Chase CLI

[Anonymous]

Hey guys, 

So, I'm nearly finished with redoing my entire condo. At this point it's just a matter of purchasing a few more pieces from RH. The problem is that the couch would max out either my sapphire preferred or freedom unlimited. It's so ridiculously priced I don't even want to say it. After delivery charges, there's no way the transaction will get approved. So, I've been thinking about calling or messaging Chase and requesting a CLI. Has anyone had luck with this? Can you request a specific amount? Does 5/24 matter? I could just write a check, but I'd be missing out on a lot of points. Thanks!

[hawkins]

You can certainly ask but it will entail them doing a HP on you so keep that in mind. Also more importantly I think is I do not recommend putting that much on the card if it will max you say 2 cards out let alone 1. Chase has been known to get very nervous over stuff like that. Not at all worth the risk. A credit union card no problem but not with Chase or many of the other big banks. Just my 2 cents. I wish you luck either way. Enjoy the new couch.

[Ficoproblems247]

There are recent DPs that suggest Chase is applying the 5/24 rule to CLIs as well these days. As stated before, a HP would be initiated for the CLI. Running up the balance on the card is fine as long as you're mid-cycle, and do not let it report as maxed out when the statement cuts. It sounds like you were already prepared to pay cash for it worst case scenario, so just charging it and paying it off as soon as it posts should not spook anyone as far as using up your available CL goes. 

[ccquest]

How much is your regular use on either card? If this is a one time thing and you want to avoid the HP, I'd consider shifting some of the limit from one card to the other so the transaction will go through. Then after 30 days you can move them back around.

I don't really think there'd be any issue with posting a big charge on the account and paying it off quickly, usually issues come from carrying a high balance.

[AverageJoesCredit]

Chase cli = hp

Chase cli = possible 5/24 connections??

Chase= your first born👶?😁

[blindambition]

+1 @Ficoproblems247!! 

All good info. Plan on 2 HP, and be pleasantly surprised if it's just 1.

[randomguy1]

1. Have you considered applying for another Chase card? Perhaps you could get the credit limit you want and apply some towards your minimum spend requirement to offset the big purchase.

2. Have you considering moving your credit limit around from one card to another? This can be additionally done after applying for another Chase card also (#1).

3. Does the place you are purchasing from allow you to split payments between multiple cards?

4. How close are you to the credit limit if purchasing the couch? You can offset this by purchasing a gift card to cover the rest. Make sure you have enough in your spending limit after taxes and shipping costs (if applicable).

5. If it is a major retailer, look into finding coupons\promo codes. There are cheap coupons available on eBay as well. (look for reputable sellers).

[sbluejean]

Just my humble opinion, but I would absolutely not try for a CLI or put a high balance on a new card. Aside from the Hard pulls, if you are approved for and additional card, 1. you'll get punished on your score showing a new card with a high balance (if you intend to carry a balance). 2. Obviously, I don't know what your average age of accounts is or how much new credit you've obtained in the last 2 years, but you will also be diluting your Average Age of Accounts and adding to the amount of new credit, both of which (in addition to your bureau reflecting a new card with a high balance to limit ratio) will undoubtedly result in a fair-sized reduction in your score. 

Allow me to suggest an alternative I think would work out better for you. There exists a miriad of comanies on the web that offer personal loans, most of which will prequalify you without a hard pull, allowing you shop for a deal; Lending tree being one of them. And in fact, with your good credit, you could secure a loan tailored to your terms that would most likely give you a better interest rate than you would get with a credit credit card. Score-wise, a new loan may not affect your score at all, and would certainly not impact your score as a new card account would. 

Since 2009 when FICO flipped the scoring process to be weighted heaviest (55%) on how you manage your revolving credit after the Carl Sagan "Billions" of dollars of bankruptcies mostly having to do with credit card debt after the crash in 2008, credit-wise, I think the wiser approach would be to take out a personal installment loan that would minimal (if any) impact on your credit and scores as opposed to reaping the rath of the scoring Gods by adding a new card and high balances to your revolving credit. Just my humble opinion, you're mileage may vary. 

[HeavenOhio]

If @Anonymous is financially able to write a check, I'd just pay down the card balances so their limits can handle the couch. This is a situation where the OP is looking for the rewards rather than delaying payment by financing.

Chase isn't creeped out by high balances on their own cards as long as they're paid off — or at least substantially paid down — promptly. Statement balances on their own cards aren't a big concern either. After all, they do report zero whenever you pay to zero.

As mentioned, 5/24 does affect CLI requests. As far as the pull or two, that's a subjective call.