topic Re: Increasing Chase Sapphire Preferred limits in Credit Cards

Increasing Chase Sapphire Preferred limits

Anonymous — Sun, 31 Jan 2016 21:47:11 GMT

Thanks to the help I got on this forum, I was able to get a Chase SP. It has a$5K limit. I would like to increase that as quickly as possible.

I use it for business. How much would it help if I come close to quickly maxing out the card, paying that balance completely quickly, then repeat the process a couple of times within a billing period? Are there other/better ways?

Thanks

Re: Increasing Chase Sapphire Preferred limits

myjourney — Sun, 31 Jan 2016 22:25:21 GMT

Be careful

If linked to being used for business Chase is known to shut it down quick fast and in a hurry and losing all points

Re: Increasing Chase Sapphire Preferred limits

red259 — Sun, 31 Jan 2016 22:57:23 GMT

@myjourney wrote:
Be careful
If linked to being used for business Chase is known to shut it down quick fast and in a hurry and losing all points

+1 This sounds like a very bad idea. 5k on the CSP is the minimum CL they can give. It tells me you may have been a borderline approval. Chase may very well get concerned if you start maxing out the card. My advice would be use the card for personal use. Depending on the business expense you may be able to throw some of those expenses on it in order to make min spend if needed, but in no way should you be running large amounts of business expenses through a personal card as a new customer. I don't know what your credit profile is like but once you have more than a year of credit history reporting you should consider looking into the Chase ink cards. They are some of my favorite business cards, and depending on your business expenses you may have a lot of expenses that fall into their 5x category.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Sun, 31 Jan 2016 23:54:58 GMT

I'm in a similar boat with my CSP. Early in December I took a short trip and put the hotel etc. on the card. I never got close to the 5k. I seem to remember it being about 1300 when the bill came due, but almost as soon as I paid it off, I got an email offering me a softpull CLI on my CSP. They gave me 1500, I'd only had the card a little under 5 months so I was stoked.

It's news to me that Chase doesn't want you to put buisness charges on your personal credit card. I know about the other way around, but I'm not sure why they'd even care as long as the bill was being paid. I also agree with one of the other posters in that you should apply for an Ink after about a year. It's what I plan to do.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Mon, 01 Feb 2016 01:26:23 GMT

Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.

Re: Increasing Chase Sapphire Preferred limits

myjourney — Mon, 01 Feb 2016 01:39:32 GMT

@Anonymous wrote:
Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.

Pretty much Lol

I'll have to go dig out my T/C but most banks state not to be used for business purposes

Just thought you should know tho

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Mon, 01 Feb 2016 01:54:34 GMT

@myjourney wrote:
@Anonymous wrote:
Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.
Pretty much Lol
I'll have to go dig out my T/C but most banks state not to be used for business purposes
Just thought you should know tho

Wow, I had no idea! Thanks, MJ. I wonder what people do who can't get approved for Bus. Credit.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Mon, 01 Feb 2016 01:59:14 GMT

@Anonymous wrote:
@myjourney wrote:
@Anonymous wrote:
Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.
Pretty much Lol
I'll have to go dig out my T/C but most banks state not to be used for business purposes
Just thought you should know tho
Wow, I had no idea! Thanks, MJ. I wonder what people do who can't get approved for Bus. Credit.

If you have a business and can get approved for decent personal cards, it's not hard then to get approved for a business credit card. They base the approval on your personal credit as you are going to be guaranteeing the repayment of any charges on the card.

Re: Increasing Chase Sapphire Preferred limits

myjourney — Mon, 01 Feb 2016 02:08:17 GMT

@Anonymous wrote:
@Anonymous wrote:
@myjourney wrote:
@Anonymous wrote:
Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.
Pretty much Lol
I'll have to go dig out my T/C but most banks state not to be used for business purposes
Just thought you should know tho
Wow, I had no idea! Thanks, MJ. I wonder what people do who can't get approved for Bus. Credit.
If you have a business and can get approved for decent personal cards, it's not hard then to get approved for a business credit card. They base the approval on your personal credit as you are going to be guaranteeing the repayment of any charges on the card.

Agreed

Look into Ink cards

Re: Increasing Chase Sapphire Preferred limits

red259 — Mon, 01 Feb 2016 02:47:24 GMT

@Anonymous wrote:
Thanks for informing me. I had no clue. In fact, I have been using, as Authorized User, my wive's Chase Sapphire Preferred for business for over 2 years. She started at 5K, then as I maxed out the cards every month, on their own she received letters saying the limit had been upped. She is over 25K with her limit. Have we simply been dogging bullets? Our points are over 180K now.

On a side note you don't want to be spending more on an AU card than the primary card holder. There have been many reports of people running into scrutiny with this.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Mon, 01 Feb 2016 02:52:13 GMT

good to know all this stuff guys, thanks. I am on notice. Not sure what I can do for now. I just got my Chase Sapphire for myself, one day ago, after a relatively recent bankdruptcy, and had to plead with an understanding reconsideration person. Not sure how long I should wait until I ask for the Ink card you guys suggest. Any ideas?

Re: Increasing Chase Sapphire Preferred limits

myjourney — Mon, 01 Feb 2016 02:54:38 GMT

@Anonymous wrote:
good to know all this stuff guys, thanks. I am on notice. Not sure what I can do for now. I just got my Chase Sapphire for myself, one day ago, after a relatively recent bankdruptcy, and had to plead with an understanding reconsideration person. Not sure how long I should wait until I ask for the Ink card you guys suggest. Any ideas?

6 months build some Chase history

I know how you were grilled for the CSP on recon so there'e no way Ink will be approved until you prove yourself

Re: Increasing Chase Sapphire Preferred limits

red259 — Mon, 01 Feb 2016 03:03:41 GMT

@Anonymous wrote:
good to know all this stuff guys, thanks. I am on notice. Not sure what I can do for now. I just got my Chase Sapphire for myself, one day ago, after a relatively recent bankdruptcy, and had to plead with an understanding reconsideration person. Not sure how long I should wait until I ask for the Ink card you guys suggest. Any ideas?

We would need more info about your credit. A couple points though. You would need to have at least a one year history of active revolver history showing on your reports for ink card. Also, there have been reports that the chase 5/24 rule may start being applied to ink cards in March.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Mon, 01 Feb 2016 03:11:01 GMT

in answer to your question, I have two other credit cards, one of them almost a year. FICO is 700. I am at 5 c. cards now, and if Ink goes to 5, should I get out of one of the other ones, which has a low credit limit and I don't use?

Re: Increasing Chase Sapphire Preferred limits

red259 — Mon, 01 Feb 2016 03:18:04 GMT

@Anonymous wrote:
in answer to your question, I have two other credit cards, one of them almost a year. FICO is 700. I am at 5 c. cards now, and if Ink goes to 5, should I get out of one of the other ones, which has a low credit limit and I don't use?

The chase rule is opening 5 cards in 24 months. Closing a card will not fix the situation. You said you had two credit cards then you said you had 5. I assume some are AUs? If so, you you may fall outside the 5/24 rule since I don't think AUs count although you might have to explain it on recon to get the card.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Tue, 02 Feb 2016 21:34:45 GMT

I looked at my cards more carefully. I have 4 of my own (including the new chase), and the fith one I am AU (chase as well). I remember on recon that the person asked who many cards I had; I didn't know about the 5 card rule then. You said the rule was opening 5 cards in 24 months. Is it 5 cards in 24 months or 5 cards max, regardless of opening dates?

Looks as if, based on what I have read here, I need to wait 1/2 yr, use my chase wisely and ask for Ink around August.

Re: Increasing Chase Sapphire Preferred limits

red259 — Wed, 03 Feb 2016 00:53:50 GMT

@Anonymous wrote:
I looked at my cards more carefully. I have 4 of my own (including the new chase), and the fith one I am AU (chase as well). I remember on recon that the person asked who many cards I had; I didn't know about the 5 card rule then. You said the rule was opening 5 cards in 24 months. Is it 5 cards in 24 months or 5 cards max, regardless of opening dates?

Looks as if, based on what I have read here, I need to wait 1/2 yr, use my chase wisely and ask for Ink around August.

The 5 has to do with accounts opened in the past 24 months. Accounts opened more than 24 months ago won't count towards the five. Also, I do not think AUs count towards the 5, but you may have to explain that on recon.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Wed, 03 Feb 2016 01:43:45 GMT

I was hoping to do the same thing, but I don't use it for business expenses.

I have had the card for just over 9 months and want a little more than an $8K limit, no real reason why, I just want it to be my highest limit card.

I ran just over $7,000 through it this month and paid in full, I am going to be pretty upset if I don't receive a CLI in the next 6 months!

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Wed, 03 Feb 2016 02:38:47 GMT

Best course is simply to get another card through Chase and eventually move the lmiit over, but don't do it right away.

Re: Increasing Chase Sapphire Preferred limits

Anonymous — Wed, 03 Feb 2016 03:00:41 GMT

@Anonymous wrote:
Best course is simply to get another card through Chase and eventually move the lmiit over, but don't do it right away.

I was actually thinking of doing this next year if I don't recieve any CLI's. Is there like a minimum time one should wait to combine limits? I guess I could apply for the Slate, and combine after like 3-4 months?