topic Re: Why can't I get increased credit limit with Chase? in Rebuilding Your Credit

Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 20:48:13 GMT

Hi everyone! I'm a bit perplexed here. My credit reports from all three bureaus fall between 716-725. I discovered this in September of this year when I decided to start being more aware of my credit.

My initial reaction to this was complete surprise. I went through bankruptcy in 2006, I have an unpaid collection I've been carrying since 2007, and a public record (small claims court judgement) from 2009. How the heck is my credit in the 700s at all? It's hard to believe.

Furthermore, in September, armed with this new knowledge that my credit score is much higher than I expected, I called and applied for a credit increase on my Chase card that has a limit of $1,700. I was rejected... **bleep**?!?!?

If my credit score is truly in the 700s, why was I rejected for a limit increase? I've paid my bills ontime for years. Now I'm left truly wondering if my reports are accurately depicting my real credit score. I'd love to apply (and receive) a card that would provide me the ability to earn miles, points, cash back, etc. but now I'm worried about pinging my credit and getting rejected.

Any help/insight is much appreciated.

Thanks!

Re: Why can't I get increased credit limit with Chase?

percy81 — Thu, 13 Dec 2012 21:55:15 GMT

First, chase is very conservative with cl increases. Did they offer to pull your report? Or was it just a flat out NO!? Basically, they don't care whether you have a perfect 850...they are HP happy

I have chase and I HAVE NEVER BEEN LATE and I use the card very well with not too shabby fico scores and I called for an increase and got the "We will need further information which will result in a HP, do you wish to continue?" I hang up

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 22:00:13 GMT

Thanks for the response, Lisa. Maybe I'll wait for awhile and try applying for another card.

Cheers!

Re: Why can't I get increased credit limit with Chase?

percy81 — Thu, 13 Dec 2012 22:03:02 GMT

Youre welcome, if you're planning on getting a new card Discover More gives u increases every 3 months ymmv. Thata not including customer initiated increases. Good luck!

Re: Why can't I get increased credit limit with Chase?

Jutz — Thu, 13 Dec 2012 22:12:04 GMT

Also posted this in Understanding My FICO Score, but I'm interested in knowing what your Utilization is, both overall and on that Chase card.

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 22:30:58 GMT

Hi Jutz,

Thanks for chiming in. To be honest, I don't track my utilization rate much at all. I got into the habit a long time ago of purchasing nearly everything on my debit card. Most of the time I have to make a concious effort to use my credit cards.

In total, I have three cards:

Chase w/ limit of $1,250

Capial One w/ limit of $1,200

CB/ANNTAYLOR w/ $1,300 (don't ask... I signed up for this YEARS ago when I bought something for my gf, it was well before the BK and I haven't had the card in possession for as long as I can remember. I'm not sure if I should close it or not so I just leave it).

So, my total available limit is $3,750

I pay my balance in full every single month on both of my active cards (the Chase and CapOne) and I've attached my balance history as shown by CK. As you can see, my utilization rate is generally pretty low (under 10%). I had a spike there this past August, but I stay away from doing that anymore.

Re: Why can't I get increased credit limit with Chase?

jandj80 — Thu, 13 Dec 2012 22:39:06 GMT

Have you pulled your FICOs or are you going by some other scoring method? There are a lot of non FICO scores that are wrong. I was rejected for a CL increase and the letter stated my scores were in the 660's. I still don't know what scores those were, but they were not accurate. I WISH I had 660's.

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 22:44:49 GMT

Yep, they are FICO scores. See below:

Re: Why can't I get increased credit limit with Chase?

Jutz — Thu, 13 Dec 2012 22:59:43 GMT

Jeez. I guess maybe it's just the BK then? You look like a good candidate to me! Maybe look for some friendlier cards or companies.

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 23:05:59 GMT

Thanks Jutz,

I may apply for the Citi Forward card. I'm not sure yet.

I do still have that one collection for $1,945. It has gone past the statute of limitations (or whatever the term is for them no longer being able to collect on it), but won't drop off for another year and 9 months. They actually sent me an offer to pay for delete for $1,000 on it, but I haven't done it. I'm not sure how much it would boost my credit to get rid of that.

Re: Why can't I get increased credit limit with Chase?

Jutz — Thu, 13 Dec 2012 23:34:33 GMT

I mean, your scores are already high, but I suppose it would be risky to a bank to see an outstanding debt of that amount. I'm sure it would help your score, though I don't know how much, since once you're over 700 you don't tend to make big moves.

Re: Why can't I get increased credit limit with Chase?

jandj80 — Thu, 13 Dec 2012 23:44:14 GMT

I would take that PFD! It might not make a huge increase, but that open collections looks ugly to creditors. They figure that could just as easily be them.

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 23:53:19 GMT

I was thinking about sending them a counter for $500. I wouldn't mind just paying it, but it's not a valid collection.

Years ago, I rented a place in Sacramento and signed a 6-month lease as I ONLY moved to Sacramento to get back to California. I had taken a 6-month contract position and my goal was to seek employment in San Francisco during that period and be gone after the 6-months.

When I left (as planned) they claimed I had signed a 12-month lease and I was breaking it (total BS) so they came after me trying to collecting money I didn't really owe. I obviously never paid it...

I've disputed it on my credit, but it won't come off and each time I do, I get a hand written note from the collection agency with a not so nice tone. This last one was the pay for delete they offered.

Re: Why can't I get increased credit limit with Chase?

Jutz — Thu, 13 Dec 2012 23:54:52 GMT

I assume the answer is obvious, but do you still have a copy of the lease?

Re: Why can't I get increased credit limit with Chase?

Anonymous — Thu, 13 Dec 2012 23:56:58 GMT

You're correct: no, I don't :-(

Re: Why can't I get increased credit limit with Chase?

jandj80 — Fri, 14 Dec 2012 01:38:53 GMT

I would write to the creditor and ask them to send you a copy of the lease that they "claim" you signed for 12 months. They should have the same obligation to prove it to you as you do to them. If they cannot prove you owe it, then why should you have to pay it. I would say something to the effect of "I would like to settle this debt, but the collection agency has been unable to confirm in writing that the debt is owed by me. Please send me a copy of my signed lease agreement with your agency, and I will remit payment once this documentation is recieved. I am forwarding a copy of this request to the collection agency, as well as the three major credit bureaus. I will wait the 30 days allowed by law for you to provide this information. If I do not recieve this verification from your agency, I will consider this debt invalid, and no payment will be made. Thank you for your time in honoring my request."

Re: Why can't I get increased credit limit with Chase?

Anonymous — Fri, 14 Dec 2012 01:41:28 GMT

Thanks, Jandj80... I was thinking about doing something like this but I wasn't sure how to approach it. From what I understood, since the collection is past the statute of limitations and now passed to a credit agency, they are under no obligation to validate it. I have no tried validating it with the collection agency, however.