Looking to build with Chase

[Anonymous]

Hi all!

   Brand new to these forums and I'm loving it here, the information here is so helpful and I thank you all for that.

I have a question about my Chase Freedom Unlimited. I just got the card this month and the credit limit is somewhat small. It's $700. I would like more but I understand that I will have to earn it. I applied and I got the 7-10 day message and I called the recon line and got approved. But the thing that I think is holding back my credit limit is that I had a checking account with Chase back in 2014 which was closed by Chase with a balance which was paid off at a later time. Do you guys think that this could be the reason I got a small credit line?

In addition to the Chase Freedom I also have  Cap1 secured for $500 opened in March '16 and also Cap1 QS1 for $500 opened in Oct '16. So, I have a pretty thing file. I'm 30 years old and new to credit (it sucks, I know). I have never missed a payment, avg age of credit history is 4 months as of now. My dream card is a Chase CSP. Please, if you have any suggestion's than let me know. I know that I have a lot more of studying on this forum to do. Scores below

Thanks

FICO 8

EQ = 636               TU= 714              EX= 701

[Anonymous]

Also, if I were to open a new checking account with Chase, would it help my odds of getting a CLI and/or CSP in the future?

They currently have a $300 promotion going on now for opening a new checking. Sounds good!

[csryang]

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@Anonymous wrote:

Also, if I were to open a new checking account with Chase, would it help my odds of getting a CLI and/or CSP in the future?

They currently have a $300 promotion going on now for opening a new checking. Sounds good!

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Your CLs are all around 500-700s... maybe they have something to do with your FICO score (what's up with your EQ score?!), your income, or high balance on your card? Do you have any negatives from your credit report? Also, make sure the scores you got are FICO not FAKO. CapitalOne offers free TU FICO. Generally if you have more than 40k/yr income, you should be getting a card with at least CL of 2k. 

To get CLI, you will need to use your current chase card heavily. Chase does not give auto-CLI that easily. I only got an Auto CLI on one of my several chase cards and only ONCE! You may request CLI with chase later but it will be a hard pull. It's easier to get CSP if you have a card with CL of 5k or more. Getting a checking account with chase with direct deposits might also help. 

Your goal now should be improving your FICO scores, and then request CLI via Capital one as their CLI is soft pull only and you can request as frequent as you want. When you have cards with 5k CL and no more than 5 new card applications within the past 2 years, you should be golden for CSP, especially 6 months from now.

To get the best possibe FICO before you apply for any credit card, you can manipulate your FICO by letting less than 10% of CL report as balance on one of your cards and pay every other accounts off before statement closing date. To improve FICO scores long term, you should not be carrying balance or being late. Your socre should grow slowly.

[Anonymous]

What do you mean by heavy usage? Like large amounts or just a lot of small to average priced purchases? Is it better to pay off my balance so when the statement cuts it's at $0 or should I leave just a few dollars on the statement? I've already used over $700 and paid it down a few times already this month. My EQ is lower bc I have one collection that I'm disputing right now, it's suppose to fall off by Jan anyway. The scores that I provided are FiCO. I don't have any high balance on any of my cards. I have about 5 or 6 inquiries. I think the thin file and the average age of my accounts is what's hurting me. Just wondering if Chases see's how my owed a balance on a checking account (now paid off) and that's hurting my credit limit. Also, chase never pulled EQ so they did not see that score.

[Anonymous]

Both Chase and Citibank gave me auto increases when I paid it off and let it rest few months. I never got them by constant use like Capital One. You can continue to grow your scores and apply for a different Chase card like the Chase Amazon and if it gives a better limit you can move the limit over. Thats a common tactic and it works very easy by sending them a secure message or chat window

[Anonymous]

Leaving a little bit on statement is for the full FICO scoring potential, and for what outsiders see on a credit pull. Paying a Chase Card down to zero at funny timesof the month sometimes will get them to report, good news anyway

[csryang]

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@Anonymous wrote:
What do you mean by heavy usage? Like large amounts or just a lot of small to average priced purchases? Is it better to pay off my balance so when the statement cuts it's at $0 or should I leave just a few dollars on the statement? I've already used over $700 and paid it down a few times already this month. My EQ is lower bc I have one collection that I'm disputing right now, it's suppose to fall off by Jan anyway. The scores that I provided are FiCO. I don't have any high balance on any of my cards. I have about 5 or 6 inquiries. I think the thin file and the average age of my accounts is what's hurting me. Just wondering if Chases see's how my owed a balance on a checking account (now paid off) and that's hurting my credit limit. Also, chase never pulled EQ so they did not see that score.

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Heavy usage is actually like what you are doing now - used over 700 and paying it several times a month. I do not think it matters whether to have big charge or several small charge as long as you use it. 

Hopefully you can get the collection disputed off and make sure it does not appear on your other reports. 

To get the best FICO, you first check out the statement closing date on your accounts, as that's the day they are going to report debt ratio (balance/CL) for FICO calculation. You need to pay one card down to less than 10% of credit limit and pay all other balances to zero. You then will have the best possible FICO. 

Getting a higher CL on other cards will help especially if you can get one above 5k eventually. Your chance of getting CSP will be higher in 6 months. 

[Anonymous]

Ok, than you for the tips so far!

 Should I rotate cards that I leave a balance on or just keep leaving the below 10% balance on the Chase since that's the one that I really want the CLI on? How much does doing this method help? Also, should I get an installment loan and if so, can someone provide me with some examples/where to get one and how does this help? I'm going to open a Chase checking this weekend, maybe that will help. My Ex FICO is also lower because I have more inquiries on that one. I hate inquiries lol. Please let me know if anyone has more tips

THANKS!!!

[csryang]

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@Anonymous wrote:

Ok, than you for the tips so far!

 Should I rotate cards that I leave a balance on or just keep leaving the below 10% balance on the Chase since that's the one that I really want the CLI on? How much does doing this method help? Also, should I get an installment loan and if so, can someone provide me with some examples/where to get one and how does this help? I'm going to open a Chase checking this weekend, maybe that will help. My Ex FICO is also lower because I have more inquiries on that one. I hate inquiries lol. Please let me know if anyone has more tips

THANKS!!!

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Rotating cards to leave a balance on it or keeping it on the same card does not really matter. Either way your FICO will be the best possible outcome. Make sure you do check the statement clsoing date on each account as they can vary. Do not use your card a couple days prior to statement closing date as it can eventually post to your account to mess up with debt ratio. 

Auto CLI is really up to Chase's discretion to give you or not. It's rare but if you use your chase card heavily like you have been doing you "might" get it. Getting the best possible FICO and using your chase card heaviliy can help you get an auto CLI but nothing is garanteed. 

Please request CLI on your capital one cards as often as you want after you routinely put a couple charges on it monthly. It will grow with you! Try request one today on each card. Since they are soft pull request from CapOne, it will not hurt your credit score.

Please do not get an installment loan if your goal is just to get a better FICO score.... again, your score will improve with time!

Definitely try to get a checking account with DDs if possible with Chase. You can then check in-branch pre-approval every month or so. Who knows you might get one soon, if not in 6months to 1 year. 

[Anonymous]

Ok. Do I have to wait until I have the Cap1 QS1 for 90 before I can try with the CLI??   I tried about two weeks ago and they denied it because my account was too new. Hopefully this works. I was just reading about the installment loans with Alliant. The thing is, I will just wait because in 1-2 months I'm going to lease a  new truck with my dad as a co-signer and this would be the same as a installment loan and have the same benefit right? I read that even if I opened a Alliant installment loan, it would cancel out as soon as I got the lease right? Does it make a difference that I'm getting a lease and having a co-signer?

Thanks,