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Chase: new card CLI and/or consolidation after product change - advice, please

New Member

Chase: new card CLI and/or consolidation after product change - advice, please

Hopefully some of you credit gurus can point me in the right direction.

 

I was approved a few days ago for a Chase Freedom card with a CL of $2000, which will be inconvenient for my intended usage ($1000+ per month, paid in full every month) due to FICO penalties for high % utilization.

 

In the current economic climate, is it insane to ask for a CLI on a card I was just approved for? Should I expect automatic failure? Would it be helpful to mention fairly large liquid assets in checking/savings (~$50K - unusual for someone with my relatively low HHI)?

 

If I request a CLI, is Chase likely to require another hard pull (they pulled Equifax 2-3 days ago)?

 

I also have a very old Chase Visa (recently converted to Slate) that I want to keep open. If a CLI isn't in the offing, I thought I might try to get them to convert this old account to a Chase Freedom (assuming the tradeline will be reported the same way to Equifax etc.) and transfer the $2000 CL from the new account to the old account, closing out the new account. Is this something that Chase might be amenable to in these times? Might it be better, from the standpoint of credit scores, to go ahead and keep both accounts open (I have very few CC at the moment)?

 

Thanks in advanced for any help you can give me.
Message Edited by Lel on 01-06-2010 09:26 PM
Message 1 of 5
4 REPLIES
Valued Contributor

Re: Chase: new card CLI and/or consolidation after product change - advice, please

Hi, Svipdag!  Welcome to the forums!

 

If the appearance of high utilization on the new card is your only concern, you can charge away (up to your limit) and pay the bill in full before the statement closing date (NOT the payment due date). Access your account online at Chase, your account info will show you when the billing period closes.  Pay the bill online on or before that date, and if you always pay in full every month, your balance on that card will always report to the CRA's as "$0".

 

Hope this helps!

Message 2 of 5
Established Contributor

Re: Chase: new card CLI and/or consolidation after product change - advice, please

+1

 

Chase will report your "statement balance" to the bureaus.  They don't do "this reporting whenever the wind changes direction" like some other banks do (like of BofA).  As long as you keep your "statement balance" down, your UTIL will be in good shape...at least with Chase.  I have 3 CCs with them and they are pretty easy to manage.  Have only received one CLI with them though but what I have with them works fine for me at the moment.  :smileywink:

CCs: Chase Freedom VS 12.9k, CSP VISA Sg 13k, BofA Amex 24.5k, Discover 12.5k, US Bank Cash+ Visa Sg 17k, Macy's Amex 8k/1.5k, Gap Visa 10k, Best Buy 11.1k, Citi TY MC 10.8k, Citi AA Amex 6k, Nordstrom VS 10k, Costco Amex 12k, BofA CR VS 5k, Amex BCP 13.5k, Amex ED 5k, Sears MC 9k, HD 7k, Target 600, Amazon 7k, US Bank MC 15k, US Airways MC 8k, NFL Visa 4k, Patelco Visa 10k, Penfed PR VS 44.6k, Chase Hyatt VS 8k, Citi Simplicity 13.3k, PayPal MC 7.5k, BBVA Visa 4k, WF VS 14k, FNBO Amex 14.1k, OCCU VISA 15k, TR Visa Sg 16.3k, C1 QS Visa 11k, FRN MC 15k, HSN 4k, Saks WEMC 10k/4k, Chase Ink 18k, Arrival WEMC 10k, Ebates VS 8k, Orbitz VS 12k, NASA V 30k, USBk FP VS 21.5k, DC 30k, VirgAm 15k, Sams MC 15k, Amex Bz Gold, Amex SC 10k, BofW Bz MC 18k
Message 3 of 5
Valued Contributor

Re: Chase: new card CLI and/or consolidation after product change - advice, please

I had the same frustration when I opened a new AmEx last spring. We just paid online a couple of times per month. By having a good history with them, we got a nice credit line increase this fall.

 

You may need a temporary work around for the low limit right now, but the limit should grow in time. I can't speak to the product changes you mention. Give Chase a call and ask for their suggestions.

Message 4 of 5
New Member

Re: Chase: new card CLI and/or consolidation after product change - advice, please

Thanks for the replies!

 

I already do occasionally pay twice a month to keep  reported utilization low on my older Chase account. It's kind of annoying. I guess I was hoping that proving income (not so high, but still reasonable) and substantial liquid assets in addition to my very low debt burden (typically <$1k reported at any given time) might convince them to be a little less stingy with the limit. Maybe that's a forlorn hope in these times:-) I keep hearing horror stories of people having accounts closed and limits reduced whenever they rocked the boat by asking for CLIs or consolidations etc. :-(

Message 5 of 5