@Brusilov wrote:
I was recently approved this month for a Chase Amazon Visa but with a somewhat disappointing starting limit of $500. I'm actually quite glad to be approved with Chase as I let both a Chase Student Visa + Providian account go to collections many years back...and I was afraid they might have blacklisted me as a result.
For those that start with low limits like this, is Chase very good for auto-CLIs after 6-12 months?
I do a lot of shopping through Amazon and will be using the card for restaurants/fast food as well so it should get some regular usage. I think the low limit may be due in large part to the number of new accounts opened this summer (Amex, Discover, and Target are only a couple months old).
Correct - the reason for the low CL is due two-fold: if you previously had an account with Providian/WaMu that was aquired by Chase, they would still have record of it including any other account you had with Chase/BankOne. However, they may not weigh its current standing depending on the amount of the CO or the age of the accounts. If you recently went on an app "fiesta" this would point to not getting approved for the desired CL by what they considered a moderate to high-risk profile. Needless to say, you got your foot in the door.
IMO, garden for a while and use your Chase card prudently. Demonstrate good usage and payment patterns which can pave the way or provide elegibility for an auto-CLI. Chase will also SP your CR so keep your utilization and other factors in check. If no auto-CLI occurs in 6-12 months, you have the option to request a CLI, but it will be a HP. Best of luck on your credit journey!
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