cancel
Showing results for 
Search instead for 
Did you mean: 

Why such a huge difference in CL amount???

msyoung2288
Established Member

Why such a huge difference in CL amount???

I recently applied for the Delta Amex and Chase Sapphire Reserve and was approved for both (approvals were 1 week apart). My CL for the AMEX is $1000 and I was approved for $10k on the Chase card. Why such a huge difference??? I was under the impression (from reading several articles) that the Chase card was hard to get approved for.
11 REPLIES 11
SouthJamaica
Super Contributor

Re: Why such a huge difference in CL amount???


@msyoung2288 wrote:
I recently applied for the Delta Amex and Chase Sapphire Reserve and was approved for both (approvals were 1 week apart). My CL for the AMEX is $1000 and I was approved for $10k on the Chase card. Why such a huge difference??? I was under the impression (from reading several articles) that the Chase card was hard to get approved for.

The Chase card is considered a top of the line card, and the Delta Amex is considered the easiest of Amex's cards for which to qualify.

 

So it's illogical, except that (a) Delta Amex frequently has a low SL, and (b) Chase Sapphire Reserve never has a SL lower than 5k.

 

 


Total revolving limits 663000 (585000 reporting) FICO 8: EQ 716 TU 747 EX 713

Message 2 of 12
imaximous
Valued Contributor

Re: Why such a huge difference in CL amount???

I'd say you barely made the cut for both cards. The CSR may be 10x more, but it's also the lowest you can get approved for. I don't think they issue this card with less than $10k.
AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 3 of 12
msyoung2288
Established Member

Re: Why such a huge difference in CL amount???

I read it was $5k from someone else who was approved- interesting.
Message 4 of 12
msyoung2288
Established Member

Re: Why such a huge difference in CL amount???

I have 2 Capital One secured cards- these cards also account for the longest length of credit history. Would you suggest closing them now that I have the CSR and Delta Amex? I also have a Discover unsecured and a BOA secured.
Message 5 of 12
imaximous
Valued Contributor

Re: Why such a huge difference in CL amount???


@msyoung2288 wrote:
I read it was $5k from someone else who was approved- interesting.

Really? as far as I know the CSP is $5k minimum and CSR is $10k. Are you sure that person has the CSR?

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 6 of 12
imaximous
Valued Contributor

Re: Why such a huge difference in CL amount???


@msyoung2288 wrote:
I have 2 Capital One secured cards- these cards also account for the longest length of credit history. Would you suggest closing them now that I have the CSR and Delta Amex? I also have a Discover unsecured and a BOA secured.

Have you tried converting those Cap One cards to a different product? Maybe a QS or Savor? I'd try that first before closing them. Same for any other secured card you have at the moment.

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 7 of 12
MaizeandBlue
Senior Contributor

Re: Why such a huge difference in CL amount???

The Chase Sapphire Preferred is a Visa Signature card while the Chase Sapphire Reserve is branded as a Visa Infinite card.  They have different starting thresholds; the CSP is a minimum $5,000 credit limit while the CSR is a minimum $10,000 limit.  So I'd agree with the previous commenter who said if your CSR approval was for $10K then you were barely approved.





Message 8 of 12
msyoung2288
Established Member

Re: Why such a huge difference in CL amount???

So if I am successful at converting the secured cards to a different product the length of credit history stays the same? Also, should I follow any waiting period guidelines before doing this or just go for it?
Message 9 of 12
imaximous
Valued Contributor

Re: Why such a huge difference in CL amount???


@msyoung2288 wrote:
So if I am successful at converting the secured cards to a different product the length of credit history stays the same? Also, should I follow any waiting period guidelines before doing this or just go for it?

Typically, when you do a product change, your history remains. I *think* the same applies when you go from secured to unsecured, but I could be wrong. I'm not familiar with that because I've never had to do it. I have done a bunch of PCs with Cap One, though.

 

I'm not sure what you mean by the second question. What would you need to wait on? When you said they're your oldest accounts, I figured you had them a very long time? But, if you don't qualify to unsecure them, they have very low limits and you don't need them anymore, I'd just close them. The history of those accounts will remain on your reports for 10 years even after you close them, so don't worry about losing that history at all. 

AMEX | BofA | Barclays | Cap One | Chase | Citi | Discover | GS | PenFed | SYNCB (PP MC, Lowe's, Amazon, PP Credit) | US Bank
Message 10 of 12
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.