They're probably right. Went from $55,800 to $58,300 total revolving credit after recon.
Called the other day to close my $5,000 CSP and roll its limit into my $5,000 Freedom. They said they could only move $4,500 to the Freedom for a new credit line of $9,500. Asked for a CLI to $15,000 which came back denied. Spoke to underwriting and was approved for a $3,000 CLI on top of the combined limit, ending at $12,500.
They actually combined my denial letter with my recon approval letter. It stated that while they were not able to give me the requested $15,000, that they did approve me for $12,500. It also stated the reasons for denial were (a) Chase has offered me all of the credit that they can, and (b) I have too much available credit. Not surprising considering my income is only $40,000.
Still glad I took the HP, because now I have a credit line over $10k that I can use some place other than Walmart.
EDIT: TU FICO is 743, and TU VantageScore (which Chase allegedly uses) is 790. But considering the initial denial reasons, I doubt my score had any significance. They pulled Experian.
Urg, math hurts today, but congrats Swamp!
Couldn't have done it without you all. I only had about $7,900 total revolving credit this time last year. It defintely is a lot of credit to handle, but I am very careful to immediately "subtract" on paper anything I charge from my checking account's "available" balance and therefore not spend more money than I have in the bank. I do carry 0% "balance transfers" from time to time when it is convenient (and when the fees are low enough -- Chase constantly mails me 12-month 0% interest checks with a 1% fee), but other than that I try to be careful.
Wow, OP Chase seems pretty stingy with you. Reason I say that is because I'd expect the bigger banks (like Chase) to be more generous than credit unions.
My income is comparable to yours, and Penfed has been very generous to me. Last year, they knew I had over $70k in unsecured credit, but still gave me a slew of pre-approval offers, including a CLI on my Platinum Cash Rewards CC up to $32.7k. They know how much I make too as they have verified my income.
I wonder if your history with Chase may have had something to do with it?
Starting Score: EQ 773, TU 766
@andyaycw wrote:Wow, OP Chase seems pretty stingy with you. Reason I say that is because I'd expect the bigger banks (like Chase) to be more generous than credit unions.
My income is comparable to yours, and Penfed has been very generous to me. Last year, they knew I had over $70k in unsecured credit, but still gave me a slew of pre-approval offers, including a CLI on my Platinum Cash Rewards CC up to $32.7k. They know how much I make too as they have verified my income.
I wonder if your history with Chase may have had something to do with it?
My history with Chase is spotless. I do not think they have been stingy with me, they have extended me over 25% of my annual income in credit. I do think that banks tend to see a single, high limit as being more risky or dangerous than multiple, smaller limits, so they would be weary to extend me any more credit after combining my existing limits.
@SwampSystems wrote:My history with Chase is spotless. I do not think they have been stingy with me, they have extended me over 25% of my annual income in credit. I do think that banks tend to see a single, high limit as being more risky or dangerous than multiple, smaller limits, so they would be weary to extend me any more credit after combining my existing limits.
Well FWIW, the $70k in unsecured credit I had last year when Penfed gave me more pre-approval/CLI offers was spread over just 7 cards. That has now grown to $95.6k over the same 7 cards, so the majority of my cards have limits over $10k. Fingers crossed and knock on wood, but I have yet to encounter a lender who has been unwilling to extend me credit on the basis of "too much available credit". Perhaps I'm overdue for one of those denials though? We'll see...