Freedom CLI or new card?

[jenn_bar]

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@zigz16 wrote:

One more question, since I'm new to this.... Can I ask for a recon on my CLI even though I was approved?  It seems really weird to me that I only get $500 on the Freedom and $5000 on the Sapphire.  I don't want another HP though since I would like another card, but if I could get that up to even 2k it would make me feel a lot better.  I know there's something about internal limits, could that be why they didn't want to give me more?

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I would call Chase right away. Did you do this online or what? I should have mentioned that it's probably important that you talk to someone specifically and give them a strict number that you want. Express that your income has changed and you are tired of paying the card off constantly. If you don't do it now, you will lose this chance.

I would think that you would have a shot at the BCE as long as your utilization low. American Express is very picky about low utilization, so that other card might scare them? I'd wait six months, kill that down some, and then apply. Not sure though, maybe someone has some other ideas on AMEX. I am new to it and wished I waited to get a larger CLI. Then again, after 60 days you can ask for a CLI with a soft pull on any AMEX card that is issued through them.

[zigz16]

Thanks, I will certainly look into the CU.  I did use a HP and only got a $200 increase to bring my limit to $500.  I think I will recon that, if I am able to.  I am not sure how that works if you are approved for your increase.  Other than the WF card, for reasons mentioned above, I don't put anything on my cards other than general expenses.  Sometimes I will have a month with little to no bonuses (like lately, as my work is highly dependent on interest rates!) and a small balance will carry over - a hundred or so tops, as my base pay covers most of my spending.  For the most part I pay the cards in full.  I basically pay what I can, which on a good month is the full balance and a bad month most of the balance.  The system seems to work for me well financially but I am not sure how it effects my score.

[zigz16]

I did talk to someone, I will call them ASAP.  Thanks for the info and for the AmEx tips - doesn't sound like I will get approved based on my WF card!

EDIT:  So, I called the backdoor number and it looks like Chase is only going to give me $5500 total credit.  Bummer!  I am a little disappointed I wasted the HP but I will work on paying down the WF a little further and go for the AmEx in 6 months or so.  I may actually try the Barclays Ring in the meantime, as it seems like people have good luck with recon for that.  If that is a no go I don't plan on applying for anything else in the near future so I will have some time for the inquiries to soften before going for the AmEx.

[jenn_bar]

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@zigz16 wrote:

I did talk to someone, I will call them ASAP.  Thanks for the info and for the AmEx tips - doesn't sound like I will get approved based on my WF card!

EDIT:  So, I called the backdoor number and it looks like Chase is only going to give me $5500 total credit.  Bummer!  I am a little disappointed I wasted the HP but I will work on paying down the WF a little further and go for the AmEx in 6 months or so.  I may actually try the Barclays Ring in the meantime, as it seems like people have good luck with recon for that.  If that is a no go I don't plan on applying for anything else in the near future so I will have some time for the inquiries to soften before going for the AmEx.

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Looks like you have reached what I have been scared about all along--your internal credit limit.

I assume that the best thing you can do to increase that internal limit is time and money. Meaning let the cards age and whenever you gain another bump in income. I could totally be wrong, I am interested to know myself, so someone could probably help out better than me!

Did they happen to say why?

[zigz16]

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@jenn_bar wrote:

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@zigz16 wrote:

I did talk to someone, I will call them ASAP.  Thanks for the info and for the AmEx tips - doesn't sound like I will get approved based on my WF card!

EDIT:  So, I called the backdoor number and it looks like Chase is only going to give me $5500 total credit.  Bummer!  I am a little disappointed I wasted the HP but I will work on paying down the WF a little further and go for the AmEx in 6 months or so.  I may actually try the Barclays Ring in the meantime, as it seems like people have good luck with recon for that.  If that is a no go I don't plan on applying for anything else in the near future so I will have some time for the inquiries to soften before going for the AmEx.

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Looks like you have reached what I have been scared about all along--your internal credit limit.

I assume that the best thing you can do to increase that internal limit is time and money. Meaning let the cards age and whenever you gain another bump in income. I could totally be wrong, I am interested to know myself, so someone could probably help out better than me!

Did they happen to say why?

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I assume that is what will increase it as well.  I think it may also have to do with my age (21) and limited credit history.  I sometimes can't believe it's easier for some with BKs and accounts in collections to get credit than for someone without any at all.  Come to think of it, they did extend a little more than 10% of my annual income (or what I told them it was ) so I think that may be a big factor.  I would be very curious to know the real parameters of that though.

I decided I am going to go ahead and apply for the Barclaycard Ring, as it will be much easier to pay down the balance on my WF if I'm not getting hit with 24% interest every month.  It's too tempting when I realize I will pay a THIRD of the interest I would on the WF.  Also, I see myself actually using the Ring in the future vs. the WF card with high interest and no rewards.  I guarantee that will either be a sockdrawer card or I will close it down once it's PIF.  Wish me luck, if it's a no go I will have to transfer that balance to my Sapphire, even 15% interest is better than 24%.