topic Re: Chase Reserve CLI in Credit Cards

Chase Reserve CLI

Anonymous — Mon, 05 Dec 2016 21:46:05 GMT

I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

Re: Chase Reserve CLI

austinguy907 — Mon, 05 Dec 2016 21:54:26 GMT

First thing is to figure out what your scores are. Your scores play a big part in giving advice on whether or not you'll get that CLI you desire. Of course there's more to it like age of the account, amount used in relation to current limit, etc.

Re: Chase Reserve CLI

driftless — Mon, 05 Dec 2016 22:08:36 GMT

@Anonymous wrote:
I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

Yes, I do; Chase is a relational not transactional bank. I know that the Chase internal system factors in your banking relationship. I would wait a few months until everything has reported first though. FWIW - I received an auto CLI with my CSR after the third statement. We are CPC's and have managed accounts with JP Morgan as well. Very happy.

Re: Chase Reserve CLI

BronzeTrader — Tue, 06 Dec 2016 04:57:09 GMT

@Anonymous wrote:
I recently switched from the CSP to the Reserve, same credit limit of 20k. I also switched my Chase checking account to private client. Do you think the enhanced banking relationship could assist with a credit limit increase on the card? My score is low but bc I had a ton of debt. I paid it all to zero but it will probably take some time for my report to reflect this. Do you think I have a shot at the increase? My JP Morgan investment advisor and priv client banker said they would do what they can to help but I'm not sure that works these days. Do I have a shot?

If you have no more debts, why do you need a high CL? I have CSR with CL of $50k, but I do not use anywhere close to that at all.

Re: Chase Reserve CLI

Anonymous — Tue, 06 Dec 2016 05:52:09 GMT

There seems to be an obsession on this forum to get high CL just for the sake of having high CL. Doesn't make a whole lot of sense to me.

Re: Chase Reserve CLI

austinguy907 — Tue, 06 Dec 2016 05:57:46 GMT

@Anonymous wrote:
There seems to be an obsession on this forum to get high CL just for the sake of having high CL. Doesn't make a whole lot of sense to me.

When you start from $0 you have some goals to hit $5K / $10K and so on. It's a mental achievement climbing back up the ladder and back into good graces with "credit". It's all subjective until it spins out of control with 100 cards and $1M in CL's like some person around here. Others just find it to be an addiction once they hit their initial goals and get caught up in chasing the next high.

Re: Chase Reserve CLI

Anonymous — Tue, 06 Dec 2016 09:33:59 GMT

Higher CL means lower utilization too.

Re: Chase Reserve CLI

newhis — Tue, 06 Dec 2016 14:40:58 GMT

I have read that having cards above 10K can help your auto insurance score and maybe other scores that are not used as much as FICO.

If you goal is having the best scores to save the most money when you get a mortgage, auto or insurance, then, when you get a good FICO, then you can try to increase other scores.

My DW just asked the auto insurance to lower her payment, telling them to check her credit history that is much better now than a year ago. The did lower the payment but send her a letter that she is only at 50%, score wise, from all the company clients. How come she is at 50% if her FICOs are near 800?, because her auto insurance score is average.

I don't know if the company reviewed the same score that is available in CK. That score went up just a little in the last year.

Re: Chase Reserve CLI

Anonymous — Tue, 13 Dec 2016 13:13:02 GMT

Thank you all for replying. I have the answer- it does. I called yesterday and they increased the limit to $50k, after confirming that all my other debt was now zero. I guess that is the bonus of banking there. It was able to confirm what I said. I know the poster who said I don't need that credit limit when I finally paid my debts and they are completely right. I need to cut spending. However I am kind of in a position that I need as many quick boosts to my credit as possible and I have read here that an increase like that will help the score. Mine is mired in the 500s. Errr. Plus I'm sick of using so many cards each month. I could use cash now I suppose but then I would lose the small points gain which I kind of still care about- even though it's probably dumb.

Re: Chase Reserve CLI

Anonymous — Tue, 13 Dec 2016 13:16:50 GMT

You are right. There is and I do it too. I think of my parents who don't even know what their credit limit is yet have perfect credit. Meanwhile Im the one worried about credit card debt and they aren't so I agree with your point.

Re: Chase Reserve CLI

iced — Tue, 13 Dec 2016 13:45:56 GMT

@Anonymous wrote:
Thank you all for replying. I have the answer- it does. I called yesterday and they increased the limit to $50k, after confirming that all my other debt was now zero. I guess that is the bonus of banking there. It was able to confirm what I said. I know the poster who said I don't need that credit limit when I finally paid my debts and they are completely right. I need to cut spending. However I am kind of in a position that I need as many quick boosts to my credit as possible and I have read here that an increase like that will help the score. Mine is mired in the 500s. Errr. Plus I'm sick of using so many cards each month. I could use cash now I suppose but then I would lose the small points gain which I kind of still care about- even though it's probably dumb.

Bigger CLs are not a "quick boost" for your credit unless you have high utilization. If you have a 10k CL and charge 500 a month to it then PIF each month, changing it to 50k will do pretty much nada. If you charge 5000 a month to it and PIF, then yes it will help.

If you are at 0 balances, the boost you're looking for here is already going to happen regardless of your CLs.

The question now is if you charge enough each month going forward (and PIF!) that the additional CL keeps your month-to-month util reporting low. In those cases, yes this is a good move on your part. In this case, if you charge in the range of 3-15k a month to the CSR the bump to 50k is reasonable. Much less than 3k and it's still fine, but the CL is just drowning out the percentage. Much more than 15k and 50k may not have been high enough.

However, if someone carries balances from month to month and raises their CL to make utilization lower, that will help with scores but I cringe when I hear about people doing it. It's a dangerous game to mask debt like that. It's very easy to fall into the same illusion that was sold to the banks. However, when it comes time to look at the numbers, someone who bumped their total CL up from 50k to 100k to make 20k in balances look better still has 20k in debt to deal with. Even if it helps the score, I can't in good conscience ever recommend someone gets CLIs to help their util when they carry balances that are either difficult or impossible for those people to pay off.

I write all this because of your first statement in bold. If you can't control your spending, you're in danger of falling into the second category above.

If your score is in the 500s, I think there's more than just utilization percentage holding you back.

Re: Chase Reserve CLI

Revelate — Tue, 13 Dec 2016 14:48:24 GMT

@newhis wrote:
I have read that having cards above 10K can help your auto insurance score and maybe other scores that are not used as much as FICO.

If you goal is having the best scores to save the most money when you get a mortgage, auto or insurance, then, when you get a good FICO, then you can try to increase other scores.

My DW just asked the auto insurance to lower her payment, telling them to check her credit history that is much better now than a year ago. The did lower the payment but send her a letter that she is only at 50%, score wise, from all the company clients. How come she is at 50% if her FICOs are near 800?, because her auto insurance score is average.

I don't know if the company reviewed the same score that is available in CK. That score went up just a little in the last year.

Experian VS 3.0 Reason Codes:

1. You have too many inquiries on your credit report.
2. The date that you opened your oldest account is too recent
3. Your largest credit limit on open bankcard or revolving acct is too low
4. The balances on your accounts are too high compared to loan amounts

With a few 22K tradelines from Chase.

There's no winning on these sorts of things, best to just ignore it imo... can get to gold plated credit without that. Thankfully there's no such shennigans in FICO as I understand it; my only remark is with a tax lien (well at least when those codes were generated) and a 30/60 late on my report how on earth does that show up on my list of things wrong with my report? The rest is all legit at least, 783 score on the Vantage 3.0 scale.

Also FWIW I view FICO > Vantage >> everything else, my Freedom was UW on Vantage according to my initial pre-recon denial letter, but I haven't seen it again personally... then again Chase keeps giving me approvals

Re: Chase Reserve CLI

Anonymous — Tue, 13 Dec 2016 21:33:42 GMT

Yes, I charge about 20K/month

Re: Chase Reserve CLI

redpat — Tue, 13 Dec 2016 21:46:37 GMT

@Anonymous wrote:
Higher CL means lower utilization too.

Granted, but to a point though.