topic Re: what to do about chase low limit? in Credit Cards

what to do about chase low limit?

E150GT — Sun, 27 Jan 2013 19:20:38 GMT

my chase slate is at $500 since I got it last year. I really haven't used it much except the last couple of months. Ive only used it to pay for some drinks at some bars that wont take amex that I go to with my friends. Since its so low I have thought about asking for a cli but im not sure how much they will bump me up. I am going to wait until I pay down my last credit card with a balance that is right at 22% utilized right now. That should be in 3 months tops. I just am not sure which way to go? Should I ask for an increase in my limit or apply for the CSP and forget about the slate and cancel it? Or should I just write chase off and continue my relationship with amex and get a BCE or BCP and just use my MC or Discover as mybackup? I worry chase will give me another low limit, but it could have neen that when I applied I got a low limit because of my high util at the time of the application? That wont be the case when I make my next move. I am just not sure what it should be? By the way, the chase slate is pretty useless since it does have that low limit and has no rewards. I know its a BT card but now i have no balances to transfer so maybe I should just close it?

Re: what to do about chase low limit?

nuggets321 — Sun, 27 Jan 2013 19:23:41 GMT

I too , have the TOY limit with Chase. I anded up initiating a CLI and took a hard pull to have a measly $300 CLI (from 500-800)... they actually sent me a text mssg one day right after I bought a pair of shoes at Niketown to verify that I had made the purchase... whatever.....

Re: what to do about chase low limit?

E150GT — Sun, 27 Jan 2013 19:28:34 GMT

Thats exactly what I dont want. A stupid increase like $300. It needs to be in the $4-5k range!

Re: what to do about chase low limit?

flowfaster — Sun, 27 Jan 2013 19:43:41 GMT

I say close it and app for the freedom. There is a freedom app out that has 15 months at 0% and $100 bonus. If your going to take a hard pull it might as well be worth it. Plus you should get better terms aka higher CL this time around. Just make sure your other cards are reporting any recent CLI's.

Re: what to do about chase low limit?

Anonymous — Sun, 27 Jan 2013 19:48:03 GMT

I think the high utility at the time of applying was the biggest reason for the lower limit so if you pay your utility down to <10%, I think you have a good shot at getting the higher credit limit increase.

I applied for the Freedom after applying for the CSP because I got denied initially and after recon, and the reason was because I didn't have at least a $5000 credit limit on any of my accounts. I don't know what your total credit limit is but if it is at least $5000, you will have a better chance of obtaining the CSP. If your limits are on the lower end, you still have a good chance of getting the Freedom after you reduce your UTIL. The limit that I got on the Freedom was $1000. Not great because I have an almost 10 yr old BK on my reports. But after the BK is deleted in Aug, I plan to request a CLI if not given one automatically.

Re: what to do about chase low limit?

Anonymous — Sun, 27 Jan 2013 19:48:07 GMT

do you have anything negative on your reports? how long have you had your USAA and Discover cards?

if they're both over 6 months old and you don't have anything negative I would say you will be be a shoe in for the CSP once your utilization is below 20%

once you apply as long as you are not instant approved you can recon for a higher CL and either transfer your Slate CL over to your CSP and close it or keep it open

Re: what to do about chase low limit?

E150GT — Sun, 27 Jan 2013 19:52:18 GMT

my bad items are lates from 2007. Ive had the USAA since 2010 and my Discover since 2011. I have only a balance on the USAA which is being paid down at a good pace and of course my AMEX is reporting a balance as its my daily driver.

Re: what to do about chase low limit?

Epcot — Sun, 27 Jan 2013 23:56:22 GMT

Back in 2007 I got approved for a Slate card with a 3 digit limit. Granted, I had high util at the time, but in the past 5 years I never got an increase and didn't want to waste a HP. Late last year I apped for the Disney chase card and got a 5 digit CL. My util at the time of that app was 30%.
I say close it and then app for a card you really want once your utilization drops.

Re: what to do about chase low limit?

BearsAndTurtlesRtheBest — Sun, 27 Jan 2013 23:59:00 GMT

yes close it and apply for freedom. You do have two cards wtih high CLs and chase likes that!

Re: what to do about chase low limit?

Anonymous — Mon, 28 Jan 2013 05:30:13 GMT

I thought I read on here that it was a bad idea to close a card with the same creditor you plan to app for a new credit card with. I would wait until after Freedom or CSP approval to close the Slate.

Re: what to do about chase low limit?

Anonymous — Mon, 28 Jan 2013 05:52:51 GMT

Just went through the same thing with Chase. I applied for the Slate about about a week ago and was approved for a measley $400 CL. I was caught off gaurd with the low limit because I have a FICO score of 740, with a mortgage loan and one credit card that has a $9,500 CL. I got the card in the mail and immediately called for a CLI. My credit was pulled again and I only got a CLI to $500. The CSR admitted to me that she didn't understand why I was only being approved for such a low limit. Long story short, she asked me what my yearly income was and I told her $150K. She then asked what limit I was looking for and I told her to match my Fifth Third credit card's limit at $9,500 and she did it!

Re: what to do about chase low limit?

afbar1114 — Mon, 28 Jan 2013 05:57:45 GMT

Hang in there I started out with a $500 limit few months later I asked for a $500 cli and they gave me another $1000 to bring me to $1500. Tried for a few clis along the way and never got them. Tried for a cli about 3 weeks ago and they said no but gave me a csp and united with $5k limits visa signature

Re: what to do about chase low limit?

Anonymous — Mon, 28 Jan 2013 08:39:17 GMT

Chase is a strange bird.

Called to request my first CLI request ever on a five year account and they whined and moaned about an increase from $3k to $5k. The next day applied for CSP and they approve it. Called the magic number to confirm CL and they say my limit will be "$30k to start."

I vote you app for the Freedom or even the CSP in place of asking for a CLI. And be prepared to buy new skivvies.

Re: what to do about chase low limit?

afbar1114 — Mon, 28 Jan 2013 13:48:42 GMT

@Anonymous wrote:
Chase is a strange bird.

Called to request my first CLI request ever on a five year account and they whined and moaned about an increase from $3k to $5k. The next day applied for CSP and they approve it. Called the magic number to confirm CL and they say my limit will be "$30k to start."

I vote you app for the Freedom or even the CSP in place of asking for a CLI. And be prepared to buy new skivvies.

They are very strange about credit...they gave me $10k in new credit but no CLI....I am might to try for a CLI on my CSP in 6 months and then call back door and see if they can use same report for other cards for a CLI....

Re: what to do about chase low limit?

shakalaka — Mon, 28 Jan 2013 14:03:05 GMT

@Anonymous wrote:
Chase is a strange bird.

Called to request my first CLI request ever on a five year account and they whined and moaned about an increase from $3k to $5k. The next day applied for CSP and they approve it. Called the magic number to confirm CL and they say my limit will be "$30k to start."

I vote you app for the Freedom or even the CSP in place of asking for a CLI. And be prepared to buy new skivvies.

That is really funny. But Congrats.