topic Re: Better to pay down Chase card before requesting a CLI? in Credit Cards

Better to pay down Chase card before requesting a CLI?

IcyCool7227 — Wed, 03 Jul 2024 20:54:53 GMT

It is now July 3rd, a full 3 months from when I got approved for the $500 Chase Freedom Flex. I would really like to apply for a CLI and at the very least get $1k on that card. I got a balance of $494.03 though and the due date is the 22nd. All past bills with Chase had been paid with a little more than the minimum payment as I have a 15 month intro APR bonus period.

So is it better to pay down that balance before requesting a CLI? $500 is really a terrible limit lol.

Re: Better to pay down Chase card before requesting a CLI?

SouthJamaica — Wed, 03 Jul 2024 21:28:21 GMT

@IcyCool7227 wrote:
It is now July 3rd, a full 3 months from when I got approved for the $500 Chase Freedom Flex. I would really like to apply for a CLI and at the very least get $1k on that card. I got a balance of $494.03 though and the due date is the 22nd. All past bills with Chase had been paid with a little more than the minimum payment as I have a 15 month intro APR bonus period.

So is it better to pay down that balance before requesting a CLI? $500 is really a terrible limit lol.

Yes it's better pay it off first.

Re: Better to pay down Chase card before requesting a CLI?

Physh1 — Fri, 05 Jul 2024 14:45:32 GMT

With 99% utlilization & basically mininum payments being made it doesn't look good when Chase considers how well you're managing your credit. You are best paying it off if Chase considers a cli at all.

Re: Better to pay down Chase card before requesting a CLI?

ptatohed — Sat, 06 Jul 2024 09:48:01 GMT

It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

Re: Better to pay down Chase card before requesting a CLI?

SouthJamaica — Sat, 06 Jul 2024 15:28:31 GMT

@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.

Re: Better to pay down Chase card before requesting a CLI?

ptatohed — Sun, 07 Jul 2024 05:53:57 GMT

@SouthJamaica wrote:
@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.

I just don't see the infatuation everyone has around here with CLIs. I have requested one CLI in my whole life and that's because I needed it. Well, needed should be quoted, but you get my point. OP just got the card three months ago. Yes, I can see how $500 is disappointing but I personally wouldn't ask for a CLI so quickly. Show Chase you are using the card responsibly and ask after some time has passed. There is a reason why OP got a starting CLI of $500. Not sure what you mean by screw up one's credit.

Re: Better to pay down Chase card before requesting a CLI?

SouthJamaica — Mon, 08 Jul 2024 04:12:39 GMT

@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.
I just don't see the infatuation everyone has around here with CLIs. I have requested one CLI in my whole life and that's because I needed it. Well, needed should be quoted, but you get my point. OP just got the card three months ago. Yes, I can see how $500 is disappointing but I personally wouldn't ask for a CLI so quickly. Show Chase you are using the card responsibly and ask after some time has passed. There is a reason why OP got a starting CLI of $500. Not sure what you mean by screw up one's credit.

I didn't say anything about a CLI. I just said I disagree with your advice to 'enjoy' his maxed out balance. He should pay it off. What I mean by screwing up one's credit is losing a lot of points for no reason, which is what he is doing right now.

Re: Better to pay down Chase card before requesting a CLI?

ptatohed — Mon, 08 Jul 2024 04:27:50 GMT

@SouthJamaica wrote:
@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.
I just don't see the infatuation everyone has around here with CLIs. I have requested one CLI in my whole life and that's because I needed it. Well, needed should be quoted, but you get my point. OP just got the card three months ago. Yes, I can see how $500 is disappointing but I personally wouldn't ask for a CLI so quickly. Show Chase you are using the card responsibly and ask after some time has passed. There is a reason why OP got a starting CLI of $500. Not sure what you mean by screw up one's credit.
I didn't say anything about a CLI. I just said I disagree with your advice to 'enjoy' his maxed out balance. He should pay it off. What I mean by screwing up one's credit is losing a lot of points for no reason, which is what he is doing right now.

Well, I don't enjoy 0% intro APRs as, no matter what, I pay in full monthly but since OP brought up the intro rate APR, I can only assume that was part of the reason for getting the card. So, yeah, enjoy your intro bonus(es), wether they be extra points, extra cash, or low APR. But that wasn't my main point, my point was not to ask for a CLI so quickly. That was the OP's question..... He has a $494 balance (at I assume 0%) but he wants to ask for a CLI 3 months into card ownership. The question was should he pay off the $494 before doing so. If he's going to ask for a CLI, then, yes, I guess it's best to pay it off first. But my advice is not to ask for a CLI so quickly so, therefore, might as well keep the $494 balance at 0% for a while longer. Or, pay it off, I don't care! Just wait on the CLI.

Re: Better to pay down Chase card before requesting a CLI?

JoeRockhead — Mon, 08 Jul 2024 12:20:01 GMT

Having a maxed out card, regardless of length of a 0% term is not a good look to show Chase (or any of your other lenders), nor is it good at all for your scores. The best way to increase your chances of a CLI (auto or otherwise) with Chase in a short period of time would be to put healthy spend on the card, then PIF, rinse and repeat.

They can be generous, and also in a short period of time (4 months is best I can recall seeing). At three months, on a maxed out card with a $500 limit, I just don't see good odds there.

Re: Better to pay down Chase card before requesting a CLI?

SouthJamaica — Mon, 08 Jul 2024 12:27:23 GMT

@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.
I just don't see the infatuation everyone has around here with CLIs. I have requested one CLI in my whole life and that's because I needed it. Well, needed should be quoted, but you get my point. OP just got the card three months ago. Yes, I can see how $500 is disappointing but I personally wouldn't ask for a CLI so quickly. Show Chase you are using the card responsibly and ask after some time has passed. There is a reason why OP got a starting CLI of $500. Not sure what you mean by screw up one's credit.
I didn't say anything about a CLI. I just said I disagree with your advice to 'enjoy' his maxed out balance. He should pay it off. What I mean by screwing up one's credit is losing a lot of points for no reason, which is what he is doing right now.

Well, I don't enjoy 0% intro APRs as, no matter what, I pay in full monthly but since OP brought up the intro rate APR, I can only assume that was part of the reason for getting the card. So, yeah, enjoy your intro bonus(es), wether they be extra points, extra cash, or low APR. But that wasn't my main point, my point was not to ask for a CLI so quickly. That was the OP's question..... He has a $494 balance (at I assume 0%) but he wants to ask for a CLI 3 months into card ownership. The question was should he pay off the $494 before doing so. If he's going to ask for a CLI, then, yes, I guess it's best to pay it off first. But my advice is not to ask for a CLI so quickly so, therefore, might as well keep the $494 balance at 0% for a while longer. Or, pay it off, I don't care! Just wait on the CLI.

There you go again. Repeating the same thing you said before. I don't agree that OP "might as well keep the $494 balance at 0%". It should be paid off immediately.

Re: Better to pay down Chase card before requesting a CLI?

ptatohed — Mon, 08 Jul 2024 20:51:32 GMT

@SouthJamaica wrote:
@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
@SouthJamaica wrote:
@ptatohed wrote:
It's only been three months. Enjoy your intro APR (assuming 0%?), for a bit longer, making all necessary min payments on time, up to the duration of the intro period, but sooner if you must, then request a CLI. GL.

I strenuously disagree with the above advice. There's nothing to "enjoy" about having a maxed out $500 card. The fact that it's interest free is meaningless in the greater scheme of things. To screw up one's credit for a maximum of $2 a month is a bad deal.
I just don't see the infatuation everyone has around here with CLIs. I have requested one CLI in my whole life and that's because I needed it. Well, needed should be quoted, but you get my point. OP just got the card three months ago. Yes, I can see how $500 is disappointing but I personally wouldn't ask for a CLI so quickly. Show Chase you are using the card responsibly and ask after some time has passed. There is a reason why OP got a starting CLI of $500. Not sure what you mean by screw up one's credit.
I didn't say anything about a CLI. I just said I disagree with your advice to 'enjoy' his maxed out balance. He should pay it off. What I mean by screwing up one's credit is losing a lot of points for no reason, which is what he is doing right now.

Well, I don't enjoy 0% intro APRs as, no matter what, I pay in full monthly but since OP brought up the intro rate APR, I can only assume that was part of the reason for getting the card. So, yeah, enjoy your intro bonus(es), wether they be extra points, extra cash, or low APR. But that wasn't my main point, my point was not to ask for a CLI so quickly. That was the OP's question..... He has a $494 balance (at I assume 0%) but he wants to ask for a CLI 3 months into card ownership. The question was should he pay off the $494 before doing so. If he's going to ask for a CLI, then, yes, I guess it's best to pay it off first. But my advice is not to ask for a CLI so quickly so, therefore, might as well keep the $494 balance at 0% for a while longer. Or, pay it off, I don't care! Just wait on the CLI.
There you go again. Repeating the same thing you said before. I don't agree that OP "might as well keep the $494 balance at 0%". It should be paid off immediately.

I would but some people get introductory 0% promo cards to make a purchase today, pay no interest, and have small payments, they don't get 0% cards to pay in full. OP should be free to do as they choose.

Re: Better to pay down Chase card before requesting a CLI?

IcyCool7227 — Wed, 31 Jul 2024 09:23:11 GMT

I know this thread was posted awhile ago but not sure when to do the Chase CLI. Opened this Freedom Flex account with a $500 SL of only $500 on April 3rd this year. Which will be a full 4 months in a few days. I just paid it down to all but $149. Scores currently are at 734 - Equifax Fico 8, 717 for Exp, & 697 Credit karma TransUnion. The scores went down recently because of a huge purchase but I recently paid well over $1k the other day on 3 cards.

should I wait for my scores to bounce back? The capital one and Amazon statements should be cutting in a few days. After it cuts do the CRs automatically update or does it take a while?

Also does it help if you charge a large purchase or sets of purchases to then immediately pay it down quite a bit before the statement cuts in order to avoid huge score drops?

is it better to request this CLI via the phone automated system or online or best results?

Re: Better to pay down Chase card before requesting a CLI?

JoeRockhead — Wed, 31 Jul 2024 12:07:15 GMT

The thing with SPs is that they're not generally as accurate, or up to date as a HP. A SP can actually be older data, so don't rely on recent changes to things like your usage and score to reflect immediately on a SP. To be safe you may want to wait another month.

Using one of my Chase accounts as an example. My Ink Unlimited started with a limit of $8k... I put aprox. 50% to 80% spend on it every month and PIF when the statement cut (only because it doesn't report to my personal credit, if it did I would pay it before the statement end date). They rewarded me for my spend and payment habits with auto CLIs every 4 months like clockwork. It started at $8k and 13 months later it was at $37k... YEMV but as I posted up thread, forget the 0% apr. Put decent spend on it, PIF. You don't need to let any balance post (which will prevent score hits), they can see your spend.

The advantage to asking via phone call vs online would be if they give you a denial, or low amount, you could ask for a recon right then.

Re: Better to pay down Chase card before requesting a CLI?

SouthJamaica — Thu, 01 Aug 2024 17:38:40 GMT

@IcyCool7227 wrote:
I know this thread was posted awhile ago but not sure when to do the Chase CLI. Opened this Freedom Flex account with a $500 SL of only $500 on April 3rd this year. Which will be a full 4 months in a few days. I just paid it down to all but $149. Scores currently are at 734 - Equifax Fico 8, 717 for Exp, & 697 Credit karma TransUnion. The scores went down recently because of a huge purchase but I recently paid well over $1k the other day on 3 cards.

should I wait for my scores to bounce back?

Yes

The capital one and Amazon statements should be cutting in a few days. After it cuts do the CRs automatically update or does it take a while?

No. It doesn't update automatically.

Also does it help if you charge a large purchase or sets of purchases to then immediately pay it down quite a bit before the statement cuts in order to avoid huge score drops?

Yes.

is it better to request this CLI via the phone automated system or online or best results?

Online

Re: Better to pay down Chase card before requesting a CLI?

IcyCool7227 — Wed, 07 Aug 2024 07:46:36 GMT

Ok so I had to call in to try and increase the limit and was denied by the front line rep. I will be getting a physical copy of the letter but the digital copy appeared in my Chase account the next day. Reasons for the denial:

We based our decision on the following reason(s)
• Credit usage is high
• Number of recently opened accounts on credit report
• History of low payments relative to balances
• Limited credit account experience

Guess I should wait a few more months before trying again. I paid over $1k of my balances across 3 cards several days ago so Chase probably doesn't have the most current scenario as yesterday I called recon and talked to the analyst. He asked me a whole bunch of questions about my employment, income and housing status as well as my payments. Put me on hold and the denial stood citing the main reasons as high balances and number of recently opened accounts (most recent account before Chase FF last April was Mercury in November last year with 3 other accounts opened that same year). Overall right now I am at a 21.24% total credit utilization ratio with 1 card being over 38% and one almost 49%.