Why can't I get increased credit limit with Chase?

[Geppy]

Hi everyone!  I'm a bit perplexed here. My credit reports from all three bureaus fall between 716-725.  I discovered this in September of this year when I decided to start being more aware of my credit.  

My initial reaction to this was complete surprise.  I went through bankruptcy in 2006, I have an unpaid collection I've been carrying since 2007, and a public record (small claims court judgement) from 2009.  How the heck is my credit in the 700s at all? It's hard to believe.

Furthermore, in September, armed with this new knowledge that my credit score is much higher than I expected, I called and applied for a credit increase on my Chase card that has a limit of $1,700.  I was rejected... **bleep**?!?!?

If my credit score is truly in the 700s, why was I rejected for a limit increase? I've paid my bills ontime for years. Now I'm left truly wondering if my reports are accurately depicting my real credit score. I'd love to apply (and receive) a card that would provide me the ability to earn miles, points, cash back, etc. but now I'm worried about pinging my credit and getting rejected.

Any help/insight is much appreciated.

Thanks!

[percy81]

First, chase is very conservative with cl increases. Did they offer to pull your report? Or was it just a flat out NO!? Basically, they don't care whether you have a perfect 850...they are HP happy 

I have chase and I HAVE NEVER BEEN LATE and I use the card very well with not too shabby fico scores and I called for an increase and got the "We will need further information which will result in a HP, do you wish to continue?" I hang up

[Geppy]

Thanks for the response, Lisa.  Maybe I'll wait for awhile and try applying for another card.

Cheers!

[percy81]

Youre welcome, if you're planning on getting a new card Discover More gives u increases every 3 months ymmv. Thata not including customer initiated increases. Good luck!

[Jutz]

Also posted this in Understanding My FICO Score, but I'm interested in knowing what your Utilization is, both overall and on that Chase card.  

[Geppy]

Hi Jutz,

Thanks for chiming in.  To be honest, I don't track my utilization rate much at all.  I got into the habit a long time ago of purchasing nearly everything on my debit card.  Most of the time I have to make a concious effort to use my credit cards.

In total, I have three cards:

Chase w/ limit of $1,250

Capial One w/ limit of $1,200

CB/ANNTAYLOR w/ $1,300  (don't ask... I signed up for this YEARS ago when I bought something for my gf, it was well before the BK and I haven't had the card in possession for as long as I can remember. I'm not sure if I should close it or not so I just leave it).

So, my total available limit is $3,750

I pay my balance in full every single month on both of my active cards (the Chase and CapOne) and I've attached my balance history as shown by CK.  As you can see, my utilization rate is generally pretty low (under 10%).  I had a spike there this past August, but I stay away from doing that anymore.

[jandj80]

Have you pulled your FICOs or are you going by some other scoring method? There are a lot of non FICO scores that are wrong. I was rejected for a CL increase and the letter stated my scores were in the 660's. I still don't know what scores those were, but they were not accurate. I WISH I had 660's. 

[Geppy]

Yep, they are FICO scores.  See below:

[Jutz]

Jeez.  I guess maybe it's just the BK then?  You look like a good candidate to me!  Maybe look for some friendlier cards or companies.

[Geppy]

Thanks Jutz,

I may apply for the Citi Forward card.  I'm not sure yet. 

I do still have that one collection for $1,945.  It has gone past the statute of limitations (or whatever the term is for them no longer being able to collect on it), but won't drop off for another year and 9 months.  They actually sent me an offer to pay for delete for $1,000 on it, but I haven't done it.  I'm not sure how much it would boost my credit to get rid of that.