A question about Chase and Citi HP requests

[Remedios]

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@simplynoir wrote:

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@Remedios wrote:

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@simplynoir wrote:

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@imaximous wrote:

One thing I'll add about Citi is that when the SP language comes up for you (mine have appeared in as little as 2 weeks from approval), you need to know if you're ready for a HP CLI. If you don't follow up with a HP request right away, you may have to wait another 6 months to try again. You're only eligible for one CLI about 6 months apart whether SP or HP. 

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Yeah, I wish I knew this back in October. I waffled at the time taking a HP and a few days later I tried but no dice

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☹

That's very mean.

Also, it's something I dont understand...if your customer is willing to take a HP and have them scrutinized all over, why not allow it? I can see limiting intervals between requests, but I dont understand not allowing requests 

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Best guess is Citi's infamous IT department set it up to where if the customer doesn't request it at the same time/day as the SP it resets the clock and the wait begins. Reps have no say on whether you qualify or not it's all computers

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Maybe I should call and offer to pay for HP myself? 😐🙄🤔

[simplynoir]

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@Remedios wrote:

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@simplynoir wrote:

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@Remedios wrote:

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@simplynoir wrote:

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@imaximous wrote:

One thing I'll add about Citi is that when the SP language comes up for you (mine have appeared in as little as 2 weeks from approval), you need to know if you're ready for a HP CLI. If you don't follow up with a HP request right away, you may have to wait another 6 months to try again. You're only eligible for one CLI about 6 months apart whether SP or HP. 

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Yeah, I wish I knew this back in October. I waffled at the time taking a HP and a few days later I tried but no dice

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☹

That's very mean.

Also, it's something I dont understand...if your customer is willing to take a HP and have them scrutinized all over, why not allow it? I can see limiting intervals between requests, but I dont understand not allowing requests 

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Best guess is Citi's infamous IT department set it up to where if the customer doesn't request it at the same time/day as the SP it resets the clock and the wait begins. Reps have no say on whether you qualify or not it's all computers

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Maybe I should call and offer to pay for HP myself? 😐🙄🤔

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You'll probably get a rep who thinks you tipped them if you do that 🙃

[imaximous]

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@Remedios wrote:

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@imaximous wrote:

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@Remedios wrote:

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@imaximous wrote:

One thing I'll add about Citi is that when the SP language comes up for you (mine have appeared in as little as 2 weeks from approval), you need to know if you're ready for a HP CLI. If you don't follow up with a HP request right away, you may have to wait another 6 months to try again. You're only eligible for one CLI about 6 months apart whether SP or HP. 

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You understand that because of your "two weeks" I'm going to start looking daily 😂

On a serious note, thank you!

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Would it help if I said that I noticed around 2 weeks later but the SP language could've been there much sooner? 🤣

You're welcome? 😁

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We cannot be friends for the next 3 minutes 😂

Btw, I checked. HP 😐

We'll see what happens in an hour 

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Just because I value friendships, can we pretend I made a mistake and I really meant to say two months? Or years if you'd like 😅

[Remedios]

Let's pretend you said three weeks but I never even read it 🤭

[imaximous]

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@Remedios wrote:
Let's pretend you said three weeks but I never even read it 🤭

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Deal.

I wasn't even here today 🤐

[ntenseone]

What is the "SP language" a person needs to be keeping an eye out for?

[Remedios]

This is HP language, it tells you your CR will be pulled 

SP language states that copy of your CR will not be obtained, and is based on soft pull 

[simplynoir]

This is the SP language you should be looking for

[Citylights18]

One aspect that I believe at least chase looks at is DTI. Once you start loading up on their credit lines they start taking away pre-approved mortgage offers.

The main reason to seek CLI increases is to drive down utilization numbers. 8.9% is the gold utilization level that amounts on a 50k CLI that amounts $4450 reporting to the bureaus at any one time. $4450 is a small cap for most of us because that could be a vacation in of itself. If you go the route of AMEX and its NPLS cards which do not report the monthly spend that might be able to help you keep the numbers low as applying for a CLI. 

Think about it this way. If you could only get a $5k limit on at CSP but you'll be putting $1500 on there a month that is 30% utilization. Even if that is paid in full with Chase its not just your current month but your previous month before your balance is paid so its $1500 x 2 = 3k which gives you only 2,000 for an emergency.

The second reason is if the CLI will help you with Balance Transfers if your in the position which you carry a lot of debt. Once your BT cards exceed your CC debt there isn't a great value in going for the CLI. 

My main point here is I wouldn't feel compelled to seek a CLI just to seek a CLI and end up with a HP unless there was a real reason for it. For me I had to scalp CLIs when I could with a 100k CC balance. I couldn't even stack all my debt onto a 73k limit BT card. So I had to take BT promotions from other issuers to reduce the balance on my BT card in order to be able to fit more money onto it. I got discover to help me there and now I'm trying to grow its limit with the luv button.

With Chase I have 38k line which is more than enough to handle my PIF so I'm just letting it be because they give you auto luv. They are definitely an issuer which you'll do better with on the SL if you have a high income. CSRs usually cap out at 35k for most people and I've hardly ever seen a Freedom above 20k. They are designed for people with 100k+ income that spend to give you adequate limit for cash flow.

I walked into a 7-11 and a guy was built like a truck and 25 years old used his CSR to pay for a pack of gum. First its the wrong card for that store because it is x1 but secondly its like what is he doing with a CSR to begin with? I sware a lot of people get top tier cards just because they think it makes them a winner. Why buy a 20,000 dollar vehicle when you can get into a 50,000 one? That is the logic instead of looking at the cost.

[K-in-Boston]

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@Citylights18 wrote:

I walked into a 7-11 and a guy was built like a truck and 25 years old used his CSR to pay for a pack of gum. First its the wrong card for that store because it is x1 but secondly its like what is he doing with a CSR to begin with? I sware a lot of people get top tier cards just because they think it makes them a winner. Why buy a 20,000 dollar vehicle when you can get into a 50,000 one? That is the logic instead of looking at the cost.

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Age doesn't matter.  The CSR can be a perfect fit for many people in their 20s.  Had the card existed back when I was 25, it would have been a better fit for me than the Amex Gold I used for everything for many years from restaurant spend alone.  Maybe they were hitting a SUB on the card, maybe they didn't really care about the extra 1/4 of 1 cent in rewards over paying for it with Freedom Unlimited, or maybe it's their sole card and it makes sense for them because the majority of their spend is covered by the 3x categories.  1 UR per $ is still significantly better than paying with a debit card and with a CSR can be at least as good as paying with a 1.5% cash back card.

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@Citylights18 wrote:

If you go the route of AMEX and its NPLS cards which do not report the monthly spend that might be able to help you keep the numbers low as applying for a CLI. 

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NPSL cards still report the monthly statement balance, they just don't factor into revolving utilization on modern credit scoring models.  (They do on older scoring models, and use the highest reported balance as the "limit.")