Will Chase grow with you?

Anonymous · ‎02-09-2016

Hi guys! I opened a Chase Sapphire Preferred card recently and the APR is 20.something. My question is, will Chase grow with you at all? I haven't finished college yet so my income is 25k, I currently have six credit cards. Discover (first) is currently 10k limit, Amex Everyday is 6.5k limit, Chase Freedom at 1k, Citi at 2k, and a US Bank at 5K. Income is 25k but the APR on my freedom is like 23% and my APR on the Sapphire is 20.something. Will Chase ever raise my limits and lower my APR if I get a "real job" where I'm making 40k or more a year? I'm satisfied with these lines of credit and get points or cash back on almost every purchase but I'm curious to hear about your experiences. I'd like to keep them open for a good long while to help my AAOA (Freedom, Discover, and Amex were opened in 2013.) It seems as though Discover is willing to grow with me, I recently got a 4K credit increase probably thanks to a perfect payment history but I still have 5k left in student loans.

Am I doing well? What are your suggestions? (If any...)

Anonymous · ‎02-09-2016

In my experience, yes, Chase can grow with you. I started out with a Chase Freedom with a 4500 SL. After six months I received an auto CLI to 6000. At the one year mark I applied for the CSP and was approved with a 28000 SL. Chase also auto CLI'd the freedom to 7500. Of course, "your mileage may vary".

Anonymous · ‎02-09-2016

you're doing fine. finish school! don't do like me lol.

to answer your chase question:
they CAN grow with you but it's very hit and miss. they will do auto CLIs on occasion (and by occasion, i mean like 20% of people here have gotten one if that)
they will not auto lower your apr

if you request a CLI its a hard pull and it's a low chance you'll get it (nothing against you, they're just stingy)
if you request an APR reduction it's a hard pull and again, virtually no chance.

congrats on your cards

degs138 · ‎02-09-2016

Chase will grow. Started with a 1500 freedom, 6 months it was doubled to 3000. At 15 months it was doubled to 6000. I then applied for a CSP and was approved at 15k. So yes, they do grow.

FICO TU 757 Eq 741 116,900 Total revolving Credit.
Favorite cards: AMEX BCP, US Bank Cash+, Chase Sapphire Prefered

boober · ‎02-09-2016

You're doing great. Keep it up.

I only have a Slate card, and it has not grown at all for me. I've had it for about 3 years and it's been stuck at $3200 since day one. I kinda gave up on it maybe 6 months or so.

I think I've ran maybe 5 grand on it though total in the 2.5 years or so that I had been using it. SD'ing it for probably forever as Discover and Citi have been throwing CLI's at me left and right.

Anonymous · ‎02-09-2016

Thanks guys! Yeah I figure the 20.something APR isn't a huge deal since month to month isn't that much of a difference vs 16% (or whatever) if I carry a balance (I usually don't.) I guess I'm wondering if maybe I should have paid off my student loans before applying or something, cold feet I suppose. But I guess if they don't I grow I can always close it and reapply after a while.

Anonymous · ‎02-09-2016

ummm i don't think they let you get the bonus if you close and reapply but i could be misinformed there. don't worry about that tiny student loan. no one is but you lol

Anonymous · ‎02-09-2016

Got my chase card in 2007. never asked for a CLI. Got them automatically by spending and paying out in full.

How's that for growing?

TiggerDat · ‎02-10-2016

Chase is about usage for luv. I have a Freedom card which was opened 3 years ago and they have never given me a CLI. I got the first one through a hard pull and the second with a limit transfer from a new card I got through them. I applied for the United card and they did give me $19,000 as a limit, so I transferred part of that limit to the Freedom.

With usage they will increase the limit. The Freedom just didn't get much usage because of other cards I had with similar or better rewards. So when I did apply for the United card they were more than happy to give me a high limit with the history and credit report rankings.

It is by will alone I set my mind in motion.....
Always follow these rules: Only take a HP for a new account. Always use the best rewards card for that reward category. Don't close a card unless you know you really should. Never use more than 35% of a credit limit. Recon as much and as best you can. Use the introductory period to the best advantage. Get the signup bonus. Whenever possible PIF or balance transfer so you pay less in interest. Never give an excellent rating when it is actually the norm. Always look for a discount as more is always better.
Always accept candy from strangers because they have the best candy or from people you know have good candy.

takeshi74 · ‎02-10-2016

@Anonymous wrote:
Will Chase grow with you?

The question is really to vague to provide an answer like you seem to expect. Chase can but it depends on the specifics of one's credit profile. Over the past few years I added Chase cards and other cards, got CLI's on just about every card except my Chcase cards. However, on opening my 4th Chase card I hit my internal limit and had to reallocate to open. My wife, on the other hand, has just a few cards and only one Chase card. She has received numerous auto CLI's on that card. The specifics matter.

@Anonymous wrote:
Will Chase ever raise my limits and lower my APR if I get a "real job" where I'm making 40k or more a year?

Your income is a consideration but it's just part of what is considered. Your credit profile matters as well.

@Anonymous wrote:
It seems as though Discover is willing to grow with me

It's not really willingness, stinginess, generosity, love or other popular terms around here. It's a matter of difference in underwriting criteria. Some creditors have tougher requirements and are more risk averse than others. Again, the creditor is just part of the consideration. Credit profile and income are the other important part.

Take PenFed, for example, They're notorious for being "conservative" but those with the right credit profiles and income can qualify for high limits with them.

@Anonymous wrote:
I recently got a 4K credit increase probably thanks to a perfect payment history but I still have 5k left in student loans.

It's not just payment history but your entire credit profile that is considered. Installments like student loans are not assessed exactly the same as revolving credit. Revolving utilization generally has much bigger impact than balance to loan ratio on installments though the latter is definitely considered as well.