Chase Freedom Approval but low CL

[gettingthere2013]

I just got approved for the Chase Freedom over the weekend with a $500 CL.  I was told the reason for the low limit was based on my highest card (Cap1) having a $500 limit.  The Cap1 card had actually been raised to $1000 and I also got a Barclays card the same day with a $1300 CL. 

My question is should I recon the Freedom CL when the Barclay starts to report?

[09Lexie]

Congrats on your approval. Too late to tell you that waiting for your cr to update would have been a better idea. If you recon, it will most likely result in a HP. YMMV

[gettingthere2013]

Thank you...I never thought about another hard pull. The reason I didn't wait is that I just assumed I would get a better starting limit than what they gave me. My Cap1 increase and my Barclay card approval both came after the Chase approval.

[Jasir]

I am going to pass along the advice that was given to me: just sit on your CL for maybe 6 months to a year before you request a CLI. It will save you a hard pull and the added history among all your new cards will strengthen your chances of a heftier increase. I was also approved for a Chase card (Slate) this weekend with a $500 CL and am just glad to have a budding relationship with them, one I plan to nurture to massive benefits for myself!

[gettingthere2013]

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@Jasir wrote:

I am going to pass along the advice that was given to me: just sit on your CL for maybe 6 months to a year before you request a CLI. It will save you a hard pull and the added history among all your new cards will strengthen your chances of a heftier increase. I was also approved for a Chase card (Slate) this weekend with a $500 CL and am just glad to have a budding relationship with them, one I plan to nurture to massive benefits for myself!

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Thanks for the reply, I think that is what I will end up doing.  I saw the cards that you were approved for and declined for, what kind of baddies do you have reporting currently?

[Jasir]

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@gettingthere2013 wrote:

I saw the cards that you were approved for and declined for, what kind of baddies do you have reporting currently?

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On all 3 bureaus I had about 15 defaulted school loans (but now paid) at the time of app. Many of those have since fallen off, leaving just 9 to fall off next month. Also on all 3 I have 1 charge off (Fingerhut, $210) (est. delete 3/2014); 1 collection (the Fingerhut charge off; delete 1/2014) and 1 defaulted private school loan ($1640, paid, delete 9/2013). Then, on TU only, I also have a public record judgment from my landlord around $1200 (delete 6/2014) and at the time of app a $60 book club collection paid (and now deleted).

[gettingthere2013]

Oh ok, I have one CO that I'm working to pay off here pretty quick.  The reason I asked is because I saw that you applied for CITI also.

[Jasir]

I applied on the slim chance I would get in before I realized Fingerhut is backed by Citi (but the Fingerhut isn't mine in the first place). But my credit was shot to heck for a few years following some hardship and I started cleaning in 2012 around this time. I do think Citi wants a near pristine report (no collections, but maybe a late is ok?). I'm gonna pass on Citi completely, though. I only want 5 credit cards and the 1 charge at Walmart, so Citi no longer fits in.

[Anonymous]

Congrats on the Chase approval!! I have 2 chase cards and I have to say that they are my slowest growing cards by far. I was originally approved for my Chase Freedom card last year and after 4 months of using and pif each month, I got an auto cli from 500.00 to 1000.00. So use it and pay it well and they may bump it up themselves in a few short months!

[Smug]

I also just go one hope it shows this week 10K.