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High Chase Credit Limit Concern?

New Visitor

High Chase Credit Limit Concern?

Goal: To get the Chase Quadfecta.

 

Situation: Today I got the Chase Freedom, about a week after I got the CSR. I was approved w/ a 20k+ credit limit, even higher than my CSR (I entered the exact same details in my application). I'm very confused, because I thought the "tier 1" Chase cards were supposed to have lower credit limits. Also, the Visa compared to Visa Infinite.

 

Questions: Should I be worried that the credit limit is too high? Should I preemptively ask to lower it? Ultimately my goal is to get 2 more Chase cards; should I be worried that my first two cards were already granted 40% of my income? Also, am I mistaken to think Visa Infinite with same credit/income/etc should have higher credit limit than normal Visa? Also, do I need to wait longer to apply to my third card now because of high credit granted?t I was planning to apply for #3 in 3 weeks (30 days after CSR approval).

 

Thank U for help !

26 REPLIES 26
Community Leader
Mega Contributor

Re: High Chase Credit Limit Concern?

Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.
Message 2 of 27
Community Leader
Super Contributor

Re: High Chase Credit Limit Concern?


@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.

Message 3 of 27
Valued Contributor

Re: High Chase Credit Limit Concern?


@simplynoir wrote:

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.


+2 for the above advice. Definitely need to slow down, I think with Chase having a trigger finger, it's best to slow down atleast for 6 months, if not longer. They have been known to shut accounts down quickly. Also, start using the cards and show some history. Once you have some history, they may relax the purse strings a bit. The last thing you want to do is try to proceed too quickly with Chase. Also, why are you shooting for the "quadfecta"?



Scores - All bureaus 756 +
TCL - Est. $275K
Message 4 of 27
New Visitor

Re: High Chase Credit Limit Concern?


@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

Could you explain why not? I was worried about how much credit they would give me total, but are you saying I'd more likely get rejected based on timing of applications? When would you recommend for the timeline? I just want to have these cards for passive spending so I don't have to maintain and add / take away, whatever later. I like the combo and do not plan on churning. Also, could you give me a sense of what the credit limits for CF go? I wasn't necessarily surprised about my CSR, I'm just surprised that I was given a higher credit limit for CF AND it's like 20k+. I thought they were generally around 5-10k. 

 

For scores, I don't have an app that has everything, so this is just from all of my different banking apps:

  • FICO Score 9 Experian: 799.
  • Transunion: 811
  • Credit Karma Equifax: 806 (was the same as transunion until I lost 5 points for my CC "hard inquiry".

I have one hard pull only for the chase cards on the Equifax report, zero on the transunion. I'm 2/24 (just the two that I discussed so far). Average credit age is 10 years (includes an AU). Income ~130-160k

 

Thanks for help

 

Message 5 of 27
New Visitor

Re: High Chase Credit Limit Concern?


@simplynoir wrote:

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.


Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff. 

 

Thanks for insight

Message 6 of 27
New Visitor

Re: High Chase Credit Limit Concern?


@xaximus wrote:

@simplynoir wrote:

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.


+2 for the above advice. Definitely need to slow down, I think with Chase having a trigger finger, it's best to slow down atleast for 6 months, if not longer. They have been known to shut accounts down quickly. Also, start using the cards and show some history. Once you have some history, they may relax the purse strings a bit. The last thing you want to do is try to proceed too quickly with Chase. Also, why are you shooting for the "quadfecta"?


Thanks for the insight. As I wrote to the comment above, I'm trying to set this up so I don't have to mess with anything in the future. I haven't opened a credit card in years, and I just want to move my banking to Chase (credit card-wise), and set up my spending to use these cards to maximize UR points (CSR for travel/dining, CF for categories, CIP for business expenses/bills, CFU for everything else). Isn't this the goal of their programs? I am not planning to churn or anything like that. 

Message 7 of 27
Established Contributor

Re: High Chase Credit Limit Concern?


@chasefiretree2 wrote:

@simplynoir wrote:

@AverageJoesCredit wrote:
Im not sure i would app 3 Chase cards within so short a period of time. Chase granted you the limit they were comfortable giving. Also remember Chase will sp often to see if youve been credit seeking. The CSR starts at 10k, so just because its a Infinite doesnt mean it will have higher limits than other Visas.

Would you mind sharing more details on your profile like current Fico scorrs, hps, 5/24 status, aaoa, relative income. These can help us guide you better in your Chase goals.

+1 Chase has been clamping down on credit behavior like this and will not hesitate to close your accounts if you keep this up. Would wait at least 3 months, peferably 6 months, before trying to apply more with Chase assuming 5/24 is not an issue. And no worries on your available credit limit with Chase they'll reallocate limits accordingly to accomodate any future approvals if you have hit their credit threshold/ceiling.


Huh?? Ok I'm scared now, what exact behavior are they clamping down on? Opening multiple credit accounts? I just want to set up the quadfecta, so I don't have to worry about them in the future, so I can use the different cards for different spending to maximize their Ultimate Rewards. Isn't that what they're trying to promote? I don't intend on churning or doing any of that stuff. 

 

Thanks for insight


Chase is extremely sensitive to any behavior that resembles "credit seeking" behavior.  They do SP checks often to see if you've been applying as well as to see if you've opened additional accounts after they've approved you.  That's why the recommendations to go very slowly when dealing with Chase.  As always, YMMV, but it is a common theme around here and "horror" stories abound.







Message 8 of 27
Moderator

Re: High Chase Credit Limit Concern?

Chase will typically do 40-60% on ones reported income if all looks good on profile on their aggregate CL.  With that said you certainly could lower your limit on the CF(before you apply about a month prior by say 5k after giving it some time with other two cards) if you wanted to, but with that said as others echoed I would space out your 3rd chase application to either 6 months from now or more likely 12 months.  Chase has certainly clamped down and when I was on a recon call before the 5/24 rule trying at the time to get my 3rd chase card(since have had alot more) they said I was pretty new on my CSP / Freedom at the time and those were just over a year old and they wanted to see more time with those cards.  So take that how you want, but tread lightly with chase or they certainly have no issues shutting down all cards of a person.  Also keep in mind the 5/24 rule (5 cards in 24 months) will be a denial so figure that into your equation as well how you move forward and refrain from apply for other cards with other issuers if you want to live in the Chase ECO system although I certainly would advise you to diversify as well....

Message 9 of 27
Community Leader
Senior Contributor

Re: High Chase Credit Limit Concern?

Welcome, @chasefiretree. Smiley Happy

 

Chase is sensitive to new accounts. There's also a super-secret time limit between applications. Lately, when someone opens two accounts on the same day, both accounts will be approved, but one will be closed a day or two later. Yeah, it's weird.

 

You appear to be in a great position, and you should be fine if you don't move too fast. I'd try again in four months or so. Then look into the second card another four months or so after that.

Message 10 of 27
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