I've had my Sapphire Reserve for over 3 years with my original $10k limit. I charge, on average, around 35-40k every month and pay in full, but I have to do some major acrobatics when I need to make large purchases and my limit is only 10k. Have never had a late payment. Have also had an Ink Business Plus for 5 years with a $2k limit which I use regularly and always pay on time. Am also an AU on a United card with 5k limit that I use heavily (10k/month) and pay in full as well. My only other card is a Cap One with a $2500 limit and always pay in full. My Experian score is 720 but my TU and and EQ scores are 680 and 667. My only ding is an AMEX charge off with original delinqunecy date of Nov 2012. Supposedly this should have fallen off last month and sure enough it does not show on my Experian report. I've tried applying for a CFU and got denied. I called and asked for a limit increase on my Sapphire card and got denied. I have both personal and business checking accounts with Chase. I keep thinking....wouldn't Chase see my spend activity and flawless payment history and say , "hey, maybe this customer should have a limit increase? " I obviously dont know what their thought process is, but I'm not seeing any love from Chase. Does anyone have any advice as to how to approach them?
It’s the AMEX charge off. It keeps reporting every month as a delinquent account.
So -- since it's updating monthly it's an unpaid charge-off....? That's probably a big part of why Chase won't grant a CLI at this time. The way they see it - if you haven't paid your outstanding debt in all of these years, you're high risk, so why would they grant additional credit? When they send you the CLI denial letters there should be reasons for the denial noted. Is something like 'previous derogatory account' one of the reasons?
If the Amex account was due to fall of your reports last month - contact TU & EQ and ask them for an Early Exclusion. TU will delete 6 months before the scheduled drop date and EQ one month before -- tho the account should've fallen off by now if the Date of First Delinquency (DOFD) was 11/2012- TU/EQ may have a slightly different DOFD (they shouldn't, but it happens). Once it's off your reports, wait about a month and try for a CLI again.
I would say just pay the charge off so it stops updating but since it's falling off soon, that's up to you. Either way, request a CLI again after it's either been paid or falls off report.
Here's an update: I applied for the Chase Business Unlimited card yesterday and got denied. Called recon line and went through some questioning. Explained the reason for AMEX delinquency and that I've had excellent payment history last 6 years. Rep came back and approved the card! My first yes from Chase in 4years and coudn't be happier. There is definitely hope out there for all those that have been carefully rebuilding their credit, just takes much patience and persistence. Thanks to all for your replies, this forum is amazing.