Freedom CLI - Should i pull the trigger now or wait ?

[Anonymous]

Hi ,

   I was planning to request CLI(HP) on my freedom card this week (Current limit - 9.5 K) . But , few days back  i received a Discover CLI(SP) from 10,600 to 16,600 . Should i now wait for the Discover new limit to post to CRA before requesting the freedom CLI . If the new limit of 16,600 will play a positive role in my freedom CLI request , then i am willing to wait out until my discover statement cuts on 05'th with the new limit  .

Thanks .

[Anonymous]

Tough to say. On the one hand, CCC's are sometimes encouraged to grant higher limits based on the limits granted by their competition. On the other, the increased Discover limit could trigger Chase's risk management model to determine that you're overall exposure is too high. It will depend on a combination of your income and the strength of your profile. 

[kdm31091]

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@Anonymous wrote:

Tough to say. On the one hand, CCC's are sometimes encouraged to grant higher limits based on the limits granted by their competition. On the other, the increased Discover limit could trigger Chase's risk management model to determine that you're overall exposure is too high. It will depend on a combination of your income and the strength of your profile. 

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+1. The higher limits can either work in your favor or against you.

I mean, do you really need more than 9k on a Freedom card with capped rewards, especially with your Discover CLI?

[Anonymous]

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@kdm31091 wrote:

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@Anonymous wrote:

Tough to say. On the one hand, CCC's are sometimes encouraged to grant higher limits based on the limits granted by their competition. On the other, the increased Discover limit could trigger Chase's risk management model to determine that you're overall exposure is too high. It will depend on a combination of your income and the strength of your profile. 

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+1. The higher limits can either work in your favor or against you.

I mean, do you really need more than 9k on a Freedom card with capped rewards, especially with your Discover CLI?

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Well to be honest , i am fine with the existing freedom limit . My original plan was to app for the Citi DC card a couple of months back . At the same time , Discover came up with the double cash bonus and i enrolled into it making the Citi DC  App a redundant one (atleast for another year) . So i was thinking , why not use the HP that i intended to use for the Citi DC for a CLI on my freedom card .

Currently , i have around 2 inquiries in my experian report  for the past year , 8 in the past 2 years . I also received a pre-invitiation letter from Chase for the CSP last month in which i am not interested . So i think , my inquiries is not too bad from Chase pespective , else they would not have sent the pre-invite for the CSP .

Regardiing my income and credit portfolio , i have six credit cards(including one toy limit store card) with total TL of 70 K and  an annual income of around 140 K . Current Util is around 2-3 % .

Thanks .

[Anonymous]

I'd say that your profile is strong enough that it wouldn't be an issue.

[Anonymous]

Your overall CL compared to annual income is actually quite low compared to many, many folks are running two or three times annual income in CL. Especially with such low util, I would not be afraid of Chase thinking you have "too much".

I'd wait another 30 days for your Chase request because in your case, the Discover additional CL will only make your case stronger for more from Chase. If you're going to take a HP make it totally worth your while.

Good luck!

[Anonymous]

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@Anonymous wrote:

I'd say that your profile is strong enough that it wouldn't be an issue.

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So you mean to say waiting for the new discover limit to post and then request the freedom CLI will not be an issue ?

[SOGGIE]

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@Anonymous wrote:

Tough to say. On the one hand, CCC's are sometimes encouraged to grant higher limits based on the limits granted by their competition. On the other, the increased Discover limit could trigger Chase's risk management model to determine that you're overall exposure is too high. It will depend on a combination of your income and the strength of your profile. 

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The other thing to consider is whether or not it is worth it to take a HP for a $1000 increase. Captool please expound on this. In your experience, do they give paltry increases on the Freedom card?

[Anonymous]

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@Anonymous wrote:
Your overall CL compared to annual income is actually quite low compared to many, many folks are running two or three times annual income in CL. Especially with such low util, I would not be afraid of Chase thinking you have "too much".

I'd wait another 30 days for your Chase request because in your case, the Discover additional CL will only make your case stronger for more from Chase. If you're going to take a HP make it totally worth your while.

Good luck!

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Thanks for your inputs jb002 .

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

I'd say that your profile is strong enough that it wouldn't be an issue.

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So you mean to say waiting for the new discover limit to post and then request the freedom CLI will not be an issue ?

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Correct. Let it report and enhance the possibility of a bigger bump with Chase.