@Anonymous wrote:
Hello, everyone,
Currently, all of my credit cards are more than 10,000 credit limit, except for my chase freedom unlimited. It is the first credit card I have ever had with a limit of 1,500, never changed after 3 years. I have tried make small purchases and pay in full for several months and make huge purchases and pay in full for several months, but no credit limit increase at all whatever.
1. Is it because I got this card during my school years, so the credit limit will stay this forever?
Unless you opened this specifically as a student card (which I don't think has a Freedom Unlimited version), I don't think this would matter.
2. The lady told me I can convert to freedom flex, but does that will help on possible future credit limit increase?
No, UW and CLI policies for the two cards should be the same.
3. The lady told me it will be a hard inquiry for credit limit increase request, so I will never request it. This is my oldest card so I will not close it. What can I do to have higher credit limit on this card, hard inquiry is not an option for me.
There are only two ways to get a customer-initiated CLI from Chase: ask for a CLI, which is an HP like they told you, or open a new Chase card and reallocate some its limit, which is also an HP and a new account, but can get you a SUB. If you don't want HPs (presumably b/c you're planning to app aggressively over the next two years or have a mortgage app coming up), the only real thing to do is use the card the way you normally would and see whether they feel like giving you an auto-CLI. Some members have said that Chase responds well to high spend relative to CL, so if that's something you could do organically with this card, you could try that.
4. My early cards like discover, american express, synchrony, all have much higher credit limit now, and I started them all with very low limit, but why not chase? Is this only me or everyone? Please share if you have low limit chase card earlier.
Different issuers have different policies and UW criteria for CLI, so what some issuers do doesn't imply anything about what others will or should. With Amex and Synch, it's generally relatively easy to get large increases from SL from them if you have a good profile. Discover is kind of random but grows well for some people. For Chase, the impression I get is that they start you out with what they're comfortable giving you, rather than leaving a lot of room for CLI if the customer wants to request them, and will only grow down the road as they get more comfortable. But also ppl request CLI from them way less since it's HP, so there might just be less data. My own Chase card that started from a low limit I think had an SL of like 1 or 1.5k and grew to 5k over about 5 years of being my only active card (most of my spend went to debit at that time). I think I had one HP CLI, the rest of it was auto-increases. It went into the sock drawer shortly after hitting 5k and hasn't gotten an increase since.
No negatives on my credit report.
Thank you, everyone.
@Anonymous wrote:
Very detailed, very great.
I personally made a hard limit for myself that no more than 3 hard inquiries on each credit bureau report, that is why I do not want hard inquiry. My other hard limit is no more than 2 new cards per year, not I am trying to apply aggressively in the next two years, I will never apply aggressively.
Thank you very much. @Slabenstein
That makes sense. It can be good to set limits for yourself in the credit world, since it's kind of a tug-of-war between our self-interest and our lenders'.
Whats so wrong with a hp? Its scorable 1 year, gone after 2 and actually could net a gain. There are worse things in this world than a hp but i guess we all have different views on credit
@Anonymous wrote:
Very detailed, very great.
I personally made a hard limit for myself that no more than 3 hard inquiries on each credit bureau report, that is why I do not want hard inquiry. My other hard limit is no more than 2 new cards per year, not I am trying to apply aggressively in the next two years, I will never apply aggressively.
Thank you very much. @Slabenstein
Those are really good limits to impose upon yourself!
Though very hard to obey especially if you're constantly in this boards!
I too try to set those limits to myself though half the time I fail! 😔
But best of luck to you nonetheless! 😄
