn't necessarily a simple one. A lot depends on your scores, income, DTI ratio, utilization, number of new accounts, etc. You can call the credit analyst number (it's in a sticky post) and ask for recon, but most likely they'll ask you to shift part of your Slate limit to the new one.
Good luck!
I think we will need more information. A $500 starting limit is pretty low which means there must have been a reason for it, such as income is too low given current credit lines with all creditors and maybe you have hit your internal lending limit with Chase.
My experience with Chase, albeit limited, has been that I was approved with a decent limit and then within the first year of having the card they did one auto CLI and thats it.
Your best bet would be to transfer some of the credit line from Slate to your new Freedom Unlimited so that you can actually use it and hopefully within the year they will do an auto CLI.
Others have said in the past the best way to increase a Chase credit line is to apply for one of their partner cobranded cards and then after a while transfer the credit line from that card and close it out; however, in your case this might not be the way to go since you were given such a small starting limit. It seems this may be Chase's way of saying you have enough credit.
Thanks for the reply
I used this same strategy myself. When I started applying for new cc after a few years of rebuilding.... I was not aware of the Chase 5/24 rule and applied for the Slate. I was approved for a CL of $500. I was bummed out at first but was just happy to be in with Chase. About 2-3 months later I was approved for the Ritz Carlton and the Hyatt with CL of $8.5k each and PC'd my Slate to the FU.
I moved $5k from my Hyatt to the FU.
Thanks