Raising Credit Card Limits- Chase vs Amex

[Anonymous]

I hate my Chase credit card.  It was  WaMu credit card that gave me free credit scores every month but now it is a chase card that does nothing for me.  I don't want to close the account because that would hurt my credit.  In addition, my only other card is Amex, which is not taken by everyone.  

The other day I asked Chase to increase the card's limit, it is 4,000 now and I make my payments on time.  They said if I wanted to have my credit limit increased they would have to pull my credit report and that would show up as a new inquiry.  I told them they have access to my credit already and they can pull up my report as a "soft" inquiry.  I also explained to them the difference between "soft" and "hard" inquiries.   Anyway, they convinced me it would only be a  "soft" inquiry.   Long story short they only raised my limit $300 and their credit check shows up as a hard inquiry.  I knew not to trust them but OH WELL.  I don't have enough time to fight with them.

On the other hand Amex actually asked me if I wanted a credit increase.  I have a blue card and their traditional Amex.  My limit on my blue is 8,000 and I use these cards heavily and pay them off each month.  I obviously know that the higher my credit limit the better it is for my credit score but do you think it would be that helpful to get a credit increase?  I have 12,300 now in credit and I usually have 0 balances, how much do you think going to maybe 17,000 would help.  I KNOW NOBODY WILL HAVE A PERFECT ANSWER TO THIS QUESTION.  So I guess what I am specifically asking is the following. 

Has anyone recently had their limits increased or decreased?  Have you seen a large change in your credit score?  I will follow-up with a post to let you know what happens to my credit.  It will probably take a little over a month for it to appear on my credit report.  

I have had clean credit for the past two years.  In the past my credit score was horrible.  My score has gone from 510 to 690 (in two years) but it has stayed around 690 for the past several months.  I would like to break 700 but my multiple late payments and collections are keeping me just shy of that.  I have done all the usual tricks to get me to where I am now.   Now I'm just focusing on getting my credit limits increased.

Message Edited by va on 08-24-2009 09:49 AM

[Anonymous]

I closed my Chase account for the same reason.  My account had a $400 CL for 2 years without any chance of a CLI without a hard inquiry.  I said fine, closed them out.

[FocusOnFICO]

If Amex is offering to raise your limit, it sounds like a good idea.

They raised my limit 40% two months ago.  Scores will typically improve due to a lower util %.

Give some thought to paying off one of your two credit cards before the statement cuts to improve your score (only 40% or less of your trade lines should report a balance).

[creditwherecreditisdue]

For future reference all cardholder initiated requests for a Chase CLI are done on a hard inquiry.

I would take whatever AMEX is willing to give.

[Anonymous]

I just received my mail tonight and Chase was nice enough to send me a letter congratulating me on getting an increase credit limit.  It read something to the effect of "Congratulations you have been approved for a line of credit increase.. This increase is automatic you do not have to do anything .."  They then went on to suggest things I might want to do with my new credit limit such as move my balances from my other cards over to Chase.  

They are so dumb.  I did have to do something.  It was not automatic.  

[plasticman]

You might want to consider calling a Chase backdoor number and see if they will recode the hard inquiry to a soft.

They did misspeak to you twice, once verbally when you called the CSR for a CLI and a second time in writing when Chase stated the CLI was automatic and you did not need to do anything!

Good Luck...what a bunch of bozos.

[creditwherecreditisdue]

I put nothing past Chase. If I didn't have to be with them I wouldn't. Unfortunately my indenture was sold to them!