Only 2k CL on new chase ink business....worth even trying to request CLI with hard inquiry?

[ninjacookies]

Just received my new Chase ink business card today.  Was extremely disappointed when I found out it only had a 2k CL. 

Here is some background:

both my credit scores are hovering around the ~750 range

2 other cc's, one 7 years old and one 2 years old.... $1k limit on one, and $350 on the other (Orchard bank, go figure)

Here is the kicker:  CC that is 7 years old has 4 baddies, most recent dating back to 4/2010 (exactly 3 years ago).

Other than that, spotless report.

My question is....Chase replied to me and said they can only consider me for a CLI if I allow them to pull my credit report, which will result in a hard pull.  I really don't want to do this unless I am more than sure they will grant the CLI.  What do you think my odds are, based on the above information?

Gross annual salary around $70k, business expenditures around 4k a month.

Any help, tips would be greatly appreciated, thank you!

[indiolatino61]

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@ninjacookies wrote:

Just received my new Chase ink business card today.  Was extremely disappointed when I found out it only had a 2k CL. 

Here is some background:

both my credit scores are hovering around the ~750 range

2 other cc's, one 7 years old and one 2 years old.... $1k limit on one, and $350 on the other (Orchard bank, go figure)

Here is the kicker:  CC that is 7 years old has 4 baddies, most recent dating back to 4/2010 (exactly 3 years ago).

Other than that, spotless report.

My question is....Chase replied to me and said they can only consider me for a CLI if I allow them to pull my credit report, which will result in a hard pull.  I really don't want to do this unless I am more than sure they will grant the CLI.  What do you think my odds are, based on the above information?

Gross annual salary around $70k, business expenditures around 4k a month.

Any help, tips would be greatly appreciated, thank you!

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Even if your "odds" are good, there is always a chance you will not get what you want. Is $3K instead of $2K worth a HP to you? Good luck!

[ninjacookies]

That's a very valid point, thank you!!

What pisses me off is that my friend has gotten approved twice recently, both for 4k CL cards with other companies.  Mind you, he makes far less, has a shorter credit history, but the only thing he does have is no baddies.

Ahhh.

Does anyone know what the chances are Chase auto raises CLI within the first few months of good, responsible use?

[TM82]

Chase is notorious for not liking derogatory items on CR, you have multiple even if its on the same card. If this is your first Chase card, at least you got your foot on the door. Use it to build a relationship, then later on apply for another card. My very first card with Chase was a Freedom that they gave me a $2k limit on, despite having Amex cards with a $10k and $15k line on. But after 1 yr of use got a $5k CSP, and eventually. $25k card from them.

They're more likely to approve you for a new card with a higher line than give you an auto CLI.

[Walt_K]

I wouldn't ask now. I would use the card for at least 6 months and then ask.

I received a low initial CL on my Freedom. Asked for a CLI right afterward and was denied. Got an auto CLI around the one year mark.

I have an Ink but I have only had it since January. I wouldn't expect an auto CLI so quickly on the card, but after 6 months you may be in a position to ask if you are willing to take a hard pull. They know very little about your business at this point, so I think you are likely to take a hard pull for nothing if you ask now. If you don't care about the inquiry, ask away.

[Creditaddict]

You state scores around 750, What is the score Chase used for the $2k approval?

What you should start doing is building your credit.... You have the income, why do you have such terrible personal cards?  Even though this is a business product, the only thing they pretty much go on for approval is your credit and you are not showing lots of experience with more if you only have 1 $2k line and a $300 line to branch out and give you $10k (personal or business)

It's not just your baddies.... I had 2 BK's and a TU around 660-680 and got multiple GE including PayPal MC at $2k, Barclay at $1300 (I know more bk friendly banks...) but point is if you really have 750 and the baddies are back in 2010 (What are they?) then what is hurting you is not using your credit enough to build it, sounds like only reason your score is so high is because you have not really done anything.

[ninjacookies]

I actually really agree with you, addict.  My $1k limit on my 7 year old credit union card is absolutely pathetic (same one I had the baddies on back 3 years ago), and 300 on the orchard...well...yeah...laughable.

Thank you all for your replies, and it makes better sense now.  I think I will hold off on asking for the CLI on the new chase card.  Just max it out and pay it off each month and see where that leads me for awhile.

But I think my first line is business is FINALLY asking for a CLI on this old $1k CL credit union card.  The fact that the limit has been $1k for 7 years since day one really angers me, but I did screw up along the way.  I inquired about a CLI yesterday, and this was their reply:

There is always an opportunity to apply for an increase.  It seems you have made your payments on time since your last delinquent payment. (3 years ago)  We would have to submit a new application which is a hard inquiry.  The underwriters would review your credit history, debt to income and credit ratios.  There is no guarantee, but we can submit your request.  Please let me know if you would like to apply for an increase.

Again, this is a credit union that I've been a member with for almost 10 years.  With 4 baddies around 3 to 5 years ago.  But perfect since.  Do you think now is the right time to ask for a CLI?  I think that would be the ultimate jab to my ego if they not only denied me for such an aged card, but hit me with the hard pull.

Any input would be greatly appreciated, thank you all again!

[Creditaddict]

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@ninjacookies wrote:

I actually really agree with you, addict.  My $1k limit on my 7 year old credit union card is absolutely pathetic (same one I had the baddies on back 3 years ago), and 300 on the orchard...well...yeah...laughable.

Thank you all for your replies, and it makes better sense now.  I think I will hold off on asking for the CLI on the new chase card.  Just max it out and pay it off each month and see where that leads me for awhile.

But I think my first line is business is FINALLY asking for a CLI on this old $1k CL credit union card.  The fact that the limit has been $1k for 7 years since day one really angers me, but I did screw up along the way.  I inquired about a CLI yesterday, and this was their reply:

There is always an opportunity to apply for an increase.  It seems you have made your payments on time since your last delinquent payment. (3 years ago)  We would have to submit a new application which is a hard inquiry.  The underwriters would review your credit history, debt to income and credit ratios.  There is no guarantee, but we can submit your request.  Please let me know if you would like to apply for an increase.

Again, this is a credit union that I've been a member with for almost 10 years.  With 4 baddies around 3 to 5 years ago.  But perfect since.  Do you think now is the right time to ask for a CLI?  I think that would be the ultimate jab to my ego if they not only denied me for such an aged card, but hit me with the hard pull.

Any input would be greatly appreciated, thank you all again!

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YES! Very much time to ask...

Why don't you check out the pre-approval link on Discover and Citi and see if you get offered anything... I find those offers firm (not when it says "best match or the likes, it says this offer is for you type thing)

Also maybe Barclay if I didn't say before.... you need more than 2 personal cards especially since the Orchard bank is not going to grow

[ninjacookies]

Thank you very much   I shalt keep this thread updated, hopefully with good news on my CLI request!

[LS2982]

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@Creditaddict wrote:

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@ninjacookies wrote:

I actually really agree with you, addict.  My $1k limit on my 7 year old credit union card is absolutely pathetic (same one I had the baddies on back 3 years ago), and 300 on the orchard...well...yeah...laughable.

Thank you all for your replies, and it makes better sense now.  I think I will hold off on asking for the CLI on the new chase card.  Just max it out and pay it off each month and see where that leads me for awhile.

But I think my first line is business is FINALLY asking for a CLI on this old $1k CL credit union card.  The fact that the limit has been $1k for 7 years since day one really angers me, but I did screw up along the way.  I inquired about a CLI yesterday, and this was their reply:

There is always an opportunity to apply for an increase.  It seems you have made your payments on time since your last delinquent payment. (3 years ago)  We would have to submit a new application which is a hard inquiry.  The underwriters would review your credit history, debt to income and credit ratios.  There is no guarantee, but we can submit your request.  Please let me know if you would like to apply for an increase.

Again, this is a credit union that I've been a member with for almost 10 years.  With 4 baddies around 3 to 5 years ago.  But perfect since.  Do you think now is the right time to ask for a CLI?  I think that would be the ultimate jab to my ego if they not only denied me for such an aged card, but hit me with the hard pull.

Any input would be greatly appreciated, thank you all again!

---

YES! Very much time to ask...

Why don't you check out the pre-approval link on Discover and Citi and see if you get offered anything... I find those offers firm (not when it says "best match or the likes, it says this offer is for you type thing)

Also maybe Barclay if I didn't say before.... you need more than 2 personal cards especially since the Orchard bank is not going to grow

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I agree check out Citi and Discover! Good luck!!!