Congratulations on DW CLI!
That is not an error nor a fast CLI. This I have read a couple of months back that this is how Chase does it. For instant approval, if it is $5k or higher, the system will just say $5k most likely for security issues. When you do the card in the mail, that is when you will know your true CL.
@Curious_George2 wrote:
@ZackAttack wrote:That is not an error nor a fast CLI. This I have read a couple of months back that this is how Chase does it. For instant approval, if it is $5k or higher, the system will just say $5k most likely for security issues. When you do the card in the mail, that is when you will know your true CL.
Interesting. I had no idea. Thanks!
Not challenging you, just curious: What security issues does this address? Do you mean they are worried about someone using a stolen identity to app for the card and then use it like crazy right away on Amazon, so they impose a $5k limit until the physical card is received and confirmed by the bona fide cardholder?
Fraud. You have the ability to spend, but the full amount won't be available until you activate. Synchrony does this as well.
@Curious_George2 wrote:
@ZackAttack wrote:That is not an error nor a fast CLI. This I have read a couple of months back that this is how Chase does it. For instant approval, if it is $5k or higher, the system will just say $5k most likely for security issues. When you do the card in the mail, that is when you will know your true CL.
Interesting. I had no idea. Thanks!
Not challenging you, just curious: What security issues does this address? Do you mean they are worried about someone using a stolen identity to app for the card and then use it like crazy right away on Amazon, so they impose a $5k limit until the physical card is received and confirmed by the bona fide cardholder?
identity theft is the biggest.
someone could of misplaced digits when applying if they don't catch right away so it doesn't ruin people's hope of a cl. Also do keep in mind that it is a Chase card so Chase can choose their way of doing stuff.
@Curious_George2 wrote:Just had a strange thing happen with a new card. DW apped for Chase Amazon Prime online a week or so back. Her scores are around 800 and she has two other Chase cards with CLs around $3k. She got instant approval for a $5k SL and the lowest published APR. Hooray!
When the physical card arrived in the mail, the docs that accompanied it revealed that the CL is now over $8,000. She got a 60% CLI in less than a week, without using the card and without asking! I didn't know that was possible and I'm trying to understand how and why it happened.
Potentially relevant facts: She spends north of $5k per year on Amazon. Could that have triggered some kind of CL review after the instant approval? The income she reported on the app was our combined income, so maybe there's an extra level of review for certain income levels? She recently got a CLI on her highest limit card, and I'm not sure how visible those before-and-after numbers were to Chase at app time. Does Chase try to put this card's SL at 40-50% of the cardholder's highest CL?
Has anyone else experienced this? Any theories on what happened? It's great and I'm not complaining at all. Just surprised and curious (see screen name).
Nice! Congratulations!
