Such Thing As "Guaranteed Credit Limit Increases?"

[Anonymous]

Hey Fico Family. Question or two. So I got approved for Chase Freedom and Sapphire back in June i believe. 10k limit and 24k. 6 months from that month of approval, am i automatically going to receive CLI's? or is it contingent? Does it depend on certain factors or are they guaranteed? Should I call them and ask in December/January or wait to see?

[Anonymous]

Capital One offers "credit steps" on certain subprime rebuilder cards which guarantees a credit limit increase if certain requirements are met.

Amex has started to lower their underwriting standards and has given a few folks a "credit steps" likeprogram where they'll get a CLI after a certain number of months if certain requirements are met.

Chase doesn't guarantee anything.  Auto CLIs are exceedingly rare and tend to happen if a person actually uses their credit line majorly and pays it off responsibly.

If you request a CLI from Chase, it will be a hard inquiry.  They don't do soft inquiry CLI requests.  Most data points show that when a person has actually used a large percentage of their credit limit and paid it off, they MIGHT get an automatic CLI on the next statement period, but it isn't guaranteed by any means.  I've been maxing out my $500 toy limit Chase Freedom Unlimited for 5 statements and paying it in full and no love from them at all.

[Anonymous]

ABC nailed it right on the head, can't add anything more to that kudos ABC. Dv. 

[Anonymous]

One more thing to mention is that it is more common for folks to use a throwaway new Chase card to do a "credit limit combination" with the card you want higher.

So if you have a Sapphire and want a higher limit, get a Disney or AARP or some other Chase card you don't care about, and then combine limits and close the throwaway.

Plenty of data points on the web with folks who went from $5000 to $30,000 doing this.

[CreditMagic7]

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@Anonymous wrote:

One more thing to mention is that it is more common for folks to use a throwaway new Chase card to do a "credit limit combination" with the card you want higher.

So if you have a Sapphire and want a higher limit, get a Disney or AARP or some other Chase card you don't care about, and then combine limits and close the throwaway.

Plenty of data points on the web with folks who went from $5000 to $30,000 doing this.

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That's how some cardholders walk their Chase cards up the ladder for better limits because it beats their HP CLI's by a long shot and actually improves your internal scoring with them provided you work their cards with decent usage on a regular basis etc.

[Anonymous]

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@CreditMagic7 wrote:

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That's how some cardholders walk their Chase cards up the ladder for better limits because it beats their HP CLI's by a long shot and actually improves your internal scoring with them provided you work their cards with decent usage on a regular basis etc.

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Yeah, it makes a lot of sense to me -- if 3 of your newest accounts in the past 24 are with Chase just to use to account combine, you can't be out churning other lenders either. 

[RadioRob]

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@CreditMagic7 wrote:

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@Anonymous wrote:

One more thing to mention is that it is more common for folks to use a throwaway new Chase card to do a "credit limit combination" with the card you want higher.

So if you have a Sapphire and want a higher limit, get a Disney or AARP or some other Chase card you don't care about, and then combine limits and close the throwaway.

Plenty of data points on the web with folks who went from $5000 to $30,000 doing this.

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That's how some cardholders walk their Chase cards up the ladder for better limits because it beats their HP CLI's by a long shot and actually improves your internal scoring with them provided you work their cards with decent usage on a regular basis etc.

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I'm actually interested in this...  do you know how the internal scoring is improved?  My CSP is a little over a month and I was planning to wait 6 months before trying for a CLI.  I've thought about applying for another card and transfering it, but two issues stopped me.

1) Opening a new account keeps pushing out the 5/24 qualification for any other cards (such as paring the CSP/R with a Freedom or Freedom Unlimited).

2) It dings your AAoA 

I don't have any evidence to support it, but I also figured while they allowed it they might not encourage opening another account just to combine it.  

If it truly is the best way of increasing limits, I might have to reconsider...

[Anonymous]

If you are over 5/24 just go to a Chase branch and sit down with a personal banker and ask to see your preapproved offers -- those typically go around 5/24.

There are numerous data points on this forum (and other forums) where the "Your Offers" page on your Chase login also go around 5/24.

[RadioRob]

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@Anonymous wrote:

If you are over 5/24 just go to a Chase branch and sit down with a personal banker and ask to see your preapproved offers -- those typically go around 5/24.

There are numerous data points on this forum (and other forums) where the "Your Offers" page on your Chase login also go around 5/24.

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I live in the Washington, DC metro area.  Chase does not have a local branch for me to sit down at.  I'm watching the Your Offers section, but I'm new to them, so I expect them to want to see how I do for the next few months before giving me offers.  However this might be the cause of me kicking my garden spade for another seedling in a few months.  Chase... you're evil.  EVIL!

[iced]

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@CreditMagic7 wrote:

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@Anonymous wrote:

One more thing to mention is that it is more common for folks to use a throwaway new Chase card to do a "credit limit combination" with the card you want higher.

So if you have a Sapphire and want a higher limit, get a Disney or AARP or some other Chase card you don't care about, and then combine limits and close the throwaway.

Plenty of data points on the web with folks who went from $5000 to $30,000 doing this.

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That's how some cardholders walk their Chase cards up the ladder for better limits because it beats their HP CLI's by a long shot and actually improves your internal scoring with them provided you work their cards with decent usage on a regular basis etc.

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My experience has been that Chase only cares what your total exposure with them is, and if they think you have room for $X more in exposure it doesn't matter in the least whether that's via a new card or CLI. Is there evidence showing that if Chase is willing to give you a card with a limit of $20k that they aren't also willing to give you a $20k CLI instead?