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

[ Edited ]

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.

Valued Contributor
armbenderc
Posts: 1,339
Registered: ‎09-11-2012
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Re: Chase says I have too much credit...

I'm heading for 10k limit soon. I hope to join you.
2013 Approvals: Discover IT - 3/1, Amex BCE - 3/4, CSP - 5/4, Barclay Ring - 6/12, BoA Privileges Cash - 6/27, Citi TY Preferred - 8/6, OCCU Duck - 11/4, USBank (Cash+) - 11/22, Wells Fargo - 12/21, Nordstrom - 12/29

12/19/2013, $100k+ Available Credit. Total Util: 0-1%
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Revelate
Posts: 9,738
Registered: ‎12-30-2011
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Re: Chase says I have too much credit...

Urg, math hurts today, but congrats Swamp!

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Contributor
p-
Posts: 2,655
Registered: ‎06-05-2008
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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.


Wow...  Be careful with that much available credit vs. income.  That's like constantly testing yourself against temptation.  It would be so easy to dig a hole that you could never get out of.  Good luck!

12-15-14: FICO EXP: 813 - EQU:802 - TRAN: 756 - AVG: 790 +240 points from JUN 2008 - MY CREDIT JOURNAL

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

Couldn't have done it without you all. I only had about $7,900 total revolving credit this time last year. It defintely is a lot of credit to handle, but I am very careful to immediately "subtract" on paper anything I charge from my checking account's "available" balance and therefore not spend more money than I have in the bank. I do carry 0% "balance transfers" from time to time when it is convenient (and when the fees are low enough -- Chase constantly mails me 12-month 0% interest checks with a 1% fee), but other than that I try to be careful.

Valued Contributor
ryanbush
Posts: 1,292
Registered: ‎08-19-2012
0

Re: Chase says I have too much credit...


SwampSystems wrote:

Couldn't have done it without you all. I only had about $7,900 total revolving credit this time last year. It defintely is a lot of credit to handle, but I am very careful to immediately "subtract" on paper anything I charge from my checking account's "available" balance and therefore not spend more money than I have in the bank. I do carry 0% "balance transfers" from time to time when it is convenient (and when the fees are low enough -- Chase constantly mails me 12-month 0% interest checks with a 1% fee), but other than that I try to be careful.


It sure
It sure feels good doesn't it?  6 months ago i had 3k in revolving credit.... as of today i have almost 25k and got two of my dream cards (CSP and AMEX Delta)  my previous high limit was 1100, now i have a 6k, a 5k, and a 4k.... all from info I read on this board
Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
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andyaycw
Posts: 298
Registered: ‎07-25-2007
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Re: Chase says I have too much credit...

Wow, OP Chase seems pretty stingy with you. Reason I say that is because I'd expect the bigger banks (like Chase) to be more generous than credit unions.

 

My income is comparable to yours, and Penfed has been very generous to me. Last year, they knew I had over $70k in unsecured credit, but still gave me a slew of pre-approval offers, including a CLI on my Platinum Cash Rewards CC up to $32.7k. They know how much I make too as they have verified my income.

 

I wonder if your history with Chase may have had something to do with it?


Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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


andyaycw wrote:

Wow, OP Chase seems pretty stingy with you. Reason I say that is because I'd expect the bigger banks (like Chase) to be more generous than credit unions.

 

My income is comparable to yours, and Penfed has been very generous to me. Last year, they knew I had over $70k in unsecured credit, but still gave me a slew of pre-approval offers, including a CLI on my Platinum Cash Rewards CC up to $32.7k. They know how much I make too as they have verified my income.

 

I wonder if your history with Chase may have had something to do with it?


My history with Chase is spotless. I do not think they have been stingy with me, they have extended me over 25% of my annual income in credit. I do think that banks tend to see a single, high limit as being more risky or dangerous than multiple, smaller limits, so they would be weary to extend me any more credit after combining my existing limits.

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coachmiff
Posts: 94
Registered: ‎01-14-2013
0

Re: Chase says I have too much credit...

outstanding--how many hp's for the year?

Navy Siggy Cash Rewards 25K , Navy Flagship visa 17k Navy Check 15K, Navy Platnium Visa 7K, USAA Am Exp 11.5K, USAA MC Rate Advantage 11.5K, Discover IT 5.5K, PayPal Extras MC 5K, Chase Military Star MC 2.5K, Military Star 5.35k, Wallmart discover 2.5k, Amex bce 6k,Boa cash rewards 5k,Amazon Visa 500

current scores: TU 761 Equifax 773Exp 742
Frequent Contributor
andyaycw
Posts: 298
Registered: ‎07-25-2007
0

Re: Chase says I have too much credit...


SwampSystems wrote:

My history with Chase is spotless. I do not think they have been stingy with me, they have extended me over 25% of my annual income in credit. I do think that banks tend to see a single, high limit as being more risky or dangerous than multiple, smaller limits, so they would be weary to extend me any more credit after combining my existing limits.


Well FWIW, the $70k in unsecured credit I had last year when Penfed gave me more pre-approval/CLI offers was spread over just 7 cards. That has now grown to $95.6k over the same 7 cards, so the majority of my cards have limits over $10k. Fingers crossed and knock on wood, but I have yet to encounter a lender who has been unwilling to extend me credit on the basis of "too much available credit". Perhaps I'm overdue for one of those denials though? We'll see...

 

 

 

 

 

 


Starting Score: EQ 773, TU 766
Current Score: EX 794, EQ 787, TU 776
Goal Score: 800


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