topic Re: Thanks Chase? in Credit Cards

Thanks Chase?

Anonymous — Mon, 13 Jun 2011 21:57:24 GMT

So I've had an account with chase since I was 18. I actually opened my account at and at 19 I got a Chase + 1 Card $500 CL. That card's credit limit has not risen in 2+ years. I also have a Target Red Card with a $500 CL and a Capital one with a $1750 CL. Got a pre-approval letter in the mail for the Chase Freedom card, filled it out two weeks ago and got the 7-10 day message. Got the mail today and along with it came my new Freedom card. OH WHAT FREEDOM THEY GAVE ME! $200 CL? Thanks a lot chase =/.

Re: Thanks Chase?

Datx — Mon, 13 Jun 2011 22:00:49 GMT

Ughh. I didn't know a $200 CL card existed with Chase. Are you currently a student? Maybe it had to do with annual income? I believe Chase is pretty good with CLIs, so maybe keep the card and see if you get a CLI later on.

Re: Thanks Chase?

Anonymous — Mon, 13 Jun 2011 22:06:11 GMT

Huh???? Chase 200CL????

I too thought Chase only issued much higher CL's

I'm happy for you and sad at the same time, I guess its better than nothing.

Best of Luck and Congratulations!!

Re: Thanks Chase?

tntexans72 — Mon, 13 Jun 2011 22:10:01 GMT

$200 CL for a Chase Freedom? That's news to me...didn't realize Chase is also a sub-prime lender.

Use the CC in good health...you will get your CLI.

Re: Thanks Chase?

Anonymous — Mon, 13 Jun 2011 22:12:01 GMT

Wow, a 200 limit? Amazing!

My roommate about a year ago had minimal income (like 900 a month), but Chase gave him a $5k card. He maxed that out, and they gave him /another/ $5k card maybe 6 months later. His credit WAS decent before they gave him the cards, but maxing them out and being late on a few payments royally screwed him over. Sometimes I don't understand at all what they base their credit decisions on. He briefly worked for Bank One some years ago before Chase bought them out, so he had an (ex-)employee account, maybe that helped in his case.

Re: Thanks Chase?

Awesomely — Mon, 13 Jun 2011 22:14:17 GMT

What is the APR?

Re: Thanks Chase?

Anonymous — Mon, 13 Jun 2011 22:18:47 GMT

Is this really even possible? A typo on the paperwork? I know that last question is dumb, but I'm amazed to say the least.

I did not know Chase was Sub Prime?

Re: Thanks Chase?

MS00000000 — Mon, 13 Jun 2011 22:22:24 GMT

Don't those pre-approval or invitation letters have some disclaimers on them that state the credit limit issued "may be as low as" and some amount? I don't know that I've seen any with an amount of less than $300. Might be worth taking a look at your original offer letter to see if that was stated anywhere.

Re: Thanks Chase?

KIPPIE12 — Mon, 13 Jun 2011 22:48:52 GMT

Hummmm.........I would call their Credit department and ask for reconsideration on that credit line. You already took a hard pull for that account, so what would it hurt to follow through and explain to them the hard pull versus the credit line. As the previous poster said, the credit line would grow, but that's an awfully low limit to start with. I know banks say that the credit line could be as low as xxx, but i would ask for a recon on that amount. Maybe they have outdated/incorrect income.

Congrats anyway, most people would love to have that card, but they could have at least started you out with 500$.

Good luck!

Re: Thanks Chase?

Anonymous — Mon, 13 Jun 2011 23:09:11 GMT

The APR is 23% after the 6 month 0% intro. It has cashback if that matters. I'm happy I got the card but the limit is just laughable. Makes no sense. This being my 2nd chase card and the limit is actually lower then my +1 card.

Re: Thanks Chase?

Datx — Mon, 13 Jun 2011 23:11:26 GMT

Maybe they forgot an extra zero at the end.

Re: Thanks Chase?

tntexans72 — Mon, 13 Jun 2011 23:20:49 GMT

@Anonymous wrote:
The APR is 23% after the 6 month 0% intro. It has cashback if that matters. I'm happy I got the card but the limit is just laughable. Makes no sense. This being my 2nd chase card and the limit is actually lower then my +1 card.

What's worst is....Orchard gives a higher CL ($300).

Re: Thanks Chase?

mmduluth — Tue, 14 Jun 2011 02:02:56 GMT

I'm thinking that had to be a typo on that letter or something. My first card was a Cap1 and it's starting limit was $300. I got my Chase Freedom as my second card and the starting limit was $2000 so maybe they just forgot a zero or something. At the time my income was only something like 18k a year so I would definitely call.

Re: Thanks Chase?

Anonymous — Tue, 14 Jun 2011 02:21:04 GMT

This is just a guess, but maybe since Chase will be losing money off their debit card merchant fees they think they will be able to pick up the fees by issuing more credit cards....but just a guess I have no insight

Re: Thanks Chase?

Anonymous — Wed, 22 Jun 2011 18:51:52 GMT

Update:

So I called up chase and questioned them about my CL. The first time I called the lady was very impaitent with me. She sounded like she pulled some BS out of her behind and told me that the reason my CL was so low was becuase my +1 card limit was so high already. Uh.. okay? And when is $300 a high limit? I told her thanks and hung up.

My second time calling I got this really cute sounding CSR. She said she would take care of me and what limit I was looking for. I told her around the $1000 range. She put me on hold and came back and told me nicely that she could only get an approval for a $300CLI. I accepted. Now my Chase freedom has CL of $500. I'm happy about this but not overly happy. Looking around here people say its a good card to have.

Can anyone tell me how chase is with CLI on the freedom card (since i never got on with my +1 card) and how fast this card will grow with me?

Re: Thanks Chase?

tntexans72 — Wed, 22 Jun 2011 19:46:41 GMT

@Anonymous wrote:
Update:

So I called up chase and questioned them about my CL. The first time I called the lady was very impaitent with me. She sounded like she pulled some BS out of her behind and told me that the reason my CL was so low was becuase my +1 card limit was so high already. Uh.. okay? And when is $300 a high limit? I told her thanks and hung up.

My second time calling I got this really cute sounding CSR. She said she would take care of me and what limit I was looking for. I told her around the $1000 range. She put me on hold and came back and told me nicely that she could only get an approval for a $300CLI. I accepted. Now my Chase freedom has CL of $500. I'm happy about this but not overly happy. Looking around here people say its a good card to have.

Can anyone tell me how chase is with CLI on the freedom card (since i never got on with my +1 card) and how fast this card will grow with me?

Never carry a balance with Chase, use the CC hard, PIF each month. After the 6 statement cut, call in and ask for a CLI. Warning...chase CLI is generally a "hard pull". OR...just use the card hard, PIF and wait for a auto CLI. Good luck.

Re: Thanks Chase?

Anonymous — Wed, 22 Jun 2011 23:21:15 GMT

What are your credit scores and your credit history if you don't mind saying? Not only did you get a small cli but also a fairly high interest rate. There must be something about your request that concerns them.

Re: Thanks Chase?

haulingthescoreup — Wed, 22 Jun 2011 23:31:16 GMT

@Anonymous wrote:
What are your credit scores and your credit history if you don't mind saying? Not only did you get a small cli but also a fairly high interest rate. There must be something about your request that concerns them.

+1 --and FICO scores, please, not FAKO's.

Do you allow balances to report? In other words, do you wait until your statement generates to pay your balances? With low-limit cards, that can mean high reported util (utilization; balance reported divided by credit limit), and that can really hurt scores. It looks like you're carrying balances, even though you're not. And if you do carry balances, it's even worse.

Have you had any late payments, collections, charge-offs on any account at all, especially within the last two years? (My apologies if you've posted this; I missed it, if so.)