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Strategy to build credit limit increase - Want your opinion.

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revjamesl
Valued Contributor

Strategy to build credit limit increase - Want your opinion.

If I'm okay with the credit inquiry is it crazy to apply for an additional Chase card and apply the available credit to an old card and then close the new account? Is there any real reason not to do this other than having an additional inquiry? 

 

The reason I'm considering this is I get much higher limits now applying for new cards than I would seeking a CLI. My current scores are 809 EQ, 774 TU, and 769 EX. Thanks for your input.

AMEX Platinum NPSL | Discover It $45.9k | Chase Sapphire Reserved $40.7k |Barclay Arrival+ WEMC $40k | PENFED Platinum Rewards VS $35k | Lowes $35k | BoA Better Balance Rewards $30k | AMEX EDP $25k | Cap 1 QS $23.25k | NASA Platinum $20k | Chase Freedom $15k | Synchrony Haverty's $16.5k | BBVA NBA Rockets AMEX $15k | FNBO AMEX $15k | Citi Diamond Preferred $10.7k | Best Buy $10k | Synchrony Rooms-to-Go $10k | US Bank Cash+ $7.5k | AMEX BCE $6k | Barclay Financing Visa 1k | |

AU on DW Accounts: Discover It $40k I AMEX BCE $30k | Chase Marriot $29.8k |

Credit Scores: 800 EQ/833 TU/831 EX
Message 1 of 16
15 REPLIES 15
Anonymous
Not applicable

Re: Strategy to build credit limit increase - Want your opinion.

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?

Message 2 of 16
revjamesl
Valued Contributor

Re: Strategy to build credit limit increase - Want your opinion.


@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.

AMEX Platinum NPSL | Discover It $45.9k | Chase Sapphire Reserved $40.7k |Barclay Arrival+ WEMC $40k | PENFED Platinum Rewards VS $35k | Lowes $35k | BoA Better Balance Rewards $30k | AMEX EDP $25k | Cap 1 QS $23.25k | NASA Platinum $20k | Chase Freedom $15k | Synchrony Haverty's $16.5k | BBVA NBA Rockets AMEX $15k | FNBO AMEX $15k | Citi Diamond Preferred $10.7k | Best Buy $10k | Synchrony Rooms-to-Go $10k | US Bank Cash+ $7.5k | AMEX BCE $6k | Barclay Financing Visa 1k | |

AU on DW Accounts: Discover It $40k I AMEX BCE $30k | Chase Marriot $29.8k |

Credit Scores: 800 EQ/833 TU/831 EX
Message 3 of 16
Anonymous
Not applicable

Re: Strategy to build credit limit increase - Want your opinion.


@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?

Message 4 of 16
revjamesl
Valued Contributor

Re: Strategy to build credit limit increase - Want your opinion.


@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?


It really doesn't matter if it's a Freedom; more the idea of applying for new credit just to move limit. Thanks for your input.

AMEX Platinum NPSL | Discover It $45.9k | Chase Sapphire Reserved $40.7k |Barclay Arrival+ WEMC $40k | PENFED Platinum Rewards VS $35k | Lowes $35k | BoA Better Balance Rewards $30k | AMEX EDP $25k | Cap 1 QS $23.25k | NASA Platinum $20k | Chase Freedom $15k | Synchrony Haverty's $16.5k | BBVA NBA Rockets AMEX $15k | FNBO AMEX $15k | Citi Diamond Preferred $10.7k | Best Buy $10k | Synchrony Rooms-to-Go $10k | US Bank Cash+ $7.5k | AMEX BCE $6k | Barclay Financing Visa 1k | |

AU on DW Accounts: Discover It $40k I AMEX BCE $30k | Chase Marriot $29.8k |

Credit Scores: 800 EQ/833 TU/831 EX
Message 5 of 16
Anonymous
Not applicable

Re: Strategy to build credit limit increase - Want your opinion.


@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?


It really doesn't matter if it's a Freedom; more the idea of applying for new credit just to move limit. Thanks for your input.


Ok.. Good.. Keep us posted on results if you decide to do it and you are welcome!!

Message 6 of 16
revjamesl
Valued Contributor

Re: Strategy to build credit limit increase - Want your opinion.


@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?


It really doesn't matter if it's a Freedom; more the idea of applying for new credit just to move limit. Thanks for your input.


Ok.. Good.. Keep us posted on results if you decide to do it and you are welcome!!


Do you have a recommendation the card to apply for? I already have a CSP. Any of them known for best starting limits? I was looking at the IHG because they're offering 70k points on 1k spend in 3 months. Would those points transfer to UR? Thanks.

AMEX Platinum NPSL | Discover It $45.9k | Chase Sapphire Reserved $40.7k |Barclay Arrival+ WEMC $40k | PENFED Platinum Rewards VS $35k | Lowes $35k | BoA Better Balance Rewards $30k | AMEX EDP $25k | Cap 1 QS $23.25k | NASA Platinum $20k | Chase Freedom $15k | Synchrony Haverty's $16.5k | BBVA NBA Rockets AMEX $15k | FNBO AMEX $15k | Citi Diamond Preferred $10.7k | Best Buy $10k | Synchrony Rooms-to-Go $10k | US Bank Cash+ $7.5k | AMEX BCE $6k | Barclay Financing Visa 1k | |

AU on DW Accounts: Discover It $40k I AMEX BCE $30k | Chase Marriot $29.8k |

Credit Scores: 800 EQ/833 TU/831 EX
Message 7 of 16
Anonymous
Not applicable

Re: Strategy to build credit limit increase - Want your opinion.


@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?


It really doesn't matter if it's a Freedom; more the idea of applying for new credit just to move limit. Thanks for your input.


Ok.. Good.. Keep us posted on results if you decide to do it and you are welcome!!


Do you have a recommendation the card to apply for? I already have a CSP. Any of them known for best starting limits? I was looking at the IHG because they're offering 70k points on 1k spend in 3 months. Would those points transfer to UR? Thanks.


IHG points don't transfer to UR.  Are you looking to take advantage of rewards also? If not, the marriot card is a good one with good starting limits.  Once approved, you can move the limit over.

Message 8 of 16
revjamesl
Valued Contributor

Re: Strategy to build credit limit increase - Want your opinion.


@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

@revjamesl wrote:

@Anonymous wrote:

That is actually the best way to get a higher limit from Chase.   What chase cards do you have? What are the limits on your other cards currently?


I have an 11 yr old Chase Freedom with a 1k limit and a CSP with 19k limit. I thought about applying for another Freedom, moving the new limit to the old and then closing the new card. I have a similar situation with an old Capital One card. Most of my other limits are 15k plus.


Why not do this instead?  If you are planning on just moving the limit to the 11 year old freedom then you don't have to apply for another freedom.  The reason being Chase tends to be more generous with the co- branded cards giving massive limits.

 

Since you are just moving limits, I'd apply for a co-branded card even if it has an annual fee and then move limit.  Look for the one with annual fee waived 1st year so that you are not charged when 1st statement cuts.

 

Is there a reason you want to apply for the freedom in particular? What do you think of that plan I suggested?


It really doesn't matter if it's a Freedom; more the idea of applying for new credit just to move limit. Thanks for your input.


Ok.. Good.. Keep us posted on results if you decide to do it and you are welcome!!


Do you have a recommendation the card to apply for? I already have a CSP. Any of them known for best starting limits? I was looking at the IHG because they're offering 70k points on 1k spend in 3 months. Would those points transfer to UR? Thanks.


IHG points don't transfer to UR.  Are you looking to take advantage of rewards also? If not, the marriot card is a good one with good starting limits.  Once approved, you can move the limit over.


Well, I applied for the Marriot card and I was approved for 24k. Ha. Any advice on when I should move the limit? I suppose I should get my 50k points, hm? Thanks, again.

AMEX Platinum NPSL | Discover It $45.9k | Chase Sapphire Reserved $40.7k |Barclay Arrival+ WEMC $40k | PENFED Platinum Rewards VS $35k | Lowes $35k | BoA Better Balance Rewards $30k | AMEX EDP $25k | Cap 1 QS $23.25k | NASA Platinum $20k | Chase Freedom $15k | Synchrony Haverty's $16.5k | BBVA NBA Rockets AMEX $15k | FNBO AMEX $15k | Citi Diamond Preferred $10.7k | Best Buy $10k | Synchrony Rooms-to-Go $10k | US Bank Cash+ $7.5k | AMEX BCE $6k | Barclay Financing Visa 1k | |

AU on DW Accounts: Discover It $40k I AMEX BCE $30k | Chase Marriot $29.8k |

Credit Scores: 800 EQ/833 TU/831 EX
Message 9 of 16
Anonymous
Not applicable

Re: Strategy to build credit limit increase - Want your opinion.


Well, I applied for the Marriot card and I was approved for 24k. Ha. Any advice on when I should move the limit? I suppose I should get my 50k points, hm? Thanks, again.


@Revjamesi,

 

I am glad to help.  Congrats on the approval.  24,000 is a sweet limit.    So here is the plan, once you get the card call and move 23k immediately to the old freedom and leave a $1,000 or whatever amount you want to leave to meet spend.  Once you meet it, close the card in 6 months as my banker advise me that closing an account soon after approval may arouse suspicion. 

 

So leave a small amount on it and then close in 6 months.  Enough time to enjoy some free nights at the MarriotSmiley Happy

Message 10 of 16
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