So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

[totalrequest]

Hello again!

Long story short, I am a new Chase Freedom CC holder (just got approved yesterday!!!) and was thinking what else I could do to help boost my chances in obtaining a CSP by next year (February 2015). I read time and time again that I need an exisiting CL of 5k in order to even qualify for the CSP so I am planning on slowly obtaining a 5k limit on one of my existing cards this year.

Someone on this forum told me that in six months time, call Chase and ask for an increase in my Chase Freedom CL from 3k to 5k. I plan on doing this but in the meantime, I was thinking should I or should I not give PayPal a call and request to have my credit limit increased on my Mastercard from 1k to 5k? Yay or nay? Too ambitious? If 5k was too much I was thinking 4k... I opened the card around 3/2013 so it is almost a year old. No late payments and utilization is never more than 10%.

Also, does anyone know is PayPal will end up doing a hard pull or soft pull if I went ahead with the request?

Thanks again!

[titanofold]

It might be a HP, but since you'll be a year out for the CSP I wouldn't worry about it.

The worst that will happen with a CLI request that large is they'll counter with a lower amount.

[coldnmn]

GECRB cards are normally a SP. YMMV

[totalrequest]

So yay or nay? Should I do it?

[CreditUnionFan]

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@totalrequest wrote:

Hello again!

Long story short, I am a new Chase Freedom CC holder (just got approved yesterday!!!) and was thinking what else I could do to help boost my chances in obtaining a CSP by next year (February 2015). I read time and time again that I need an exisiting CL of 5k in order to even qualify for the CSP so I am planning on slowly obtaining a 5k limit on one of my existing cards this year.

Someone on this forum told me that in six months time, call Chase and ask for an increase in my Chase Freedom CL from 3k to 5k. I plan on doing this but in the meantime, I was thinking should I or should I not give PayPal a call and request to have my credit limit increased on my Mastercard from 1k to 5k? Yay or nay? Too ambitious? If 5k was too much I was thinking 4k... I opened the card around 3/2013 so it is almost a year old. No late payments and utilization is never more than 10%.

Also, does anyone know is PayPal will end up doing a hard pull or soft pull if I went ahead with the request?

Thanks again!

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Chase usually runs a HP for any credit nquiry. Unless you need the credit line on Chase immediately, I'd hold off, use others, and save that Chase HP for when you're ready to apply for the CSP.

My reasoning is that the GECRB-issued cards are SPs at this point. Definitely call the backdoor number in the forum here to reach a Credit Analyst (Underwriter) for the Paypal card. Going from 1k to 5k is totally doable. (I went from $500 to $10,000 in a single call)

The other option with Chase might be to call the backdoor for Chase and see if you can get that CL reconsidered. May or may not be another HP since they just HP'd you.

[totalrequest]

Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

Second question, I know GECRB pulls most likely from TU but I am new to this so let's say that they did in fact pull TU, will that inquiry show in my Equifax or Experian CRs?

[titanofold]

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@totalrequest wrote:

Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

Second question, I know GECRB pulls most likely from TU but I am new to this so let's say that they did in fact pull TU, will that inquiry show in my Equifax or Experian CRs?

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Inquiries only show up on the report that was pulled.

The denial could be because of your income or because of your payments. We could sit here guessing, or we could just wait for the letter.

[takeshi74]

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@totalrequest wrote:

Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

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Determine your course of action based on the reason stated in the denial.  It does no good to ask again if the reason for denial is still germane.

[totalrequest]

Ugh, okay... so everyone is going to think I've gone a bit mad but I decided to call again and they denied me to raise my CL to 2k! Weird. Never missed a payment... maybe my income. I'll update when I get the letter in the mail. I was riding high on my Chase approval yesterday.

The lady on the phone said I should be getting a letter in the mail and I asked if this was the same letter that was being sent to me from the rep I spoke with earlier and she said this would be the second letter which prompted me to ask if they pulled my CR twice... she said that it was only once. I of course won't know until I can view my CR but can anybody confirm this?

Trust me, lesson learned.

[w003ptr]

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@totalrequest wrote:

Ugh, okay... so everyone is going to think I've gone a bit mad but I decided to call again and they denied me to raise my CL to 2k! Weird. Never missed a payment... maybe my income. I'll update when I get the letter in the mail. I was riding high on my Chase approval yesterday.

The lady on the phone said I should be getting a letter in the mail and I asked if this was the same letter that was being sent to me from the rep I spoke with earlier and she said this would be the second letter which prompted me to ask if they pulled my CR twice... she said that it was only once. I of course won't know until I can view my CR but can anybody confirm this?

Trust me, lesson learned.

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Nobody can confirm that since it depends on what the person you spoke to actually did, not what reps usually do.  You'll have to look at your CR.