topic Re: Chase Freedom CLI Question in Credit Cards

Chase Freedom CLI Question

jropeter — Tue, 17 Dec 2013 22:51:39 GMT

Hey guys,

So recently (about a week ago), I was approved for a Chase Freedom with a $3,000 CL. Yesterday, I received an offer in the mail from Chase for a Chase Slate Card....I am wondering...since I REALLY want to have a card with a $5,000 CL, should I call chase to request a CLI to $5,000 on my Freedom card I was approved for, or apply for the Chase Slate, and transfer my credit limit I am approved for on the Slate to the Freedom card? Any suggestions or thoughts are appreciated!!

-Jordon

Re: Chase Freedom CLI Question

yudeology101 — Tue, 17 Dec 2013 22:58:40 GMT

If you get approved for Slate, you can request Chae to move the limit to Freedom to make it $5k. Otherwise, requesting a CLI directly for Freedom will end up in a HP.

Re: Chase Freedom CLI Question

Anonymous — Wed, 18 Dec 2013 03:35:30 GMT

@yudeology101 wrote:
If you get approved for Slate, you can request Chae to move the limit to Freedom to make it $5k. Otherwise, requesting a CLI directly for Freedom will end up in a HP.

Right, but the Slate approval would also be a HP. Plus, I wouldn't read much into the offer, it was probably generated before your Freedom approval, so you might not get it, or get a small CL (or you might get a big one, we don't know!). If a $5K limit is the goal, I would wait a few months and apply for a CLI. But if a HP even for a decline is OK, I guess go for the Slate and see what you get.

Re: Chase Freedom CLI Question

FinStar — Wed, 18 Dec 2013 05:09:12 GMT

@Anonymous wrote:
@yudeology101 wrote:
If you get approved for Slate, you can request Chae to move the limit to Freedom to make it $5k. Otherwise, requesting a CLI directly for Freedom will end up in a HP.
Right, but the Slate approval would also be a HP. Plus, I wouldn't read much into the offer, it was probably generated before your Freedom approval, so you might not get it, or get a small CL (or you might get a big one, we don't know!). If a $5K limit is the goal, I would wait a few months and apply for a CLI. But if a HP even for a decline is OK, I guess go for the Slate and see what you get.

Re: Chase Freedom CLI Question

madmann26 — Wed, 18 Dec 2013 12:49:18 GMT

Chase is weird,

I've seen people get denied for the Freedom increase but get approved for the Slate.

Talk about mass confusion.

Re: Chase Freedom CLI Question

Kenny — Wed, 18 Dec 2013 16:03:06 GMT

@madmann26 wrote:
Chase is weird,

I've seen people get denied for the Freedom increase but get approved for the Slate.

Talk about mass confusion.

Exactly!! That's why I always recommend just going for a new TL if your main goal with Chase is increasing CL... very easy to transfer it over and they have no qualms about denying a CLI request.

Re: Chase Freedom CLI Question

sosabe77 — Wed, 18 Dec 2013 16:11:46 GMT

@madmann26 wrote:
Chase is weird,

I've seen people get denied for the Freedom increase but get approved for the Slate.

Talk about mass confusion.

I was in this same boat. I got denied on a Freedom CLI but they approved me for the Slate the same week. I just combined CLs then closed the Slate.

I've been told that approval standards are pretty lenient on the Slate since it is seen as primarily a balance transfer card and Chase loves it when you bring your balances over to them obviously.

Re: Chase Freedom CLI Question

Anonymous — Wed, 18 Dec 2013 18:18:01 GMT

About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!

Re: Chase Freedom CLI Question

Kenny — Fri, 20 Dec 2013 17:07:26 GMT

@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!

It's just Chase being stupid, IMO.

Re: Chase Freedom CLI Question

FinStar — Fri, 20 Dec 2013 17:09:44 GMT

@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!

This is just Chase's underwriting. It's all based on risk algortithms.

Re: Chase Freedom CLI Question

lg8302ch — Fri, 20 Dec 2013 17:20:49 GMT

@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.

Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.

Re: Chase Freedom CLI Question

FinStar — Fri, 20 Dec 2013 17:29:46 GMT

@lg8302ch wrote:
@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.
Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.

They may seem weird to the outside observer and perhaps the logic doesn't seem to jive but that's how they are designed. Plus, we don't know the entire background on the OPs profile to determine why a $500 was approved on the Freedom to begin with. With obvious profile improvement and other factors, then this would point to the OP qualifying for the CSP this time around.

Re: Chase Freedom CLI Question

Anonymous — Fri, 20 Dec 2013 17:50:40 GMT

To add a little background...

I have about 6 months of credit history. My scores are in the low 700's. No lates, etc. I've had the Freedom for about 4 months, so I do wonder if they have a minimum amount of time that they would like me to have the card before asking for a CLI. However, when I was talking to the credit analyst, she did not warn me of anything of the sort. Also, I did have to go through recon to get the Freedom initially. I've banked with Chase for about 2 years, so I think that may have helped me get my foot in the door.

Re: Chase Freedom CLI Question

Gunnar419 — Fri, 20 Dec 2013 18:47:00 GMT

@lg8302ch wrote:
@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.
Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.

I agree. Chase is infamous for refusing to give CLIs on existing accounts then turning around and giving the same person a fat CL on a NEW account.

I'd love to understand the algorithm behind that. Granted that Chase is entitled to its standards, whatever they may be, but that defies logic.

Re: Chase Freedom CLI Question

FinStar — Fri, 20 Dec 2013 19:45:40 GMT

@Gunnar419 wrote:
@lg8302ch wrote:
@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.
Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.
I agree. Chase is infamous for refusing to give CLIs on existing accounts then turning around and giving the same person a fat CL on a NEW account.

I'd love to understand the algorithm behind that. Granted that Chase is entitled to its standards, whatever they may be, but that defies logic.

This is not accurate. There are individuals who have been able to get CLIs on existing Chase CCs without any issues - some pretty decent. I've never had any issues requesting one or getting auto-CLIs which include receiving a couple e-mail CLI offers - which have resulted in a decent CLI range. It's a YEMV situation.

Re: Chase Freedom CLI Question

Anonymous — Fri, 20 Dec 2013 19:41:55 GMT

Not long ago i have done the same thing. They gave me a freedom card so i no longer really had a use for the Slate card so i sent them a private message to close the slate account and transfer my credit line to my freedom. They did that no questions asked. Then i followed up with a email to have them remove that account from my credit reports being i didnt really use that account. No questiong asked they said they would remove the account from all three credit reports.

Good luck in your decision hope that helps out in case you was affraid of your aaoa getting messed up over another new account.

Re: Chase Freedom CLI Question

Gunnar419 — Fri, 20 Dec 2013 21:55:54 GMT

@FinStar wrote:
@Gunnar419 wrote:
@lg8302ch wrote:
@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.
Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.
I agree. Chase is infamous for refusing to give CLIs on existing accounts then turning around and giving the same person a fat CL on a NEW account.

I'd love to understand the algorithm behind that. Granted that Chase is entitled to its standards, whatever they may be, but that defies logic.

This is not accurate. There are individuals who have been able to get CLIs on existing Chase CCs without any issues - some pretty decent. I've never had any issues requesting one or getting auto-CLIs which include receiving a couple e-mail CLI offers - which have resulted in a decent CLI range. It's a YEMV situation.

Didn't mean to imply that it happens to every customer, just that it's something Chase does a lot and is known for doing.

Re: Chase Freedom CLI Question

Anonymous — Sat, 21 Dec 2013 01:22:49 GMT

So if you app and get approved for a slate, then transfer the CL over from the slate, then close the slate, wont your AAoA take a hit?

Re: Chase Freedom CLI Question

FinStar — Sat, 21 Dec 2013 06:36:07 GMT

@Anonymous wrote:
So if you app and get approved for a slate, then transfer the CL over from the slate, then close the slate, wont your AAoA take a hit?

I guess the AAoA hit would manifest itself on adding the new tradeline. However, for folks with thicker files it probably won't impact as much.

Re: Chase Freedom CLI Question

FinStar — Sat, 21 Dec 2013 06:37:04 GMT

@Gunnar419 wrote:
@FinStar wrote:
@Gunnar419 wrote:
@lg8302ch wrote:
@FinStar wrote:
@Anonymous wrote:
About 2 weeks ago I asked for a CLI on my $500 Freedom and was denied. Then last week I applied for the Sapphire Preferred because my fiance and I will be traveling outside the US and wanted a travel rewards card with no foreign transaction fees. Approved instantly for $5,000. I just don't understand why I would be denied the CLI and then approved for the CSP, but I'm not complaining on the approval end of things!
This is just Chase's underwriting. It's all based on risk algortithms.
Chase risk algorithms are sooo weird. What difference should it make between a new account with 5K or an existing account with CLI to 5K? Risk level should be even lower on an existing account that has a good payment history...... but I guess my mind is not thinking financially enough.... just my logic.
I agree. Chase is infamous for refusing to give CLIs on existing accounts then turning around and giving the same person a fat CL on a NEW account.

I'd love to understand the algorithm behind that. Granted that Chase is entitled to its standards, whatever they may be, but that defies logic.

This is not accurate. There are individuals who have been able to get CLIs on existing Chase CCs without any issues - some pretty decent. I've never had any issues requesting one or getting auto-CLIs which include receiving a couple e-mail CLI offers - which have resulted in a decent CLI range. It's a YEMV situation.
Didn't mean to imply that it happens to every customer, just that it's something Chase does a lot and is known for doing.

Gotcha... I agree with you on that