topic Very low limit on Freedom? in Credit Card Approvals

Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 01:20:50 GMT

Hey all!

My boyfriend has had his Freedom card for about a year. At the time of approval, he had a Macy's card @ $200 and an Old Navy Visa @ $2200. He also had a small student loan. All positive history, no lates, derogs, etc. Both accounts were approximately 3 years old.

He was instantly approved, but with only a $500 limit.

We love the Freedom's reward structure and we use it often, but the low limit is driving me crazy from a credit standpoint as well as just dealing with the annoyance of making 3 payments a month just to use it normally.

His profile has changed substantially since his initial approval. He now also has an Amex TE @ $1200, a joint credit union card @ $13,000, a Discover It @ $2300, a Best Buy card @ $4500, and two joint auto loans with me. He is also AU on almost all of my cards, but I know that Chase doesn't factor in AU accounts.

His scores are 690-700 and util is currently reporting 11% because my BCE (which has a large balance from a 0% interest BT offer) has not yet reported.

We have tried everything to encourage CLI on this account. Use it up to CL multiple times a month and PIF, report large balance, report small balance, etc...

We have requested CLI twice and gotten instant denial both times, no HPs reported on any of the bureaus...since they're not doing HPs, does that mean that they're not even reviewing the account? What should we do at this point?

We love the card and I've considered apping for one myself just because I know I'll get a better CL, but I'm really trying to garden. He has fewer inquiries than I, so we're trying to build his profile up a bit more at the moment to prepare us for a mortgage in the next 2-3 years.

Re: Very low limit on Freedom?

TeamPunishment — Sat, 28 Dec 2013 01:22:32 GMT

http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

Re: Very low limit on Freedom?

longtime_lurker — Sat, 28 Dec 2013 01:29:04 GMT

You could call for a CLI if you're willing to take the HP - because, c'mon, it's Chase XD. They WILL pull the report, and if you're denied there, then ASK to talk to recon to at least find out what is spooking them...are all of those accounts since the Freedom new? That could be an issue in Chase's eyes

Re: Very low limit on Freedom?

grinlikechelsea — Sat, 28 Dec 2013 01:30:11 GMT

@TeamPunishment wrote:
http://ficoforums.myfico.com/t5/Credit-Cards/Backdoor-Numbers/td-p/408066

Do know if you recon the CL, it will result in a HP.

Re: Very low limit on Freedom?

TeamPunishment — Sat, 28 Dec 2013 01:33:41 GMT

I have always had a HP whenever I requested a CLI. Whenever I call for a recon they just look at the denied APP.

Re: Very low limit on Freedom?

jamesdwi — Sat, 28 Dec 2013 02:03:34 GMT

how do your INQ's look like for the last 6 months, if 1 or 0, might want to AP for a CSP, good signing bonus. and may give you a $5k limit if they go above that you can move part of the over $5k limit to your freedom. if you want a sure thing go for a Slate card, than divide the limit between freedom and the slate keep the slate for 6 months just for appearances on your credit report. then move remaning CL to your freedom card and close the slate.

It's usually easier to get a new card than a decent CLI, when they do a HP CLI they compare your requested CL with the cards existing CL don't expect a 10x increase over your current $500 without a manual review, When you apply new they will look at all cards incouoding the 13k CL joint card so you should get a much higher CL.

Re: Very low limit on Freedom?

armbenderc — Sat, 28 Dec 2013 02:47:22 GMT

@TeamPunishment wrote:
I have always had a HP whenever I requested a CLI. Whenever I call for a recon they just look at the denied APP.

True, recon should be done asap.

Re: Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 03:10:22 GMT

$500 limit with a refusal to budge - yeah that sounds like Chase (have the same card and limit with a small history). If you attempt a CLI (and get a letter) - recon immediately - if you plead your case thats Chase's greatest attribute. On the amount your pushing through - I've had to make payments at a crazy rate (86 times I've needed to make payments) spending 2.5k a month on my Freedom - no reaction in an auto as of yet. Goodluck with lifting the limit, hopefully recon may help.

Re: Very low limit on Freedom?

syul9088 — Sat, 28 Dec 2013 03:12:11 GMT

@Anonymous wrote:
Hey all!

@Anonymous boyfriend has had his Freedom card for about a year. At the time of approval, he had a Macy's card @ $200 and an Old Navy Visa @ $2200. He also had a small student loan. All positive history, no lates, derogs, etc. Both accounts were approximately 3 years old.

He was instantly approved, but with only a $500 limit.

We love the Freedom's reward structure and we use it often, but the low limit is driving me crazy from a credit standpoint as well as just dealing with the annoyance of making 3 payments a month just to use it normally.

@Anonymous profile has changed substantially since his initial approval. He now also has an Amex TE @ $1200, a joint credit union card @ $13,000, a Discover It @ $2300, a Best Buy card @ $4500, and two joint auto loans with me. He is also AU on almost all of my cards, but I know that Chase doesn't factor in AU accounts.

His scores are 690-700 and util is currently reporting 11% because my BCE (which has a large balance from a 0% interest BT offer) has not yet reported.

We have tried everything to encourage CLI on this account. Use it up to CL multiple times a month and PIF, report large balance, report small balance, etc...

We have requested CLI twice and gotten instant denial both times, no HPs reported on any of the bureaus...since they're not doing HPs, does that mean that they're not even reviewing the account? What should we do at this point?

We love the card and I've considered apping for one myself just because I know I'll get a better CL, but I'm really trying to garden. He has fewer inquiries than I, so we're trying to build his profile up a bit more at the moment to prepare us for a mortgage in the next 2-3 years.

Chase dose count AU history. I have a zero credit due to didnt have SSN, and I was AU on my wife's Chase Freedom with no SSN. After I recieved SSN, I applied my own Chase Freedom and approved $3,000 starting limit. I never thought I would approved and also even thought that much high startimg limit with ZERO history.

Re: Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 03:13:47 GMT

Different case - Chase only considers AU accounts which are with them, not with other credit providers (internal scoring model).

Re: Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 03:50:50 GMT

@jamesdwi wrote:
how do your INQ's look like for the last 6 months, if 1 or 0, might want to AP for a CSP, good signing bonus. and may give you a $5k limit if they go above that you can move part of the over $5k limit to your freedom. if you want a sure thing go for a Slate card, than divide the limit between freedom and the slate keep the slate for 6 months just for appearances on your credit report. then move remaning CL to your freedom card and close the slate.

It's usually easier to get a new card than a decent CLI, when they do a HP CLI they compare your requested CL with the cards existing CL don't expect a 10x increase over your current $500 without a manual review, When you apply new they will look at all cards incouoding the 13k CL joint card so you should get a much higher CL.

Interesting idea! He has 6 inquiries, 4 of which are auto loan related. Do you happen to know if Chase allows you to split the limit immediately or is there a waiting period after opening the new account?

Re: Very low limit on Freedom?

FinStar — Sat, 28 Dec 2013 04:24:39 GMT

@jamesdwi wrote:
how do your INQ's look like for the last 6 months, if 1 or 0, might want to AP for a CSP, good signing bonus. and may give you a $5k limit if they go above that you can move part of the over $5k limit to your freedom. if you want a sure thing go for a Slate card, than divide the limit between freedom and the slate keep the slate for 6 months just for appearances on your credit report. then move remaning CL to your freedom card and close the slate.

It's usually easier to get a new card than a decent CLI, when they do a HP CLI they compare your requested CL with the cards existing CL don't expect a 10x increase over your current $500 without a manual review, When you apply new they will look at all cards incouoding the 13k CL joint card so you should get a much higher CL.

Assuming they approve for anything higher on another product, then this would seem like a viable option.

Re: Very low limit on Freedom?

wHiTeSoL — Sat, 28 Dec 2013 06:09:57 GMT

@Anonymous wrote:
@jamesdwi wrote:
how do your INQ's look like for the last 6 months, if 1 or 0, might want to AP for a CSP, good signing bonus. and may give you a $5k limit if they go above that you can move part of the over $5k limit to your freedom. if you want a sure thing go for a Slate card, than divide the limit between freedom and the slate keep the slate for 6 months just for appearances on your credit report. then move remaning CL to your freedom card and close the slate.

It's usually easier to get a new card than a decent CLI, when they do a HP CLI they compare your requested CL with the cards existing CL don't expect a 10x increase over your current $500 without a manual review, When you apply new they will look at all cards incouoding the 13k CL joint card so you should get a much higher CL.

Interesting idea! He has 6 inquiries, 4 of which are auto loan related. Do you happen to know if Chase allows you to split the limit immediately or is there a waiting period after opening the new account?

I did mine within 30 days, so I dont see why not. Worse case they'll make him wait until he gets and activates the card.

Re: Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 17:10:35 GMT

Thanks! We will definitely consider that strategy.

Re: Very low limit on Freedom?

nuggets321 — Sat, 28 Dec 2013 20:02:47 GMT

For what its worth, I too, received an initial CL of a measly $500.. I immediately attempted a recon that therefore resulted in a HP for a sorry $100 CLI. I have since received (2)AUTO CLI's that now leaves me to stand with a CL of $1300, which makes their "balance transfer" offers something to laugh at .....

Re: Very low limit on Freedom?

Anonymous — Sat, 28 Dec 2013 21:02:31 GMT

We ended up following jameswi's suggestion.

I checked Chase's online prequal and it showed a 'preselected offer' for the Slate, so we went for it. The app was instantly approved for 2k. DBF HATES calling CCC, but I bargained with him and he agreed to call when the card arrived and we'll try to get a higher CL, but even at 2k, I'm happy. We'll either move over the entire CL and cancel the Slate or if they won't let us do that, we'll move 1.5k, leave the Slate open and SD it.

Thanks all for your help!

Re: Very low limit on Freedom?

jamesdwi — Sat, 28 Dec 2013 22:17:45 GMT

@Anonymous wrote:
We ended up following jameswi's suggestion.

I checked Chase's online prequal and it showed a 'preselected offer' for the Slate, so we went for it. The app was instantly approved for 2k. DBF HATES calling CCC, but I bargained with him and he agreed to call when the card arrived and we'll try to get a higher CL, but even at 2k, I'm happy. We'll either move over the entire CL and cancel the Slate or if they won't let us do that, we'll move 1.5k, leave the Slate open and SD it.

Thanks all for your help!

You may be able to do it via a secure message via the web site. So he won't have to talk, have to talk on the phone. And the online messages tend to get results without having to try multiple CSR's or trying to explain what you are saying.

Re: Very low limit on Freedom?

dap1984va — Sat, 28 Dec 2013 23:36:52 GMT

I am going to be 100% honest with you, while searching these boards I am happy to see people approved with the Freedom for several thousands of dollars. My Chase is at 1k and next month I would of had it for 2 years exactly. ..I used to run money through my card as well. (past tense) I would not personally waste a Hard Pull on Chase. Out of 10 CC, Chase is my lowest "BY FARRR".. if you can, wait until the credit profile improves and you will start laughing at that $500 credit card.Some credit cards are known for high starting credit limits,,,,, I really dont think the Chase Freedom is on the top of that list

Re: Very low limit on Freedom?

Anonymous — Sun, 29 Dec 2013 00:06:55 GMT

Thanks jamesdwi, I will try that now! He would be so thrilled to not have to call.

Re: Very low limit on Freedom?

Anonymous — Sun, 29 Dec 2013 03:32:00 GMT

Chase Freedom - not really much Freedom at all Goodluck and nice move with the slate.