@FinStar wrote:
@longtimelurker wrote:
@Walt_K wrote:
@longtimelurker wrote:
And an auto-cli doesn't really mean that the bank "luvs" you, it doesn't even necessarily mean that they think you have done a particulalry good job with your credit. It just means that they think they can potentially get more profit from you without increased risk.
Isn't that kind of the definition of doing a good job with your credit?
Well, yes and no. It doesn't mean that a new lender might happily give you credit (another reason for wanted good credit) just that this existing lender might see a way to have a more profitable relationship (for them, not for you) with you. But I was overstating because I hate the attention give here to CLIs!
+1
+2.
@tornadoguy wrote:
@CreditScholar wrote:
I think people (in general) need to lower their expectations regarding Chase auto-CLIs. In the grand scheme of things, they're not that common of an event. Yes people get them, but it shouldn't be an expection or something to be "gamed".
Just use your card normally and you'll eventually find out whether or not it's "good enough" for an auto-CLI. However if you want it that much, ask and be prepared to take a HP.
In many ways it reminds me of when people want a room upgrade when checking in. If having more space or lounge access is that important to you, you should be prepared to pay for a suite or a club room. I see people get really upset when they don't get an upgrade after flirting, schmoozing, saying it's your birthday, pulling a DYKWIA, etc. It's actually quite pathetic to watch.
This is the credit version of that. You can try and game the system for an auto-CLI, but the best way to get a CLI is to ask specifically for what you want (and paying the appropriate price).
Its fine of those who are in a position that have excess credit (>80000) to suggest that its dandy to just cop a hard pull when you have a file which puts you in the 800 club, but lets review a situation that a person clearly isn't a risk and just doesn't want to get another hard pull. Dont want a hard pull? Don't seek credit. One can always use cash and/or debit. Credit is a privilege, not a right.
Newcomer to the country Newcomer to the country with no established credit history? That is clearly a risk. I wouldn't say no risk at all. There's no data nor evidence to prove that he's unlikely to default on his debts. All you (and the bank) have is his word that he won't. , solid research job, denied a cap one secured (and a recon attempt). Got a $500 Freedom after having a chase checking account for 6 months. Its all have in terms of credit here (do you know how much foreign exchange fees are costing me from Australia to use that CC?) Your Aus card is charging you a lot of FTF for using credit in the United States? Don't use credit. Use cash. Problem solved. As amazing as it may sound, many people do get by with cash / debit and they have no issues whatsoever. . 4 months later, spent >$8k on the card, making dozens of payments a month (I want the rewards, just putting it through the debit card or using my cash directly is a waste as I would spend it anyway, and the benefits of a CC make it more worthwhile) See, the reason why you are using credit cards is because you want rewards. It's not that you HAVE to. Likewise, the banks are not obliged to issue anyone any credit card just because they very much rather use a credit card over cash. I have three pulls on EX (1 Chase, 1 Cap One and an AT&T) already, and intend to apply for a CSP and two AMEXs within the next year as I spend quite a bit on reimbursable travel. Now is another hard pull for what could be a minimal increase - with a relatively thin file a good idea? That's up to you to decide. It's not the bank's fault that you have a thin file. Common sense tells you that if you have a thin file, you need to build up credit history then. No one starts with a 10 year credit history. The answer according to most pundits here is no. Not exactly. If you have a good score and have shown good usage, go for it. Chase isn't as "stingy" as most people would think. I asked for a CLI on my Chase Amazon 2 years ago and they increased my CL from 2k to around 8k. Given most Freedom accounts here and elsewhere on the net seem to have had an auto CLI between 3 and 6 months (those with older accounts who haven't probably never meet usage criteria due to multiple card spends, or opening their cards closer to the credit crunch) is it wrong to hope for one, and treat your card right to see if you can get one to make it easier to manage things like util?
Sure asking for a CLI would be nice if you have the Inq to spare, but toy-limits-ville is very annoying when you want to purchase flights, or need a CC to rent a car or book a hotel without having to worry whether your last charges posted and you paid them off. Sure it's annoying, but from the bank's standpoint, they can't possibly issue everyone 10-20k CLs for no reason. Almost everyone started with low CLs at some point in their lives.
Yes, not everyone has a >800 score, but it's not that "hard" to get either. Refrain from apps for 1-2 years and maintain your accounts well for 2-3 years and one can easily have a 800+ score. There are people who have a 750+ score with just a little over a year of credit history too. Hence, if you don't have a good score, work on your score and then apply. Simple as that.
Same thing for income. People have high CLs because they worked for it one way or another. High CLs are usually a result of high income and/or long outstanding credit history. If you have a higher income, chances are you will get a higher CL. No one else other than you can do anything about your income. If your income is low, then go work harder / more, improve yourself somehow and maybe reassess your career. Secondly, anyone can build up a long outstanding credit history as long as they manage their finances well over time. It's not rocket science; just spend within your means and pay your debt.
Anyone with good scores and high CLs worked for it in one way or another. You don't just wake up on one fine day and expect your FICO score to jump by 100+ points for no reason. Same for income and CLs.
Positioning oneself for higher chances of auto CLi and hoping for one to happen is perfectly normal, but expecting / demanding an automated CLI simply because of that is just wrong. For instance, you wouldn't ask your auto loan company to pay for oil changes and servicing just because you haven't been deliquent on their auto loans.
JPMorgan Palladium (100k), AmEx Platinum (NPSL), AmEx SPG (46k), AmEx BCP (42k), Chase Sapphire Preferred (47k), Citi Prestige (31k), Citi Thank You Preferred (27k), Citi Executive AAdvantage (25k), JPMorgan Ritz-Carlton (21k), Merrill+ (15k), US Bank Cash+ (22.5k), Wells Fargo (12k), Bloomingdale’s (12.4k), Chase Freedom (5k), Discover IT (5k).
Starting Score: ~500 (12/01/2008)
