topic Re: High Chase Credit Limit Concern? in Credit Cards

High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 10:19:21 GMT

Goal: To get the Chase Quadfecta.

Situation: Today I got the Chase Freedom, about a week after I got the CSR. I was approved w/ a 20k+ credit limit, even higher than my CSR (I entered the exact same details in my application). I'm very confused, because I thought the "tier 1" Chase cards were supposed to have lower credit limits. Also, the Visa compared to Visa Infinite.

Questions: Should I be worried that the credit limit is too high? Should I preemptively ask to lower it? Ultimately my goal is to get 2 more Chase cards; should I be worried that my first two cards were already granted 40% of my income? Also, am I mistaken to think Visa Infinite with same credit/income/etc should have higher credit limit than normal Visa? Also, do I need to wait longer to apply to my third card now because of high credit granted?t I was planning to apply for #3 in 3 weeks (30 days after CSR approval).

Thank U for help !

Re: High Chase Credit Limit Concern?

AverageJoesCredit — Thu, 28 Feb 2019 12:00:19 GMT

Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

Re: High Chase Credit Limit Concern?

simplynoir — Thu, 28 Feb 2019 12:10:40 GMT

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.

Re: High Chase Credit Limit Concern?

xaximus — Thu, 28 Feb 2019 15:14:16 GMT

@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.

+2 for the above advice. Definitely need to slow down, I think with Chase having a trigger finger, it's best to slow down atleast for 6 months, if not longer. They have been known to shut accounts down quickly. Also, start using the cards and show some history. Once you have some history, they may relax the purse strings a bit. The last thing you want to do is try to proceed too quickly with Chase. Also, why are you shooting for the "quadfecta"?

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 17:47:06 GMT

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

Could you explain why not? I was worried about how much credit they would give me total, but are you saying I'd more likely get rejected based on timing of applications? When would you recommend for the timeline? I just want to have these cards for passive spending so I don't have to maintain and add / take away, whatever later. I like the combo and do not plan on churning. Also, could you give me a sense of what the credit limits for CF go? I wasn't necessarily surprised about my CSR, I'm just surprised that I was given a higher credit limit for CF AND it's like 20k+. I thought they were generally around 5-10k.

For scores, I don't have an app that has everything, so this is just from all of my different banking apps:

FICO Score 9 Experian: 799.
Transunion: 811
Credit Karma Equifax: 806 (was the same as transunion until I lost 5 points for my CC "hard inquiry".

I have one hard pull only for the chase cards on the Equifax report, zero on the transunion. I'm 2/24 (just the two that I discussed so far). Average credit age is 10 years (includes an AU). Income ~130-160k

Thanks for help

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 17:49:09 GMT

@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.

Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff.

Thanks for insight

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 17:54:00 GMT

@xaximus wrote:
@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.
+2 for the above advice. Definitely need to slow down, I think with Chase having a trigger finger, it's best to slow down atleast for 6 months, if not longer. They have been known to shut accounts down quickly. Also, start using the cards and show some history. Once you have some history, they may relax the purse strings a bit. The last thing you want to do is try to proceed too quickly with Chase. Also, why are you shooting for the "quadfecta"?

Thanks for the insight. As I wrote to the comment above, I'm trying to set this up so I don't have to mess with anything in the future. I haven't opened a credit card in years, and I just want to move my banking to Chase (credit card-wise), and set up my spending to use these cards to maximize UR points (CSR for travel/dining, CF for categories, CIP for business expenses/bills, CFU for everything else). Isn't this the goal of their programs? I am not planning to churn or anything like that.

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 17:54:08 GMT

@Anonymous wrote:
@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.
Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff.

Thanks for insight

Chase is extremely sensitive to any behavior that resembles "credit seeking" behavior. They do SP checks often to see if you've been applying as well as to see if you've opened additional accounts after they've approved you. That's why the recommendations to go very slowly when dealing with Chase. As always, YMMV, but it is a common theme around here and "horror" stories abound.

Re: High Chase Credit Limit Concern?

CreditCuriosity — Thu, 28 Feb 2019 17:56:08 GMT

Chase will typically do 40-60% on ones reported income if all looks good on profile on their aggregate CL. With that said you certainly could lower your limit on the CF(before you apply about a month prior by say 5k after giving it some time with other two cards) if you wanted to, but with that said as others echoed I would space out your 3rd chase application to either 6 months from now or more likely 12 months. Chase has certainly clamped down and when I was on a recon call before the 5/24 rule trying at the time to get my 3rd chase card(since have had alot more) they said I was pretty new on my CSP / Freedom at the time and those were just over a year old and they wanted to see more time with those cards. So take that how you want, but tread lightly with chase or they certainly have no issues shutting down all cards of a person. Also keep in mind the 5/24 rule (5 cards in 24 months) will be a denial so figure that into your equation as well how you move forward and refrain from apply for other cards with other issuers if you want to live in the Chase ECO system although I certainly would advise you to diversify as well....

Re: High Chase Credit Limit Concern?

HeavenOhio — Thu, 28 Feb 2019 17:55:48 GMT

Welcome, @Anonymous.

Chase is sensitive to new accounts. There's also a super-secret time limit between applications. Lately, when someone opens two accounts on the same day, both accounts will be approved, but one will be closed a day or two later. Yeah, it's weird.

You appear to be in a great position, and you should be fine if you don't move too fast. I'd try again in four months or so. Then look into the second card another four months or so after that.

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 18:32:04 GMT

Ah sure. So you're saying you're more worried about the timing than my chase credit limits? I should just give it some time. Is 2-3 months not enough? In addition, is there any difference for personal or business cards? Do you think I should go for one or the other first or does it not matter?

@Anonymous wrote:
@Anonymous wrote:
@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.
Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff.

Thanks for insight
Chase is extremely sensitive to any behavior that resembles "credit seeking" behavior. They do SP checks often to see if you've been applying as well as to see if you've opened additional accounts after they've approved you. That's why the recommendations to go very slowly when dealing with Chase. As always, YMMV, but it is a common theme around here and "horror" stories abound.

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 18:46:18 GMT

OP, do you have a depository relationship with Chase? Go in to a branch and ask a personal banker if you have any in-branch credit card approvals. They are practically guaranteed to be granted.

I don't recall Chase ever stating that their goal is to maximize the Ultimate Rewards they award to credit card holders. After all, they are in business to make money.

It seems to me that given what you've divulged about your credit profile and income, the CSR approval is on the low side. You said that you got a $20K+ approval for the Freedom card and its greater than the approval for the Sapphire card. Although you didn't give the exact amounts, I imagine if it were a $30K approval you would have said so. So assuming the total of the two Chase credit lines are $45K; that still doesn't approach 40% of your stated income as you said in your first post.

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 19:20:20 GMT

@CreditCuriosity wrote:
Chase will typically do 40-60% on ones reported income if all looks good on profile on their aggregate CL. With that said you certainly could lower your limit on the CF(before you apply about a month prior by say 5k after giving it some time with other two cards) if you wanted to, but with that said as others echoed I would space out your 3rd chase application to either 6 months from now or more likely 12 months. Chase has certainly clamped down and when I was on a recon call before the 5/24 rule trying at the time to get my 3rd chase card(since have had alot more) they said I was pretty new on my CSP / Freedom at the time and those were just over a year old and they wanted to see more time with those cards. So take that how you want, but tread lightly with chase or they certainly have no issues shutting down all cards of a person. Also keep in mind the 5/24 rule (5 cards in 24 months) will be a denial so figure that into your equation as well how you move forward and refrain from apply for other cards with other issuers if you want to live in the Chase ECO system although I certainly would advise you to diversify as well....

6 months?? That's such a long time, I might not even remember by then haha. I want to have a good card to use for general expenses though like the unlimited. They told you you were pretty new after you'd used their card for a year? I plan on mainly using Chase moving forward, unless a better rewards program comes out. I was offered 100K points for the platinum card, but I figure the value of those points isn't as good as the UR.

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 19:22:27 GMT

@HeavenOhio wrote:
Welcome, @Anonymous.

Chase is sensitive to new accounts. There's also a super-secret time limit between applications. Lately, when someone opens two accounts on the same day, both accounts will be approved, but one will be closed a day or two later. Yeah, it's weird.

You appear to be in a great position, and you should be fine if you don't move too fast. I'd try again in four months or so. Then look into the second card another four months or so after that.

So if you make it past 1-2 days, are you home-free? SO and I are both approved for two cards within a week or two, and haven't been rescinded yet. How long have you seen them wait before closing second account?

Is there a specific reason you say 4 as compared to others here who say 3, 6, 12? Or are those just all arbitrary numbers?

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 19:27:14 GMT

@Anonymous wrote:
Ah sure. So you're saying you're more worried about the timing than my chase credit limits? I should just give it some time. Is 2-3 months not enough? In addition, is there any difference for personal or business cards? Do you think I should go for one or the other first or does it not matter?
@Anonymous wrote:
@Anonymous wrote:
@simplynoir wrote:
@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.
Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff.

Thanks for insight
Chase is extremely sensitive to any behavior that resembles "credit seeking" behavior. They do SP checks often to see if you've been applying as well as to see if you've opened additional accounts after they've approved you. That's why the recommendations to go very slowly when dealing with Chase. As always, YMMV, but it is a common theme around here and "horror" stories abound.

A number of people have used that terminology here, and I don't quite understand.. what would they classify as bad 'credit seeking behavior'? If I open an additional account with them after one, is that bad behavior? If I open an additional card with another bank next month, is that bad behavior?

Thanks for your help

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 19:46:43 GMT

Signing up for one credit card is not credit seeking behavior. Signing up for two in one month is... A little suspect but many of us have done it... Signing up for 3,4,5....10 credit cards in a month or two will look very odd to both the automated and manual underwriters... Some banks are more or less sensitive to this.

Some people go on "app sprees" and apply for several cards in a short time. That way, the banks wouldn't know about it until you had all the approvals... Some banks didn't like this (chase) and they follow up a month or two after, once they have been reported... to make sure you aren't.

Yes, in a way, these are "arbitrary" numbers. They aren't written in the terms and conditions ... More accurately they are anecdotally supported numbers based on member reports. You're welcome to ignore the advise and sign up for another chase card every week until you have all of them... But you've been warned... And it most likely will not go the way you want it...

However, none of us work for the bank, and the bank makes the actual decisions... Is there a credit profile, however uncommon, that they would let you slide with 4 cards in a month? Who knows. But we know the odds are not in your favor

Re: High Chase Credit Limit Concern?

Anonymous — Thu, 28 Feb 2019 20:13:08 GMT

@Anonymous wrote:
Signing up for one credit card is not credit seeking behavior. Signing up for two in one month is... A little suspect but many of us have done it... Signing up for 3,4,5....10 credit cards in a month or two will look very odd to both the automated and manual underwriters... Some banks are more or less sensitive to this.

Some people go on "app sprees" and apply for several cards in a short time. That way, the banks wouldn't know about it until you had all the approvals... Some banks didn't like this (chase) and they follow up a month or two after, once they have been reported... to make sure you aren't.

Yes, in a way, these are "arbitrary" numbers. They aren't written in the terms and conditions ... More accurately they are anecdotally supported numbers based on member reports. You're welcome to ignore the advise and sign up for another chase card every week until you have all of them... But you've been warned... And it most likely will not go the way you want it...

However, none of us work for the bank, and the bank makes the actual decisions... Is there a credit profile, however uncommon, that they would let you slide with 4 cards in a month? Who knows. But we know the odds are not in your favor

Ahh. Thanks for your message. I think this makes a lot more sense. If I'm not gonna open like any with anyone else, I just want to get their cards, I hope they get the sense that I just value their rewards and am trying to switch over. I'm not trying to get them all in one month..but I'd like to get them as soon as possible in like a 2-3 month window...haha. Wish I could somehow just show it to them that I'm not a churner. i've used the same two banks primarily for 4/6 years and paid responsibly, no churning, no swapping, 100% on time. But what else can you do..

thanks for all your help!

Re: High Chase Credit Limit Concern?

coldfusion — Thu, 28 Feb 2019 20:33:55 GMT

@Anonymous wrote:
@Anonymous wrote:
Signing up for one credit card is not credit seeking behavior. Signing up for two in one month is... A little suspect but many of us have done it... Signing up for 3,4,5....10 credit cards in a month or two will look very odd to both the automated and manual underwriters... Some banks are more or less sensitive to this.

Some people go on "app sprees" and apply for several cards in a short time. That way, the banks wouldn't know about it until you had all the approvals... Some banks didn't like this (chase) and they follow up a month or two after, once they have been reported... to make sure you aren't.

Yes, in a way, these are "arbitrary" numbers. They aren't written in the terms and conditions ... More accurately they are anecdotally supported numbers based on member reports. You're welcome to ignore the advise and sign up for another chase card every week until you have all of them... But you've been warned... And it most likely will not go the way you want it...

However, none of us work for the bank, and the bank makes the actual decisions... Is there a credit profile, however uncommon, that they would let you slide with 4 cards in a month? Who knows. But we know the odds are not in your favor
Ahh. Thanks for your message. I think this makes a lot more sense. If I'm not gonna open like any with anyone else, I just want to get their cards, I hope they get the sense that I just value their rewards and am trying to switch over. I'm not trying to get them all in one month..but I'd like to get them as soon as possible in like a 2-3 month window...haha. Wish I could somehow just show it to them that I'm not a churner. i've used the same two banks primarily for 4/6 years and paid responsibly, no churning, no swapping, 100% on time. But what else can you do..

thanks for all your help!

The odds of successfully assembling a Chase quadfecta in 2-3 months are almost nil unless possibly if you're already a JPM Private Client with a 8-figure investment. You should expect to need somewhere around 12 months to complete the cycle.

There is a loose rule of thumb that when you apply for an additional Chase card your aggregate limit across all current Chase cards should be no more than (50% yearly gross income - $10K) for the best odds of success. You should not apply for your 3rd card for at least 4 months, 6 would be better and the 4th card at least 4 months after that. If necessary, reduce limits on current cards to meet that guidance.

If you have not researched detailed guidelines and recommendations on applying for the Chase Ink (the 4th card in the Quadfecta) I suggest you're going to want to do so. That's a discussion way out of scope for the Credit Cards forum, and in fact IMO you really need to be researching the Quadfecta topic as a whole on reddit.

Re: High Chase Credit Limit Concern?

HeavenOhio — Fri, 01 Mar 2019 12:31:52 GMT

@Anonymous wrote:
@HeavenOhio wrote:
Welcome, @Anonymous.

Chase is sensitive to new accounts. There's also a super-secret time limit between applications. Lately, when someone opens two accounts on the same day, both accounts will be approved, but one will be closed a day or two later. Yeah, it's weird.

You appear to be in a great position, and you should be fine if you don't move too fast. I'd try again in four months or so. Then look into the second card another four months or so after that.
So if you make it past 1-2 days, are you home-free? SO and I are both approved for two cards within a week or two, and haven't been rescinded yet. How long have you seen them wait before closing second account?

Is there a specific reason you say 4 as compared to others here who say 3, 6, 12? Or are those just all arbitrary numbers?

The main idea is to garden. I generally like to see six months between card applications, no matter the bank. But I think your profile is strong enough that four would work. At worst, you get a denial, and you'll know where you stand.

I don't think you have to worry about Chase looking at you as too agressive as long as you're applying only with Chase and not applying over and over.

Re: High Chase Credit Limit Concern?

HeavenOhio — Fri, 01 Mar 2019 12:36:48 GMT

I forgot to include that I think your second card is probably fine. Maybe waiting a week is all that was necessary. The data points for cards being closed tend to be for cards being applied for on the same day. But since Chase doesn't tell us when they'd like us to apply, advice has to be on the cautious side.