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what to do about chase low limit?

Frequent Contributor

what to do about chase low limit?

my chase slate is at $500 since I got it last year. I really haven't used it much except the last couple of months. Ive only used it to pay for some drinks at some bars that wont take amex that I go to with my friends. Since its so low I have thought about asking for a cli but im not sure how much they will bump me up. I am going to wait until I pay down my last credit card with a balance that is right at 22% utilized right now. That should be in 3 months tops. I just am not sure which way to go? Should I ask for an increase in my limit or apply for the CSP and forget about the slate and cancel it? Or should I just write chase off and continue my relationship with amex and get a BCE or BCP and just use my MC or Discover as mybackup? I worry chase will give me another low limit, but it could have neen that when I applied I got a low limit because of my high util at the time of the application? That wont be the case when I make my next move. I am just not sure what it should be? By the way, the chase slate is pretty useless since it does have that low limit and has no rewards. I know its a BT card but now i have no balances to transfer so maybe I should just close it?


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 1 of 15
14 REPLIES
Frequent Contributor

Re: what to do about chase low limit?

I too , have the TOY limit with Chase. I anded up initiating a CLI and took a hard pull to have a measly $300 CLI (from 500-800)... they actually sent me a text mssg one day right after I bought a pair of shoes at Niketown to verify that I had made the purchase... whatever.....

TU-721 (MortgagePull) EQ- 697(MortgagePull ) EXP 693(MortgagePull) FWEB 24,2015
My Wallet : Dicover More 35,500 CL -Amex Zync NPSL -WellsFargoRewards4800 - -CapOne 3000CL -GEMBWalMart 5000CL - Zales 4000CL-Kays 2900--Macys 5000CL /SSFCU 5000CL / CitiBank Diamond Pref 15000CL - CHASE Freedom 13500CL -Lowes 10,000 CL - BBuyStoreCard 10,000CL Sears Store Card (Citi) 3000 - Firestone CFNB 1400 Toyota Financial $35,000 Auto -2200DiscountTire(GECRB) Citi TY Preferred 8100CL - Chase Slate$4000-BofA15000-ToyotaRewardsVisa$10,700 -BofA$8500 AMEX BCE 9,500
Message 2 of 15
Frequent Contributor

Re: what to do about chase low limit?

Thats exactly what I dont want. A stupid increase like $300. It needs to be in the $4-5k range!


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 3 of 15
Established Contributor

Re: what to do about chase low limit?

I say close it and app for the freedom.  There is a freedom app out that has 15 months at 0% and $100 bonus.  If your going to take a hard pull it might as well be worth it.  Plus you should get better terms aka higher CL this time around.  Just make sure your other cards are reporting any recent CLI's.

Amex BCP/BC/Zync - Amex Business GR - Barclays NFL Visa Sig 49ers/Arrival - BoA BBR - Cap 1 Quicksilver - Citi Forward/Preferred - Chase Amazon/Freedom/Ink Plus - Discover IT - Fidelity Amex - GECRB Amazon/Walmart - PenFed PRV - Target - USAA Amex - US Bank CASH+/Club Carlson
Message 4 of 15
Valued Contributor

Re: what to do about chase low limit?

I think the high utility at the time of applying was the biggest reason for the lower limit so if you pay your utility down to <10%, I think you have a good shot at getting the higher credit limit increase.

I applied for the Freedom after applying for the CSP because I got denied initially and after recon, and the reason was because I didn't have at least a $5000 credit limit on any of my accounts. I don't know what your total credit limit is but if it is at least $5000, you will have a better chance of obtaining the CSP. If your limits are on the lower end, you still have a good chance of getting the Freedom after you reduce your UTIL. The limit that I got on the Freedom was $1000. Not great because I have an almost 10 yr old BK on my reports. But after the BK is deleted in Aug, I plan to request a CLI if not given one automatically.

Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 5 of 15
Valued Contributor

Re: what to do about chase low limit?

do you have anything negative on your reports?  how long have you had your USAA and Discover cards?

 

if they're both over 6 months old and you don't have anything negative I would say you will be be a shoe in for the CSP once your utilization is below 20% 

 

once you apply as long as you are not instant approved you can recon for a higher CL and either transfer your Slate CL over to your CSP and close it or keep it open

Chase Sapphire Perferred | Chase Freedom | AMEX Platinum | AMEX Delta Platinum | AMEX SPG | Capital One Venture | Capital One Quicksliver | Discover IT | ABFCU Visa | Citi AA WEMC
Message 6 of 15
Frequent Contributor

Re: what to do about chase low limit?

my bad items are lates from 2007. Ive had the USAA since 2010 and my Discover since 2011. I have only a balance on the USAA which is being paid down at a good pace and of course my AMEX is reporting a balance as its my daily driver.


CSP-$8700, Amex BCE-17.2k, Chase Freedom-$5700
Discover It-$6600, USAA MC-$5900 Ink Bold- $12k United Explorer-$5k
Message 7 of 15
Valued Contributor

Re: what to do about chase low limit?

Back in 2007 I got approved for a Slate card with a 3 digit limit. Granted, I had high util at the time, but in the past 5 years I never got an increase and didn't want to waste a HP. Late last year I apped for the Disney chase card and got a 5 digit CL. My util at the time of that app was 30%.
I say close it and then app for a card you really want once your utilization drops.


Starting Score: EQ 717 EX 724 TU 736
Current Score: EQ 832 EX 783 TU 816
App free since 9/15/15
Message 8 of 15
Senior Contributor

Re: what to do about chase low limit?

yes close it and apply for freedom. You do have two cards wtih high CLs and chase likes that! Smiley Wink

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Message 9 of 15
Valued Contributor

Re: what to do about chase low limit?

I thought I read on here that it was a bad idea to close a card with the same creditor you plan to app for a new credit card with. I would wait until after Freedom or CSP approval to close the Slate.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! Smiley Happy Last App: 4/5/13 Gardening until July 2014
Message 10 of 15