topic Re: Reduce Chase Limit for a new card in Credit Cards

Reduce Chase Limit for a new card

lexrjSD — Sat, 07 Mar 2015 08:25:42 GMT

I just got 2 Chase biz cards Southwest (28K) and Ink (5K) and want to app for the Southwest personal card in 30 days and I also already have the CSP (15K). I plan to close the Southwest Biz once I get the 50K bonus so I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.

Re: Reduce Chase Limit for a new card

bigblue7722 — Sat, 07 Mar 2015 11:31:24 GMT

Never reduce first! Always apply first, see what happens if denied move your limit over.

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 12:40:31 GMT

@bigblue7722 wrote:
Never reduce first! Always apply first, see what happens if denied move your limit over.

That's one strategy. Others reduce first to maximize the chance of auto approval, especially if they want to minimize "eyes on the account"

Re: Reduce Chase Limit for a new card

Creditaddict — Sat, 07 Mar 2015 16:19:16 GMT

@lexrjSD wrote:
I just got 2 Chase biz cards Southwest (28K) and Ink (5K) and want to app for the Southwest personal card in 30 days and I also already have the CSP (15K). I plan to close the Southwest Biz once I get the 50K bonus so I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.

I would not reduce and if you are going to close the southwest I would move that entire limit to your ink before closing it.

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 16:45:57 GMT

@lexrjSD wrote:
I just got 2 Chase biz cards Southwest (28K) and Ink (5K) and want to app for the Southwest personal card in 30 days and I also already have the CSP (15K). I plan to close the Southwest Biz once I get the 50K bonus so I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.

You might want to tread cautiously with this plan. I read of flyertalk (although I can't find the link at the moment) that chase can claw-back the bonus if you close account less the 6 months from opening it.

Re: Reduce Chase Limit for a new card

chalupaman — Sat, 07 Mar 2015 17:15:45 GMT

@Anonymous wrote:
@bigblue7722 wrote:
Never reduce first! Always apply first, see what happens if denied move your limit over.
That's one strategy. Others reduce first to maximize the chance of auto approval, especially if they want to minimize "eyes on the account"

I've heard that can work best with Citi and their cards though I wouldn't be surprised if Chase worked the same way.

Re: Reduce Chase Limit for a new card

NRB525 — Sat, 07 Mar 2015 17:20:07 GMT

@Anonymous wrote:
@lexrjSD wrote:
I just got 2 Chase biz cards Southwest (28K) and Ink (5K) and want to app for the Southwest personal card in 30 days and I also already have the CSP (15K). I plan to close the Southwest Biz once I get the 50K bonus so I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.
You might want to tread cautiously with this plan. I read of flyertalk (although I can't find the link at the moment) that chase can claw-back the bonus if you close account less the 6 months from opening it.

I tend to agree with the suggestion to tread cautiously.

Your Airline Miles May Vary

Re: Reduce Chase Limit for a new card

creditfan — Sat, 07 Mar 2015 17:22:58 GMT

chase won't allow transfer CL from Biz to personal since OP intended to get rid of Biz card

better close to reduce then apply

@bigblue7722 wrote:
Never reduce first! Always apply first, see what happens if denied move your limit over.

Re: Reduce Chase Limit for a new card

Creditaddict — Sat, 07 Mar 2015 17:42:46 GMT

He has 2 business cards!

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 17:53:23 GMT

Hmm clawback doesn't sound good.

Re: Reduce Chase Limit for a new card

NRB525 — Sat, 07 Mar 2015 17:56:13 GMT

@Anonymous wrote:
Hmm clawback doesn't sound good.

The image that came to mind is, I'm walking down the street with my new credit card baby in my arms, and here comes the Chase Eagle, talons outstretched, and GRABS THE CREDIT CARD OUT OF MY ARMS!! Oh the humanity!!

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 18:58:32 GMT

Didnt they do that to you already?

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 19:05:35 GMT

@Anonymous wrote:
Hmm clawback doesn't sound good.

Sounds like some kind of seafood.

Re: Reduce Chase Limit for a new card

NRB525 — Sat, 07 Mar 2015 19:05:37 GMT

@Anonymous wrote:
Didnt they do that to you already?

Not with any bonus miles like OP is trying to gather.

The CLD and/or card closure when one already has large balances outstanding on quite favorable terms which need to be paid down anyway is a "meh" event.

"I got the money, will pay it back in good time, you can have the card."

Re: Reduce Chase Limit for a new card

Anonymous — Sat, 07 Mar 2015 19:42:47 GMT

Yes.

In any case I rolled and closed my SW into RC 4 1/2months after opening. Ill be on the lookout for clawback.

Re: Reduce Chase Limit for a new card

lexrjSD — Sat, 07 Mar 2015 20:37:09 GMT

@Anonymous wrote:
@lexrjSD wrote:
I just got 2 Chase biz cards Southwest (28K) and Ink (5K) and want to app for the Southwest personal card in 30 days and I also already have the CSP (15K). I plan to close the Southwest Biz once I get the 50K bonus so I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.
You might want to tread cautiously with this plan. I read of flyertalk (although I can't find the link at the moment) that chase can claw-back the bonus if you close account less the 6 months from opening it.

Clawback even if it's already in my Rapid Rewards account?

Re: Reduce Chase Limit for a new card

Trivolve — Sun, 08 Mar 2015 05:24:23 GMT

Don't EVER volunteer to reduce your limit on your chase cards. From what I read in some old threads, if you ask to reduce your CL, they will put a note on your file and you will never ever get any CLI again.

Re: Reduce Chase Limit for a new card

Creditaddict — Sun, 08 Mar 2015 05:30:46 GMT

+1
Plus people have been told by analysts they are at internal limits but then get approved for jew accounts for $15k+ limits by computer so the last thing I would do is reduce limits... Usually if you are handling limits and for a good amount of time banks will gladly add to it!!!
And even if today they think your at internal limit... In a month, 6 months, a year that internal limit will go up even if your income doesn't justbevause you handle current limits well!

Re: Reduce Chase Limit for a new card

Anonymous — Sun, 08 Mar 2015 14:12:50 GMT

@Trivolve wrote:
Don't EVER volunteer to reduce your limit on your chase cards. From what I read in some old threads, if you ask to reduce your CL, they will put a note on your file and you will never ever get any CLI again.

While that might be true, it sort of doesn't make sense. The people who do this (Open123 for example) aren't interested in CLIs, they want sign up bonuses. Obviously if CLIs are your goal, doing a voluntary CLD would be a step in the wrong direction.

Re: Reduce Chase Limit for a new card

takeshi74 — Sun, 08 Mar 2015 14:18:40 GMT

@lexrjSD wrote:
I was wondering if I should reduce my Southwest Biz limit so I have a better chance of approval since I'm going to close it anyways.

If you hit your internal limit when apping you can reallocate. We can't tell you how much or if your odds will be better with a lower limit on the SW business card and I don't see how anyone can provide any hard data on the matter.