topic Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or... in Credit Cards

So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 10:15:53 GMT

Hello again!

Long story short, I am a new Chase Freedom CC holder (just got approved yesterday!!!) and was thinking what else I could do to help boost my chances in obtaining a CSP by next year (February 2015). I read time and time again that I need an exisiting CL of 5k in order to even qualify for the CSP so I am planning on slowly obtaining a 5k limit on one of my existing cards this year.

Someone on this forum told me that in six months time, call Chase and ask for an increase in my Chase Freedom CL from 3k to 5k. I plan on doing this but in the meantime, I was thinking should I or should I not give PayPal a call and request to have my credit limit increased on my Mastercard from 1k to 5k? Yay or nay? Too ambitious? If 5k was too much I was thinking 4k... I opened the card around 3/2013 so it is almost a year old. No late payments and utilization is never more than 10%.

Also, does anyone know is PayPal will end up doing a hard pull or soft pull if I went ahead with the request?

Thanks again!

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

titanofold — Tue, 14 Jan 2014 11:16:52 GMT

It might be a HP, but since you'll be a year out for the CSP I wouldn't worry about it.

The worst that will happen with a CLI request that large is they'll counter with a lower amount.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

coldnmn — Tue, 14 Jan 2014 11:24:09 GMT

GECRB cards are normally a SP. YMMV

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 12:42:43 GMT

So yay or nay? Should I do it?

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

CreditUnionFan — Tue, 14 Jan 2014 12:59:36 GMT

@Anonymous wrote:
Hello again!

Long story short, I am a new Chase Freedom CC holder (just got approved yesterday!!!) and was thinking what else I could do to help boost my chances in obtaining a CSP by next year (February 2015). I read time and time again that I need an exisiting CL of 5k in order to even qualify for the CSP so I am planning on slowly obtaining a 5k limit on one of my existing cards this year.

Someone on this forum told me that in six months time, call Chase and ask for an increase in my Chase Freedom CL from 3k to 5k. I plan on doing this but in the meantime, I was thinking should I or should I not give PayPal a call and request to have my credit limit increased on my Mastercard from 1k to 5k? Yay or nay? Too ambitious? If 5k was too much I was thinking 4k... I opened the card around 3/2013 so it is almost a year old. No late payments and utilization is never more than 10%.

Also, does anyone know is PayPal will end up doing a hard pull or soft pull if I went ahead with the request?

Thanks again!

Chase usually runs a HP for any credit nquiry. Unless you need the credit line on Chase immediately, I'd hold off, use others, and save that Chase HP for when you're ready to apply for the CSP.

My reasoning is that the GECRB-issued cards are SPs at this point. Definitely call the backdoor number in the forum here to reach a Credit Analyst (Underwriter) for the Paypal card. Going from 1k to 5k is totally doable. (I went from $500 to $10,000 in a single call)

The other option with Chase might be to call the backdoor for Chase and see if you can get that CL reconsidered. May or may not be another HP since they just HP'd you.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 13:35:47 GMT

Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

Second question, I know GECRB pulls most likely from TU but I am new to this so let's say that they did in fact pull TU, will that inquiry show in my Equifax or Experian CRs?

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

titanofold — Tue, 14 Jan 2014 14:16:20 GMT

@Anonymous wrote:
Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

Second question, I know GECRB pulls most likely from TU but I am new to this so let's say that they did in fact pull TU, will that inquiry show in my Equifax or Experian CRs?

Inquiries only show up on the report that was pulled.

The denial could be because of your income or because of your payments. We could sit here guessing, or we could just wait for the letter.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

takeshi74 — Tue, 14 Jan 2014 14:31:41 GMT

@Anonymous wrote:
Okay, so I called the backdoor number (1 (877) 379-8173) and they asked how much I would like and I said 5k. The rep put me on hold and came back with a denial. Should I call back with the same number requesting a lower CLI? He said I would be getting a letter as to why I was denied. I'm assuming it's my income... thoughts?

Determine your course of action based on the reason stated in the denial. It does no good to ask again if the reason for denial is still germane.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 14:32:21 GMT

Ugh, okay... so everyone is going to think I've gone a bit mad but I decided to call again and they denied me to raise my CL to 2k! Weird. Never missed a payment... maybe my income. I'll update when I get the letter in the mail. I was riding high on my Chase approval yesterday.

The lady on the phone said I should be getting a letter in the mail and I asked if this was the same letter that was being sent to me from the rep I spoke with earlier and she said this would be the second letter which prompted me to ask if they pulled my CR twice... she said that it was only once. I of course won't know until I can view my CR but can anybody confirm this?

Trust me, lesson learned.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 18:19:47 GMT

@Anonymous wrote:
Ugh, okay... so everyone is going to think I've gone a bit mad but I decided to call again and they denied me to raise my CL to 2k! Weird. Never missed a payment... maybe my income. I'll update when I get the letter in the mail. I was riding high on my Chase approval yesterday.

The lady on the phone said I should be getting a letter in the mail and I asked if this was the same letter that was being sent to me from the rep I spoke with earlier and she said this would be the second letter which prompted me to ask if they pulled my CR twice... she said that it was only once. I of course won't know until I can view my CR but can anybody confirm this?

Trust me, lesson learned.

Nobody can confirm that since it depends on what the person you spoke to actually did, not what reps usually do. You'll have to look at your CR.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Networth — Tue, 14 Jan 2014 18:21:08 GMT

Wanted to chime in. The 5k rule to get a CSP is not entirely true. When I originally got mine I was ignorant about credit cards and my highest limit was only 4k because I never really cared about new cards/limits/etc. Yet Chase still immediately approved me for a CSP and Freedom with 10k limits each. So you don't have to have 5k limit on another card.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Tue, 14 Jan 2014 18:23:53 GMT

@Networth wrote:
Wanted to chime in. The 5k rule to get a CSP is not entirely true. When I originally got mine I was ignorant about credit cards and my highest limit was only 4k because I never really cared about new cards/limits/etc. Yet Chase still immediately approved me for a CSP and Freedom with 10k limits each. So you don't have to have 5k limit on another card.

Has anyone (besides the OP) actually said that you need an existing $5k CL to qualify for a CSP? I think OP might just be misinterpreting that the minimum CL on a Visa Sig is $5k.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Networth — Tue, 14 Jan 2014 18:28:17 GMT

It has been mentioned many times. Some people think you need an existing 5k limit to be approved for the CSP. The Visa Sig comes into play in the fact that the CSP must have at minimum a 5k limit becuase there is no non-Signature CSP.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Kenny — Tue, 14 Jan 2014 18:31:47 GMT

I don't know why someone didn't say to the OP that a CLI with Chase is usually a bad idea. Especially if it's a recently opened account. Why would Chase change their mind on the amount they originally issued? Did something change overnight? Any new income that wasn't mentioned? I just feel bad for the OP for the possible wasted HP.

Oh well, hope this is truly lesson learned. The best advice for credit is.. wait and only app for what you truly want as getting things you don't want will only make you want what you wanted before more. (I didn't learn this the hard way per se, however it took me a while to realize this and to some extent I don't fully realize it, yet. If that makes any sense...)

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

FinStar — Wed, 15 Jan 2014 04:01:08 GMT

@KennyS2006 wrote:
I don't know why someone didn't say to the OP that a CLI with Chase is usually a bad idea. Especially if it's a recently opened account. Why would Chase change their mind on the amount they originally issued? Did something change overnight? Any new income that wasn't mentioned? I just feel bad for the OP for the possible wasted HP.

Oh well, hope this is truly lesson learned. The best advice for credit is.. wait and only app for what you truly want as getting things you don't want will only make you want what you wanted before more. (I didn't learn this the hard way per se, however it took me a while to realize this and to some extent I don't fully realize it, yet. If that makes any sense...)

Ummm, I don't think the OP asked for the Freedom CLI. The OP clearly referenced the GECRB Credit Solutions # and the fact that he couldn't get even $2K CLI (PayPal is currently $1K). His newly approved Freedom is $3K.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

FinStar — Wed, 15 Jan 2014 04:04:19 GMT

@Anonymous wrote:
Ugh, okay... so everyone is going to think I've gone a bit mad but I decided to call again and they denied me to raise my CL to 2k! Weird. Never missed a payment... maybe my income. I'll update when I get the letter in the mail. I was riding high on my Chase approval yesterday.

The lady on the phone said I should be getting a letter in the mail and I asked if this was the same letter that was being sent to me from the rep I spoke with earlier and she said this would be the second letter which prompted me to ask if they pulled my CR twice... she said that it was only once. I of course won't know until I can view my CR but can anybody confirm this?

Trust me, lesson learned.

Ok, so you went a bit mad, lesson learned. Just for clarification, your denials came from requesting a CLIs for your PayPal only, not your newly approved Freedom correct?

From what others have already mentioned, just sit tight and wait to see what reasons the letter cites for not getting the CLI from GE.

Re: So I got the Chase Freedom... next move: request CLI for GE PayPal Extras MC? Or...

Anonymous — Wed, 15 Jan 2014 09:18:26 GMT

Yes, I DID NOT ask for an CLI for my Chase Freedom, that would be insane. My CLI enquiry was for the PayPal MC only.