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Super Contributor
Posts: 6,181
Registered: ‎05-23-2009
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Re: Chase says I have too much credit...

It happened to me too. I had to move CL from my Chase Freedom card and Slate to open Chase United Visa.

 

 

Ron.

Regular Contributor
Posts: 249
Registered: ‎12-24-2012
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Re: Chase says I have too much credit...


SwampSystems wrote:

They're probably right. Went from $55,800 to $58,300 total revolving credit after recon.

 

Called the other day to close my $5,000 CSP and roll its limit into my $5,000 Freedom. They said they could only move $4,500 to the Freedom for a new credit line of $9,500. Asked for a CLI to $15,000 which came back denied. Spoke to underwriting and was approved for a $3,000 CLI on top of the combined limit, ending at $12,500.

 

They actually combined my denial letter with my recon approval letter. It stated that while they were not able to give me the requested $15,000, that they did approve me for $12,500. It also stated the reasons for denial were (a) Chase has offered me all of the credit that they can, and (b) I have too much available credit. Not surprising considering my income is only $40,000.

 

Still glad I took the HP, because now I have a credit line over $10k that I can use some place other than Walmart.

 

EDIT: TU FICO is 743, and TU VantageScore (which Chase allegedly uses) is 790. But considering the initial denial reasons, I doubt my score had any significance. They pulled Experian.


Could there be something else?  I mean, I'm already at about 40% over income and Chase just gave me an additional $30k on a CSP.  Perhaps, the income thing coupled with, say, a few extraneous INQs was the dealbreaker.

Frequent Contributor
Posts: 358
Registered: ‎06-25-2012
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Re: Chase says I have too much credit...


McArthur wrote:

Could there be something else?  I mean, I'm already at about 40% over income and Chase just gave me an additional $30k on a CSP.  Perhaps, the income thing coupled with, say, a few extraneous INQs was the dealbreaker.


 They specifically mentioned too much available credit. Probably because I hardly use it.

Valued Contributor
Posts: 2,658
Registered: ‎06-05-2008
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Re: Chase says I have too much credit...


SwampSystems wrote:
They specifically mentioned too much available credit. Probably because I hardly use it.

When I was denied a CLI from Chase and spoke with their recon department, they specifically asked why I wanted so much credit.  I explained that I was using the card for reimbursable business expenses that I paid off each month, but was getting too close to the limit and had to spread the spending to other cards.  I told them that made reconciling more difficult, and that I preferred to use their card for the rewards.  I also mentioned that I liked to keep my cards well below the limit and was not comfortable maxing them out. 

 

My spending patterns upheld that assertion, and the recon rep seemed satisfied with my explanation... but they did not give me the 15k either.  All they did was double my 5k limit to 10k matching my highest card.  

 

I think if you have a good reason for wanting more credit they will accommodate you.

 

 

3-26-15: FICO EXP: 814 - EQU:813 - TRAN: 809 - AVG: 812 +262 points from JUN 2008 - MY CREDIT JOURNAL

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