In general, using a HP for a CLI just seems like a risk not worth taking. Unless you're all set with the mortgage, loans, and cards you want, you probably want to save those for new accounts. If you are all set, though, then maybe the HP isn't worth as much to you.
Thankfully my two Chase cards both came with very high SL's, so I don't think I'll be pursuing CLIs on those anyway. I'll be working on my Amex and Citi cards which have lower limits now, but more likely SP CLI options.
@Anonymous wrote:Wow, applying for a new card with an HP and moving balances around makes so much more sense than CLI request with an HP and maybe getting a denial.
Ideas like this are why I love MFF here.
This has to be sarcasm.....lol...
@pipeguy wrote:
@Journeygod wrote:
@Anonymous wrote:
I've read on the forum that Chase is horrible when it comes to cli's. I've read that auto cli's are virtually none existent. Is it worth the hp? I've got 10 now so I'd hate to waste one and only get a minuscule increase or worse, be denied. Thoughts?Short answer: No
Long answer: Hell no
Chase sucks, period. The only cards worth applying for are their co-branded cards.
Rule of thumb: NEVER apply for a CLI with a hardpull. If it ain't soft, I don't want it.
Save hardpulls for new apps. They're too valuable.
With all due respect I disagree with this highlighted statement for two reasons, #1 hard pulls are no big deal, they last 1 year as far as scoring and once you get over 5 or 6 there is no additional score penalty which is minor anyway. #2: if I can get a $5k to $10k+ CLI and have to "suffer" a hard pull, thats well worth it IMO.
I recently added $15k to my two BoA cards (HP), as far as Chase, my Freedom Unlimited went from $2k to $10k with a HP last year. I have a lot of HP's on all three CRA's (20+ on each) and it doesn't stop me from getting new cards (example last month joined NFCU with a GoRewards Visa $23,500 SL) or credit limit increases.
As far as the question the OP asked I have a Freedom Unlimited which started out as a basic Freedom and I used a HP to go from $2k to $10k as I stated above, that said it's a higher APR card that I use very little because I have other cards that offer better rewards and lower APR's even those I usually PIF and always PIF with the Freedom Unlimited card. I'd suggest if you are going to use a HP on Chase you app for the AARP card - cash sign up spend-bonus, better rewards and changes are a decent SL.
With all due respect, I pulled an additional $60,000 in credit last year, all on soft pulls of pre-existing cards.
Hardpulls sit on your report for 2 years and with increases you never know what they're going to give you. Why waste a hardpull on that?
Save hardpulls for new cards. Statistically SL's are larger than CLI anyway.
