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Chase Freedom Credit Limit Increase Advice

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Chase Freedom Credit Limit Increase Advice

Hey,

 

So I've had a Chase Freedom for almost 7 months now. When I applied, I was approved for a $1000 limit. After 3 months, I logged in to my Chase online account and noticed they gave me a $300 increase to $1300. I've been paying my balance off on time and in full every month.

 

I got approved for the American Express Blue Cash Everyday Card with a $2000 limit and Citi Diamond Preferred for $4500 around the same time I applied for the Freedom. I have since doubled the BCE to $4000 and just recently received a $1300 increase to $5800 to the Citi DP.

 

All my other cards have limits of at least $4000 or more and the Freedom is my lowest limit card. I would love to use the Freedom more but I can't due to the low limit and I'm trying to get and keep my utilization below 10%. I've read that if I just spend more on the card then pay it off as soon as the purchase posts to my account, that will kinda trigger Chase to consider giving me a higher limit. Is that true? I noticed that my utilization was higher than it was now at the time that I got the $300 increase so maybe it does work?

 

Are there any tips or advice on how to get them to give me an auto CLI. I was thinking about just applying for the Chase Slate then reallocating the limit to the Freedom but I don't want to waste a hard inquiry. The reason I don't want to add any more inquiries is because I'm going to ultimately be applying for the Sapphire Preferred in August/September and I read that having my Freedom for at least a year and being inquiry-free in the past year will increase my chances of approval so I don't want to risk that. Any and all feedback will be greatly appreciated. Thank you

Message 1 of 23
22 REPLIES 22
Established Contributor

Re: Chase Freedom Credit Limit Increase Advice

I would put 800 or 900 bucks on it and let it cut. PIF right after. Your utilization will be high for that month but I have an inkling they look at high balance vs credit limit. High balance meaning the highest youve ever let it cut at. Heavy usage would help too. Then next month run it up again and let 30 bucks or so cut.

 

For what it's worth, my friend started with a low limit on his Freedom. Never worried about utilization. Just swiped and swiped and PIF each month. They gave him like 4 or 5 auto CLI's. Doesnt hurt to try. What does utilization matter for that month if you are apply for other cards or any type of loans?

 

There's no rhyme or reason to it. But I can tell you for sure that you need to have it as your main card for a while. I'm trying to get my limit up as well, I've been using it for everything, even though I'm losing rewards on my other cards. But my Chase accounts  are the only ones under 2k.

 photo myfico_zpsd00088cb.jpg
Message 2 of 23
Established Contributor

Re: Chase Freedom Credit Limit Increase Advice

I just got my Chase Freedom last year around August. I used them (and Amex) as my main cards. We charge quite a bit and PIF. I have only left a balance once (just to see what it would do). My beginning balance was $4500. There isn't a CLI love button, so I figured I would just let them do their thing. Well, after having the card (I'm guessing) around 6 months, they took it upon themselves to double my limit and now it's $9k. I'll continue to just let them be and they can increase when they feel like it. Smiley Tongue

TU: 819 EQ: 821 EX 811


**$7500****$30,000*****$13500****$42,200****$10,000***$10,700*****$6000****$11,000*****OPEN****OPEN******$27,000*****11,000



Message 3 of 23
Super Contributor

Re: Chase Freedom Credit Limit Increase Advice

I apped for freedom back in sept. Got an surprise cli in January it was for like 50% of my CL. Not the biggest CLI but it was an sp CLI so i can't complain that much. 



EX Fico 804 11/16/16 Fako 800 Credit.com 11/16/16
EQ SW bank enhanced 11/16/16 839 CK fako 822 11/16/16
TU Fico discover 10/19/16 814 Fako 819 Creditkarma 11/16/16
Message 4 of 23
New Member

Re: Chase Freedom Credit Limit Increase Advice


@Shock wrote:

I would put 800 or 900 bucks on it and let it cut. PIF right after. Your utilization will be high for that month but I have an inkling they look at high balance vs credit limit. High balance meaning the highest youve ever let it cut at. Heavy usage would help too. Then next month run it up again and let 30 bucks or so cut.

 

For what it's worth, my friend started with a low limit on his Freedom. Never worried about utilization. Just swiped and swiped and PIF each month. They gave him like 4 or 5 auto CLI's. Doesnt hurt to try. What does utilization matter for that month if you are apply for other cards or any type of loans?

 

There's no rhyme or reason to it. But I can tell you for sure that you need to have it as your main card for a while. I'm trying to get my limit up as well, I've been using it for everything, even though I'm losing rewards on my other cards. But my Chase accounts  are the only ones under 2k.


When you say let it cut, what exactly do you mean by that? Like let that report as my statement balance? Do I pay in full right after the statement closing date or wait until the statement is ready for the next cycle? And then you're saying let $30 report as my balance the next month? Am I understanding that correctly? Thanks for the speedy reply.

Message 5 of 23
Senior Contributor

Re: Chase Freedom Credit Limit Increase Advice


@AO424 wrote:

All my other cards have limits of at least $4000 or more and the Freedom is my lowest limit card. I would love to use the Freedom more but I can't due to the low limit and I'm trying to get and keep my utilization below 10%.


Usage and reported utilization are two different things.  You can use as much of the Freedom's CL as you like.  Just get it down to 10% by statement end.  As for the CLI, it all depends on your credit and their internal scoring system.  Usage alone won't guarantee a CLI.

Message 6 of 23
Valued Contributor

Re: Chase Freedom Credit Limit Increase Advice

Chase happily gave me a large CLI 3 months after opening. I was running about 3x the CL through the card every month and I got a little over a 3x CLI after recon.

Remember you can always recon CLI requests and explain to the underwriter why you want them.
Message 7 of 23
Established Contributor

Re: Chase Freedom Credit Limit Increase Advice

Yes AO,

Suppose your due date this month was the 15th and your balance was 700 bucks. Around the 17th or 18th, your new statement will be out/cut with a balance of 700.

A dead giveaway of when to pay is looking at online account. There will be a minimum balance instead of it saying 0.00. So pay that in full.

Then, run your bill up again, for simplicity, let's say 800 bucks. Your due date is the 15th, so on the 13th/14th pay 770, and hold off on charges until the 18th when the statement cuts at 30 dollars.

All these numbers are examples given for simplicity..But you get the point. Good luck!
 photo myfico_zpsd00088cb.jpg
Message 8 of 23
Frequent Contributor

Re: Chase Freedom Credit Limit Increase Advice

 AO424, regarding my two chase accounts before I signed up for Amazon Chase, I did spent close to 90% and pay them off again within a month. Sometimes I intentionally let them carry over a month but paid them off again. I usually spent big time when travelling oversea or staying oversea. However, my credit lines on both of them remained the same since the last 4/5 years so I gave up trying. I guess, I am getting the SCRA so they do not even bother to give me the credit line increased.. well just my conspiracy theory. Smiley LOL However, for my Amazon chase I only get $2000. So, I am not really sure how do they review the credit line approval based on my FICO/credit scores. 



Starting Score: (Nov 13) EQ 650, EXP 750, TU 750
Score: (Aug 2, 2014) EQ 722, EXP 780, TU 777
Score: (Aug 11, 2014) EQ 781, EXP 784, TU 779
Score(Nov 22, 2014) EQ 814, EXP N/A, TU 781
Score(Dec 16, 2017) EQ > 720, EXP ?, TU > 730
Score(Mar 10, 2018) EQ 736, EXP 740, TU 724
Score(Apr 7, 2018) EQ 752, TU 750, EXP 753
Score(Jun 14, 2018) EQ 784, TU 771, EX:777
Score(Feb 20, 2019) EQ , TU 713 , EX:
Goal Score: EQ 800, EXP 800, TU 800 | Take the myFICO Fitness Challenge



Message 9 of 23

Re: Chase Freedom Credit Limit Increase Advice

Thank you for all the advise on this topic. I will have to take it into practice myself. I want to increace my CL for my Chase Freedom card and had no idea how to do it. i had to recon several times to finally get approved for it. soI figured i would never even get a CLI. but i think if i put this into practice it might work.

Best Buy Credit - 500 / Barclay card -1,500 / Capital One Secure - 750 Grow Financial - 5,000 / First Primer - 450 / Victoria Secret - 250 / Walmart - 400 / USAA Amex Secure - 250 / Littman Jewelers - 1,800
Target - 300 / Chase Freedom - 500 / American Express Blue Cash - 4,500 / Navy Federal Flag Ship - 12,000 / Care Credit - 5,200


Message 10 of 23
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