topic Re: This is why I don’t understand Chase... in Credit Cards

This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 15:28:16 GMT

I asked the forum a question a while back as to how to get a limit increase on a Chase FU card I have had since 2010-2011 (started as a regular freedom). I was told to spend more, use more etc. I then was told to apply for a new card which I don't want to do. I literally don't need any new accounts as I would like to thin out the cards I already have. I understand and appreciate the advice. What I don't understand is why I get offers for other cards daily with higher starting limits (a couple have 28k approval) and lower interest. Why not just increase my current limit/decrease interest with what I have? Is it a bucketing thing? My score was lower at the time I initially got my card. Is it because the offers have an annual fee or that they are trying to encourage travel cards? It's just strange to me. I was thinking of calling at some point to see what my options are. They must have the info needed already to justify a new limit. I'm truly trying to understand. These are my current - already approved offers:

Re: This is why I don’t understand Chase...

blindambition — Thu, 13 Aug 2020 15:40:10 GMT

Chase is a strange lender sometimes. They rarely lower APR, and it's usually offered, not by request.

You can ask for CLI, but it's an HP. If your 5/24, expect a CLI denial. Recent posts highlight this new criteria.

Re: This is why I don’t understand Chase...

M_Smart007 — Thu, 13 Aug 2020 15:43:26 GMT

I would just apply for a new green star card and move the credit limits where they need to be.

But that's JMHO.

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 15:48:29 GMT

Yeah @M_Smart007 you are likely right. I'm just not interested in those particular ones. It seems the only option though. I may do it later in the year or early next year once things begin to settle down in the credit world. I think I am capped on this card in some internal way. In other words I'm trying to understand something that isn't for me to understand😂 I don't know why I ask, lol!

Re: This is why I don’t understand Chase...

Harvey26 — Thu, 13 Aug 2020 16:01:39 GMT

Either way if you request a cli or apply for a new account you will get the double pull on your credit report. In my opinion I would just request a cli no reason to open a new account if you dont have too. Unless one of those card SUB is appealing. Which you could do and then transfer the credit over to your old card once you meet the SUB and then close the new card. If the SUB is appealing enough to app for a new account.

Re: This is why I don’t understand Chase...

K-in-Boston — Thu, 13 Aug 2020 16:09:02 GMT

@Harvey26 wrote:
Either way if you request a cli or apply for a new account you will get the double pull on your credit report. In my opinion I would just request a cli no reason to open a new account if you dont have too. Unless one of those card SUB is appealing. Which you could do and then transfer the credit over to your old card once you meet the SUB and then close the new card. If the SUB is appealing enough to app for a new account.

I've never received a double pull for a CLI request, only for a few new accounts.

OP, what kind of spend are you putting through the card and what kind of limit are you looking for? Chase doesn't bucket their cards, but IME CLIs generally top out at a doubling of the line. So if you're looking for $30k or so on your Freedom Unlimited you may need to request CLIs several times to get it there, or just open a new account and reallocate as you see fit.

Re: This is why I don’t understand Chase...

M_Smart007 — Thu, 13 Aug 2020 16:09:04 GMT

@Tonya-E wrote:
Yeah @M_Smart007 you are likely right. I'm just not interested in those particular ones. It seems the only option though. I may do it later in the year or early next year once things begin to settle down in the credit world. I think I am capped on this card in some internal way. In other words I'm trying to understand something that isn't for me to understand😂 I don't know why I ask, lol!

Some things in the credit world are impossible to figure out.

I was fortunate to get a $9K CLI with chase last year, before they clamped down.

Then I was also able to get a Black Star Marriott approval. while way LOL/24.

It is frustrating when you can't get a card to grow, especially with use.

I know I have closed a couple for that very reason. IE: Walmart MC. (also I was not using it)

Also closed a Home Depot card, for the same reason.

I have a few cards with higher limits that won't grow, because too many new accts./Inqs.,

and honestly, I am not even utilizing 5% of the limits on them now.

Re: This is why I don’t understand Chase...

M_Smart007 — Thu, 13 Aug 2020 16:14:57 GMT

@K-in-Boston wrote:
I've never received a double pull for a CLI request, only for a few new accounts.

They hit me with a double pull for a CLI

Pretty much expected it. at least I got $9K out of them.

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Amazon-9000-00-CLI/m-p/5738392#M624911

Then The *Black Star*

https://ficoforums.myfico.com/t5/Credit-Card-Approvals/Chase-Marriott-Approval-LOL-24/m-p/5811610#M638611

Re: This is why I don’t understand Chase...

AverageJoesCredit — Thu, 13 Aug 2020 16:19:24 GMT

Simplest solution when you dont want a new card but want an increase is just apply for an increase. Chase will be hp but they usually give what they feel is sufficient for your usage/ profile. Little usage should give you an idea that asking for one probably not a good idea.

Re: This is why I don’t understand Chase...

M_Smart007 — Thu, 13 Aug 2020 16:34:49 GMT

@AverageJoesCredit wrote:
Simplest solution when you dont want a new card but want an increase is just apply for an increase. Chase will be hp but they usually give what they feel is sufficient for your usage/ profile. Little usage should give you an idea that asking for one probably not a good idea.

Hey Average Joe, let me know when you apply for that Chase CLI?, I will be waiting in the Approvals thread

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 16:52:20 GMT

@M_Smart007 Exactly. It is what it is. I have Lowe's and the Amex ED on the chopping block. I may even chop the Citi DC, but not sure as Citi has always been good to me. They just recently gave me a CLI on my Thank You Preferred for 4 k.

@AverageJoesCredit I definitely use Chase regularly every month. I just don't think I use it to the capacity they want to see. Who knows. I think I use maybe 10-15% of the limit. Taking the HP for the CLI will be the better option than adding an account.

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 16:53:11 GMT

@K-in-Boston I would like them to double the limit. That would be fine for me as I would be transferring the spend for any card I closed. I don't mind having a lower available credit.

Re: This is why I don’t understand Chase...

K-in-Boston — Thu, 13 Aug 2020 17:06:50 GMT

@Tonya-E wrote:
@K-in-Boston I would like them to double the limit. That would be fine for me as I would be transferring the spend for any card I closed. I don't mind having a lower available credit.

As long as the card is seeing any kind of regular spend, with your scores I don't see an obstacle then as long as you haven't opened a ton of accounts. In my experience they never asked for an amount, but had a doubling from $9700 to $19,400 and from $14,000 to $28,000 on the ones that were granted. I had some previous declines for CLIs on my Freedom card, but did have very high utilization at the time (yet strangely approved for a $12k CSP minutes after being denied for a CLI on my then 10 year-old Freedom 😂).

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 17:30:29 GMT

See that is the part I don't get @K-in-Boston! They will approve you for a new card but decline a CLI on an established one😂 I find that strange. But credit is strange in general😁

It seems like the HP CLI is the way to go. I would just rather wait a bit before I make any moves. Right now every little thing seems to spook lenders. It seems that way anyway.

I have wondered if I were to close the Amex ED and Citi DC, if a portion of those limits can be transferred to my BCP & TYP. Maybe I can condense before closing. I know there are restrictions sometimes so not even sure it's possible. I'm beginning to be a little apprehensive of having multiple cards with 1 lender (even though 2 is not many).

Re: This is why I don’t understand Chase...

K-in-Boston — Thu, 13 Aug 2020 17:36:24 GMT

For those with strong credit profiles, there's really not much to be concerned with.

You can reallocate Amex credit lines right from your account up to once every 31 days, or you can combine at closing (you may need to leave a small portion behind, typically $500 or $1000 on non-AF cards).

For Citi, combinations can happen but they are not very common. Often requires a hard pull to grant you a "credit line increase" on the card you keep.

Other than Synchrony and Comenity where people end up with many cards with combined limits disproportionate to their income, having too many cards with one lender isn't really an issue.

Re: This is why I don’t understand Chase...

Girlzilla88 — Thu, 13 Aug 2020 17:37:15 GMT

@Tonya-E For Chase Use a LOT of the Card, make large payments throughout the month, Report very little or 0 for the Payment Due Date and then Add a few bucks by Statement if you can between 1-7.9%. It has granted me a large AUTO love from Chase so I know that is what they like to see from me personally (and this happened within a few months of having my card) Never had to get a second card because I am comfortable with that limit while I work on my other cards to let my average age Grow a good chunk

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 17:49:05 GMT

Got it! Thanks @K-in-Boston

@Girlzilla88 This was the advice I received when I posted before. I am currently trying this method until I try for the HP CLI. I figured it couldn't hurt.

Re: This is why I don’t understand Chase...

Aim_High — Thu, 13 Aug 2020 18:26:56 GMT

@Tonya-E , some have had that success with Chase by heavy utilization. Maybe I never utilized heavily enough but CLIs with them were usually effective only when I wanted to transfer a balance. I used to get very frustrated with Chase when I authorized a hard pull and got nothing. Grrrrrr .....

Instead, I've built up heavy Chase lines with additional cards. Yes, as you've noted, they seem to LOVE to approve you for a new card! Lol ... so why not go with that? Either way, it's a hard pull. They seem much more generous with limits on new accounts versus a CLI on an older one. They often will offer a generous SUB to sweeten the deal. Then a year or two or three down the road, they will make it easy for you to combine limits between cards. Overall, with Chase, it seems the easiest way to get a CLI. Either way, good luck!

Re: This is why I don’t understand Chase...

Girlzilla88 — Thu, 13 Aug 2020 18:27:27 GMT

@Tonya-E Yes they LOVE use, and LOTS of it, as well as large Payments I literally maxed out my 3600 or 3800 when I first got it and was making 600, 700, 900 payments throughout the month and a few months later BOOM almost double CLI Auto love XD

Re: This is why I don’t understand Chase...

Tonya-E — Thu, 13 Aug 2020 19:02:49 GMT

@Aim_High The new account would be easiest. However, I'm not a fan of the new cards being offered to me right now. I don't want the annual fees (all of them have one). They also seem more like travel cards which are of no use to me at the current moment. The biggest factor is not adding something else to put into rotation for use. When I get to the point that I have to remind myself to use the card, I don't want it anymore. That's why Lowe's is getting closed as we speak. It's my only Sync card, the discount is 5% (hubby's military discount is 10%) and I have to remind myself to use it. I thought I had stumbled onto possibly having a 15% discount when I got it - no go The only exceptions I make are with Target and Walmart MC for the intermittent usage. I use them heavily at Christmas buying for nieces/nephews and such. I'm just no good at managing a lot of cards.