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Thanks Chase?

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Thanks Chase?

So I've had an account with chase since I was 18. I actually opened my account at and at 19 I got a Chase + 1 Card $500 CL. That card's credit limit has not risen in 2+ years. I also have a Target Red Card with a $500 CL and a Capital one with a $1750 CL. Got a pre-approval letter in the mail for the Chase Freedom card, filled it out two weeks ago and got the 7-10 day message. Got the mail today and along with it came my new Freedom card. OH WHAT FREEDOM THEY GAVE ME! $200 CL? Thanks a lot chase =/.

Message 1 of 18
17 REPLIES 17
Valued Contributor

Re: Thanks Chase?

Ughh. I didn't know a $200 CL card existed with Chase. Are you currently a student? Maybe it had to do with annual income? I believe Chase is pretty good with CLIs, so maybe keep the card and see if you get a CLI later on.

Message 2 of 18
Valued Contributor

Re: Thanks Chase?

Huh???? Chase 200CL????

 

I too thought Chase only issued much higher CL's

 

I'm happy for you and sad at the same time, I guess its better than nothing.

 

Best of Luck and Congratulations!!


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Message 3 of 18
Valued Contributor

Re: Thanks Chase?

$200 CL for a Chase Freedom? That's news to me...didn't realize Chase is also a sub-prime lender.

Use the CC in good health...you will get your CLI.

Message 4 of 18
Established Contributor

Re: Thanks Chase?

Wow, a 200 limit? Amazing!

My roommate about a year ago had minimal income (like 900 a month), but Chase gave him a $5k card. He maxed that out, and they gave him /another/ $5k card maybe 6 months later. His credit WAS decent before they gave him the cards, but maxing them out and being late on a few payments royally screwed him over. Sometimes I don't understand at all what they base their credit decisions on. He briefly worked for Bank One some years ago before Chase bought them out, so he had an (ex-)employee account, maybe that helped in his case.

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Message 5 of 18
Regular Contributor

Re: Thanks Chase?

What is the APR?

Message 6 of 18
Valued Contributor

Re: Thanks Chase?

Is this really even possible? A typo on the paperwork? I know that last question is dumb, but I'm amazed to say the least.

 

I did not know Chase was Sub Prime?


Starting Score: 583
Current Score: 3-03-12-EQ-802 TU-806 EX-798 (EQ Beacon 9: 804 Lender Pull 3-08-12) All FICO's
Goal Score: 800+ across all three

Take the FICO Fitness Challenge


Message 7 of 18
Regular Contributor

Re: Thanks Chase?

Don't those pre-approval or invitation letters have some disclaimers on them that state the credit limit issued "may be as low as" and some amount? I don't know that I've seen any with an amount of less than $300. Might be worth taking a look at your original offer letter to see if that was stated anywhere.

Message 8 of 18
Established Contributor

Re: Thanks Chase?

Hummmm.........I would call their Credit department and ask for reconsideration on that credit line.  You already took a hard pull for that account, so what would it hurt to follow through and explain to them the hard pull versus the credit line.  As the previous poster said, the credit line would grow, but that's an awfully low limit to start with.  I know banks say that the credit line could be as low as xxx, but i would ask for a recon on that amount.  Maybe they have outdated/incorrect income.

 

Congrats anyway, most people would love to have that card, but they could have at least started you out with 500$.

 

Good luck!

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Message 9 of 18
New Member

Re: Thanks Chase?

The APR is 23% after the 6 month 0% intro. It has cashback if that matters. I'm happy I got the card but the limit is just laughable. Makes no sense. This being my 2nd chase card and the limit is actually lower then my +1 card.
Message 10 of 18
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