Chase Reserve CLI

[Anonymous]

I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

[austinguy907]

First thing is to figure out what your scores are.  Your scores play a big part in giving advice on whether or not you'll get that CLI you desire.  Of course there's more to it like age of the account, amount used in relation to current limit, etc.  

[driftless]

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@Anonymous wrote:
I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

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Yes, I do; Chase is a relational not transactional bank. I know that the Chase internal system factors in your banking relationship. I would wait a few months until everything has reported first though. FWIW - I received an auto CLI with my CSR after the third statement. We are CPC's and have managed accounts with JP Morgan as well. Very happy.

[BronzeTrader]

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@Anonymous wrote:
I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

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If you have no more debts, why do you need a high CL? I have CSR with CL of $50k, but I do not use anywhere close to that at all. 

[Anonymous]

There seems to be an obsession on this forum to get high CL just for the sake of having high CL. Doesn't make a whole lot of sense to me.

[austinguy907]

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@Anonymous wrote:
There seems to be an obsession on this forum to get high CL just for the sake of having high CL. Doesn't make a whole lot of sense to me.

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When you start from $0 you have some goals to hit $5K / $10K and so on.  It's a mental achievement climbing back up the ladder and back into good graces with "credit".  It's all subjective until it spins out of control with 100 cards and $1M in CL's like some person around here.  Others just find it to be an addiction once they hit their initial goals and get caught up in chasing the next high.

[Anonymous]

Higher CL means lower utilization too.

[newhis]

I have read that having cards above 10K can help your auto insurance score and maybe other scores that are not used as much as FICO.

If you goal is having the best scores to save the most money when you get a mortgage, auto or insurance, then, when you get a good FICO, then you can try to increase other scores.

My DW just asked the auto insurance to lower her payment, telling them to check her credit history that is much better now than a year ago. The did lower the payment but send her a letter that she is only at 50%, score wise, from all the company clients. How come she is at 50% if her FICOs are near 800?, because her auto insurance score is average.

I don't know if the company reviewed the same score that is available in CK. That score went up just a little in the last year.

[Anonymous]

Thank you all for replying. I have the answer- it does. I called yesterday and they increased the limit to $50k, after confirming that all my other debt was now zero. I guess that is the bonus of banking there. It was able to confirm what I said. I know the poster who said I don't need that credit limit when I finally paid my debts and they are completely right. I need to cut spending. However I am kind of in a position that I need as many quick boosts to my credit as possible and I have read here that an increase like that will help the score. Mine is mired in the 500s. Errr. Plus I'm sick of using so many cards each month. I could use cash now I suppose but then I would lose the small points gain which I kind of still care about- even though it's probably dumb.

[Anonymous]

You are right. There is and I do it too. I think of my parents who don't even know what their credit limit is yet have perfect credit. Meanwhile Im the one worried about credit card debt and they aren't so I agree with your point.