Unfortunately no, saying you have a large purchase coming up won't make a difference. Banks now a days just go by what the computer decides. Occasionally an UW can override a decision, but I don't think the large purchase thing would persuade them.
And no, the 5/24 rule doesn't apply to CLI. Only new accounts.
@Anonymous wrote:
@Anonymous wrote:Credit card issuers are required to evaluate credit request on the basis of "ability to repay." So unless or until your income increases its doubtful that Chase would increase your current limit. They wouldn't increase your limit solely because you plan to use it for a large purchase.
How do they evaluate ability to repay? My income is only going to get a modest increase, nothing huge, but enough for me to spend more on the card. My credit history should show that I can repay the card easily, util is always under 30%, under 10% more often than not. Never missed a payment, and all my other cards have decently higher limits than my CFU. My DTI is good as well. I don't see a reason why they would deny me besides the actual activity on the card itself, which is sadly only about $100 this year so far. The low limit really pushes me away from wanting to use the card.
I know currently they wouldn't approve me for a CLI normally, thats why I was hoping a large purchase might change that. I've heard of others doing similar for other cards/lines.
Chase does notice if you put their cards through heavy use and PIF (or at least PIF over 2 or 3 months.) On a $500 limit card it's difficult to say though without knowing your stats on why they gave you that limit to begin with. I've gotten 3 automatic CLI's from Chase over time and it's always been when I was spending heavily on that specific card. One other thing to do is update your new earnings with Chase. Even if it's modest, it could be enough to put you over an internal threshold that may be holding you back.
The only way you're really going to know is by putting more spend through your CFU and seeing what happens if you want it SP, otherwise I'd ramp up the spend for a few months and take the HP after that.
As far as Discover, they're the same way... They'll reward you for heavy spend sometimes automatically. Otherwise, they're CLI's are generally SP, but without showing use, they'll likely come back with "Insufficient use of existing credit line." (I've seen it many times!), but also remember to update your income here as well.
