topic Re: Amazon Prime visa low starting limit in Credit Cards

Amazon Prime visa low starting limit

drsmith — Mon, 13 Jul 2020 00:26:54 GMT

Was approved for the Prime Visa last night with a starting credit limit of $3600. Also have a chase Freedom at 20k

Is it normal for such a low starting limit relative to my other chase card?

Credit report has a few inquiries from buying a house. All scores over 800 with maybe 1-2% utilization.

Re: Amazon Prime visa low starting limit

Anonymous — Mon, 13 Jul 2020 00:42:58 GMT

I'm curious on the replies. I'm identical to you, minus any recent inquiries.

Re: Amazon Prime visa low starting limit

Anonymous — Mon, 13 Jul 2020 01:08:25 GMT

In general, SLs are down 33% across the board due to economic conditions. It's also harder to get a card. That might be a big reason for your low SL.

Re: Amazon Prime visa low starting limit

Red1Blue — Mon, 13 Jul 2020 01:10:25 GMT

Congrats on your approval.

Re: Amazon Prime visa low starting limit

Jnbmom — Mon, 13 Jul 2020 01:13:39 GMT

I would be happy to get the approval, banks are tightening up.

Re: Amazon Prime visa low starting limit

simplynoir — Mon, 13 Jul 2020 01:17:43 GMT

Think it's just a combination of the current economic climate and your Chase limits in relation to your income. Before the coronavirus there was speculation that Chase was willing to extend your total limits with them to be roughly 40-50% of your income. Now that number may have changed and combined with tougher approvals may have you seeing lower than usual SLs til the market improves

Re: Amazon Prime visa low starting limit

drsmith — Mon, 13 Jul 2020 01:22:34 GMT

@simplynoir wrote:
Think it's just a combination of the current economic climate and your Chase limits in relation to your income. Before the coronavirus there was speculation that Chase was willing to extend your total limits with them to be roughly 40-50% of your income. Now that number may have changed and combined with tougher approvals may have you seeing lower than usual SLs til the market improves

Interesting. But I guess it makes sense

I was just a little taken aback since the lowest starting limit I've had in the last 10 years was $7500 with usaa.

Thanks for the replies though

Re: Amazon Prime visa low starting limit

simplynoir — Mon, 13 Jul 2020 01:28:24 GMT

@drsmith wrote:
@simplynoir wrote:
Think it's just a combination of the current economic climate and your Chase limits in relation to your income. Before the coronavirus there was speculation that Chase was willing to extend your total limits with them to be roughly 40-50% of your income. Now that number may have changed and combined with tougher approvals may have you seeing lower than usual SLs til the market improves
Interesting. But I guess it makes sense

I was just a little taken aback since the lowest starting limit I've had in the last 10 years was $7500 with usaa.

Thanks for the replies though

You're welcome. I really do think you have nothing to worry about. It will probably be some time where seemingly solid credit users are given low SLs or even outright denied compared to before. The fact you were able to get a Chase approval speaks to your strong profile even in this enviroment

Give your Amazon card some time & use and maybe you'll get an auto CLI from them. There is also the option of reallocating credit lines if you need a bigger limit to make the card more usable

Re: Amazon Prime visa low starting limit

drsmith — Mon, 13 Jul 2020 01:34:17 GMT

@simplynoir wrote:
@drsmith wrote:
@simplynoir wrote:
Think it's just a combination of the current economic climate and your Chase limits in relation to your income. Before the coronavirus there was speculation that Chase was willing to extend your total limits with them to be roughly 40-50% of your income. Now that number may have changed and combined with tougher approvals may have you seeing lower than usual SLs til the market improves
Interesting. But I guess it makes sense

I was just a little taken aback since the lowest starting limit I've had in the last 10 years was $7500 with usaa.

Thanks for the replies though
You're welcome. I really do think you have nothing to worry about. It will probably be some time where seemingly solid credit users are given low SLs or even outright denied compared to before. The fact you were able to get a Chase approval speaks to your strong profile even in this enviroment

Give your Amazon card some time & use and maybe you'll get an auto CLI from them. There is also the option of reallocating credit lines if you need a bigger limit to make the card more usable

Oh is that something Chase is willing to do? I never run a card up past $3k or so. But I'd rather not ever feel like I'm making them out. I'd be much happier just spreading out the 24kish more evenly between the two

Re: Amazon Prime visa low starting limit

simplynoir — Mon, 13 Jul 2020 01:45:07 GMT

@drsmith wrote:
@simplynoir wrote:
@drsmith wrote:
@simplynoir wrote:
Think it's just a combination of the current economic climate and your Chase limits in relation to your income. Before the coronavirus there was speculation that Chase was willing to extend your total limits with them to be roughly 40-50% of your income. Now that number may have changed and combined with tougher approvals may have you seeing lower than usual SLs til the market improves
Interesting. But I guess it makes sense

I was just a little taken aback since the lowest starting limit I've had in the last 10 years was $7500 with usaa.

Thanks for the replies though
You're welcome. I really do think you have nothing to worry about. It will probably be some time where seemingly solid credit users are given low SLs or even outright denied compared to before. The fact you were able to get a Chase approval speaks to your strong profile even in this enviroment

Give your Amazon card some time & use and maybe you'll get an auto CLI from them. There is also the option of reallocating credit lines if you need a bigger limit to make the card more usable
Oh is that something Chase is willing to do? I never run a card up past $3k or so. But I'd rather not ever feel like I'm making them out. I'd be much happier just spreading out the 24kish more evenly between the two

Just send a secure message to Chase explaining you would like your two card limits to be split evenly. You might have to specify which card gets the leftover if you don't want each card to carry $12.3k i.e. one card $12k, other $12.6k

Edit: I can't math right now I thought your total lines were $24.6k not $23.6k lol but you get the general idea I'm sure

Re: Amazon Prime visa low starting limit

Anonymous — Mon, 13 Jul 2020 04:12:21 GMT

I also started with a low CL ($2.5K) on the Prime Visa. After about 3 months of good spend they bumped me up to $3.5k.

As mentioned above, the best way to get a large CLI increase from Chase is to app for a new card and transfer your limits. I recently got the CFU with a $12K CL and transfered $2K of it to the Prime Visa. All it took was a simple phone call and they did it instantly.