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Established Contributor
laboi_22
Posts: 634
Registered: ‎07-07-2011
0

Re: Chase is a Strange Bank but I'm happy!

Thanks. I know I almost fell over since I was just expecting the normal 5,000 or worse even less.
Current Scores: EX - 728 FICO (5/11/13) TU - 771 FICO (7/02/13) EQ ??

Current Cards: Chase Freedom $5,000, CSP $5,700, BofA Visa Signature $15,000, AMEX BCE $6,000, Walmart $4,150, Gap Visa $10,000, JC Penny $5,800, Lowes $8,500, Dillard's AMEX $8,000, AMEX Hilton HHonors - $2,000, Chase United $12,000, Citi AAdvantage & Simplicity $6,000/$6,000, SPG AMEX $1,000
Established Contributor
toppers555
Posts: 550
Registered: ‎09-28-2012
0

Re: Chase is a Strange Bank but I'm happy!

I think they are starting to like me. Other day I deposited a check for 5k into checking account I opened just start a relationship with them. They put 2 week hold on it. Figure no biggie next day had a credit for full deposit amount check hold still shows to 26th. Guess we will see about csp soon.



TU 715 No apps to 05/13 cash+ 5/13!!! 738 TU CSP April 13!!!CSP approved May 13!!!


Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Chase is a Strange Bank but I'm happy!

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Re: Chase is a Strange Bank but I'm happy!

[ Edited ]

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Chase is a Strange Bank but I'm happy!


WarJar101 wrote:

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?


Yes, but I think you'd lose $500 so the new CL would be $7,500.

 

It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Established Contributor
VirtualCuriosity
Posts: 677
Registered: ‎09-10-2010
0

Re: Chase is a Strange Bank but I'm happy!

I think you should contact them and tell them they made a mistake on the CLI.

J/K of course.  Very nice CLI.  They seem more mysterious than the FICO Gods


TU98 700, TU08 700, EQ 733, EX 706 (As of 8/2014) - Personal Goal = 760+

Gardening since 8-1-14












Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Re: Chase is a Strange Bank but I'm happy!


CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?


Yes, but I think you'd lose $500 so the new CL would be $7,500.

 

It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.


I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Chase is a Strange Bank but I'm happy!

[ Edited ]

WarJar101 wrote:

CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?


Yes, but I think you'd lose $500 so the new CL would be $7,500.

 

It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.


I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?


Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL
Frequent Contributor
WarJar101
Posts: 341
Registered: ‎08-14-2012
0

Re: Chase is a Strange Bank but I'm happy!


CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?


Yes, but I think you'd lose $500 so the new CL would be $7,500.

 

It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.


I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?


Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.


So basically, if a person was concerned about his AAoA  for the immediate future, not 10 yrs later this wouldn't be a good method then for a CLI (every 6 months)? I mean yeah you could manufacture higher CLs this way, but do you think it would be worth the hit each time?

Cap One Platinum MC $2.5k CL (08/12)
Citi Forward Student Visa Card $1.5k CL (09/12)
Express NEXT Card $0.25k CL (02/13), Jcrew CC $0.7k CL(02/13)
AMEX PRG NPSL (03/13), AMEX Gold Delta Skymiles 2k (03/13)
Walmart Credit Card $1.5k (03/13)
TU: 687 FICO (3/13) | EX: 692 Lender Pull (3/13) | EQ: 678 (4/1/13)
Valued Contributor
CreditScholar
Posts: 2,300
Registered: ‎01-22-2012
0

Re: Chase is a Strange Bank but I'm happy!


WarJar101 wrote:

CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

WarJar101 wrote:

CreditScholar wrote:

Congrats on your approval. Chase tends to give out higher limits for additional cards compared to requesting CLIs. This works out well given their sign-up bonuses are usually quite decent.

 

Instead of requesting CLIs with Chase, it's usually better to apply for a new card thereby netting you a higher CL (compared to a CLI request). This way you get the signup bonus, and then can merge your CLs together and close a card before the next AF hits. You could also keep it open if you'd prefer.


Supoose I applied for the Freedom (approved for 3k), then applied for the CSP (approved for 5k) six months down the line, I would be able to merge the 3k limit of the Chase Freedom to the CSP (making the new limit 8k)?


Yes, but I think you'd lose $500 so the new CL would be $7,500.

 

It has to do with the way it's processed, in that they transfer the line over to the new card first and then close out the old card. Since the CL transfer happens first, a small amount needs to remain on the old card so that it can be closed afterwards.


I see it sounds good, but I see one major problem with this. Your AAoA will take hits every single time you do this method, would it not?


Closed accounts remain on your CR for 10 years. Yes your AAoA will decrease, but this occurs by opening new accounts and therefore you add in an extra 0 when calculating the mathematical average. Once closed, it will continue to report for a decade, which keeps your AAoA higher than it would be otherwise. You won't notice a drop in AAoA from closing that account until after those 10 years have passed.


So basically, if a person was concerned about his AAoA  for the immediate future, not 10 yrs later this wouldn't be a good method then for a CLI (every 6 months)? I mean yeah you could manufacture higher CLs this way, but do you think it would be worth the hit each time?


It can be good when used strategically, but not constantly due to the AAoA hit you'll incur.

 

The other issue is that at some point, any lender will deny you for additional cards as you hit their internal exposure limit. I'm personally not a fan of growing CLs simply for their own sake, but instead view things through the lens of everything should have a purpose. If there's a new card you want, if it has a signup bonus that is important to you, if you could benefit from higher overall limits, and if you think there's a decent chance you'll be approved, then it might be worth a try.

 

The other thing to keep in mind is that some lenders value longer relationships and heavy spending (Amex and Chase mostly). If you apply for a 2nd card after 6 months, you'll probably get a smaller CL than if you apply for the same card after 2 years of good history with them. Applying for new cards and merging them will build your CLs, but this combined patience inbetween applications and good spending/payment history will usually result in even higher CLs.

FICOs: EX: 826, EQ: 817, TU: 810
Bank of America Privileges with Travel Rewards Visa Signature - $23,200 CL
Chase Sapphire Preferred Visa Signature - $12,700 CL
Chase United MileagePlus Club World Elite MasterCard - $26,500 CL
Citibank American Airlines Executive World Elite MasterCard - $22,500 CL
J.P. Morgan Ritz Carlton Visa Signature - $23,500 CL

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