Reply
Contributor
Posts: 103
Registered: ‎02-12-2009
0

Chase credit card question

I have a Chase Freedom Card, however the limit is only $400.  If i close the card and reapply after 60 days, do you think they will approve for a higher limit or the same limit?

 

When I obtained the card 2 years ago, I was in my rebuilder stage.  My score was 650ish and I had a lot of derogs.  Now my scores are a lot better, EQ 732, TU 682(1 last baddie).

 

Originally the card had a $200 limit.  I called and asked for an increase, they only doubled it.  With the limit being so low, they'll probably never give me a real limit.  Citi wasn't like that, I started out with a $500 limit and now its $4k.  They were opened around the same time. 

 

With the negatives of AAofA and higher utilization aside, would it better to close the card and reapply at a later date?

 

I've never been late, never over the limit on any of my tradelines for the last 3.5 years.  My Chase currently has a zero balance reporting.


Starting Score: 719
Current Score: 762
Goal Score: 800


Take the FICO Fitness Challenge
Valued Contributor
athensguy
Posts: 1,291
Registered: ‎02-26-2008

Re: Chase credit card question

Don't close it. No need to close it in order to apply for a new card. Also, pay attention to your rewards, because the new Freedom cards have a weaker reward structure than they used to.
Member
Mapleton
Posts: 15
Registered: ‎05-09-2009
0

Re: Chase credit card question

Call and ask for an increase.
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: Chase credit card question


Mapleton wrote:
Call and ask for an increase.

Chase does a hard inq on CLI's when requested by the customer (as opposed to the elusive auto-generated CLI's.)
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+
}