Chase denied both my credit limit requests...what should I do?

[Anonymous]

Hello, I need some advice:

I have a Chase Rewards and Chase Slate for about 10 years. My Rewards has a 9k limit and my Slate has a 5k limit, both increased about 1 yr/5 mons. ago. I've never had a late payment and always paid on time.

My credit score is around 750+.

Just this morning, I called the CSR (800-955-9900)  and request my Rewards to be raised to 18k and my Slate to be 10k. CSR told me it is pending and I would receive a letter 7-10 days.

I can't wait that long so I called the backdoor number (888-245-0625). The credit analyst comes back 5 minutes later and told me they see no reason to give me a limit increase on both my cards because my utilization hasn't been HIGH enough for them to give me more spending limit.

Granted, for the time AFTER my last increase, I havent utilized more than 50% on each card because I thought that would be bad in terms of hurting your credit score or even decreasing your credit limit.

He told me once he sees 6-12 months of high utilization, they will "consider" it.

That basically means I probably waisted 2 HPs on my credit report only to get denied?

Also, should I just accept it or can anyone give me advice on what I should do?

Thanks guys

[bada_bing]

It's too late to go back now, but the best strategy for Chase is to app for a new

card and then move balances around. Chase is rather tight with CLI on existing

accounts, but generous to new card apps for people with existing positive accounts

and very accomodative with moving limits around. 

[B335is]

I would call back.  I've only requested one CLI with Chase and they were more receptive when I mentioned I would be putting some major purchases on that particular card.

[itguy_65]

Maybe they think you are just trying to increase limits for the heck of it.  Usually when there is a reason, such as planning on making a large purchase, or planning on transferring a large balance, they are much more receptive.

[Anonymous]

I have received 3 or 4 credit limit increases from chase just for using 40-50% of my limit for a month or two without calling and requesting.  Stop worrying so much about "gardening" and use your cards the way they are meant to be used and you'll be surprised what companies off.

[Anonymous]

That is a good suggestion.

I always thought that as long as you keep your debt/credit ratio low, pay it on time, no late payments, they are more highly likely to give you a credit increase.

But I guess I was wrong when the analyst said he had no reason to increase my limit because I haven't been spending a lot on my card.

Is there a difference between utilizing a large percentage of your credit and paying it off each month VS utilizing the same but paying partial per month?

What's the pros and cons of each side in terms of increasing your chance of a credit limit increase?

Thanks

[NRB525]

Well, if you can charge $8k on a $9k card, and PIF every month, I'm sure a bank would look favorably on giving a CLI. Or even $4k a month on a $5k Slate. If you did that on a Slate, however, not a good route for all that spend.

If you run up $8k on a $9k card, and pay $200 per month, however, they tend to look less favorably on building their risk portfolio. They may call you to see if you can show more payment activity, and the APR will probably make you sad.

Can you clarify what your "Chase Rewards" card offers in terms of general rewards? No need to discuss the Slate, I know there are none whatsoever.

The reason for the clarification, if your scores are quite good, you have a good history, and there's a type of volume spend you are planning, it's probably time to look around at what other cards may be available, which might start you off at a much higher limit.

Speaking of which, what other cards do you already have, and their limits?

[Anonymous]

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@Anonymous wrote:

That is a good suggestion.

I always thought that as long as you keep your debt/credit ratio low, pay it on time, no late payments, they are more highly likely to give you a credit increase.

But I guess I was wrong when the analyst said he had no reason to increase my limit because I haven't been spending a lot on my card.

Is there a difference between utilizing a large percentage of your credit and paying it off each month VS utilizing the same but paying partial per month?

What's the pros and cons of each side in terms of increasing your chance of a credit limit increase?

Thanks

---

Honestly I'm not too sure there is a big difference.  Like I said before, they want you to use their product.  In their eyes you don't use even close to your current limit so there is no reason for them to give you more. 

[Anonymous]

@NRB525:

It makes sense what you say.

My Rewards says every dollar spent earns me 1 point. I also have a Capital One Platinum with 6k limit.

I've had these 3 cards for about 10 years, no late payments, good history.

I've always been insecure about opening up new accounts. I've constantly received offers, but throw it away because I feel like opening a new account will take a hit on my credit score. And I also feel having 2 many cards can potentially damage your score.

That's why I only stuck with the 3 that I've had for a long time.

@Jwolfer:

That makes sense also.

Honestly, the reason why I wanted a limit increase because it will look better for my debt/credit ratio

Sometimes I spent a lot (obviously not close to the 50%, but still a lot) and I feel it's less risky for a credit analyst to see your history if your debt/credit is lower.

FYI I'm not sure how to quote posts

[Anonymous]

Be VERY careful. They are trying to get you into debt so you have to pay interest. That's why they want your utilization way "higher". Because they know a few people will pay it off before the statements cut but MOST people let it post then have to pay intrest. 

Do not get caught up in there game and lose by there rules. Escalate your concerns to there Executive Office and simply explain "I have been a super loyal customer for over 10 years and I would like a credit limit increase based on the last hard pull the CSR did on the phone and nothing less than this is acceptable". Chase has a pretty good Executive Office I had to call them for my girlfriend. I got her a reduction in intrest and a SUBSTANTIAL CLI with a soft pull and also got them to REVERSE a hard pull A CSR did. Good luck and NEVER EVER pay intrest or go into debt.