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CNBC: Chase Could Offer CLI if Affected by COVID

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New Contributor

CNBC: Chase Could Offer CLI if Affected by COVID

I thought this was interesting and something that other MyFICO members would like.

 

Today, CNBC is reporting that Chase CC customers could have their credit lines increased (amongst other things) if they've been impacted by COVID-19. All you have to do is call customer service and they will assist you acordingly.

 

https://www.cnbc.com/select/chase-coronavirus-assistance/

 

What I'd like to know is:

 

1. Would these CLI require a soft and/or hard credit pull?

 

2. Will the CLI only be temporary?

 

3. What is the burden of proof (if any) that a customer would have to meet to receive a CLI?

 

 



As of 8/31/20




5 REPLIES 5
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Established Contributor

Re: CNBC: Chase Could Offer CLI if Affected by COVID


@MyATLFico wrote:

I thought this was interesting and something that other MyFICO members would like.

 

Today, CNBC is reporting that Chase CC customers could have their credit lines increased (amongst other things) if they've been impacted by COVID-19. All you have to do is call customer service and they will assist you acordingly.

 

https://www.cnbc.com/select/chase-coronavirus-assistance/

 

What I'd like to know is:

 

1. Would these CLI require a soft and/or hard credit pull?

 

2. Will the CLI only be temporary?

 

3. What is the burden of proof (if any) that a customer would have to meet to receive a CLI?

 

 


Regardless of what the article says I am highly skeptical that Chase would grant a meaningful percentage of its customers credit line increases if asked to because of Corona's impact on customers. Could possibly be outliers where long-standing customers had low credit limits in relation to previous incomes so credit limit increases get granted, but in general I would expect a credit line decrease if I were to say to a lender that I am expecting financial problems.

 

That being said, if you truly will have an issue paying a creditor I would still suggest calling beforehand to see whether there are any options as opposed to simply missing a payment or much, much, much worse having payments bounce. An awkward call with a customer service rep is still better than a call from debt collector.

 

This is nothing like a short-term federal shutdown where government employees might have temporary liquidity issues.

 

Edit: There will be customers that receive credit line increases. What I am skeptical of is  there being a great many cases where customers are given credit line increases in response to telling Chase that Covid is creating financial issues for them.

Message 2 of 6
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Moderator

Re: CNBC: Chase Could Offer CLI if Affected by COVID


@MyATLFico wrote:

I thought this was interesting and something that other MyFICO members would like.

 

Today, CNBC is reporting that Chase CC customers could have their credit lines increased (amongst other things) if they've been impacted by COVID-19. All you have to do is call customer service and they will assist you acordingly.

 

https://www.cnbc.com/select/chase-coronavirus-assistance/

 

What I'd like to know is:

 

1. Would these CLI require a soft and/or hard credit pull?

 

2. Will the CLI only be temporary?

 

3. What is the burden of proof (if any) that a customer would have to meet to receive a CLI?

 

 


Most likely HP. Chase doesn't do SPs for consumer initiated requests 

 

No clue. Keep in mind Citi has made that statement,  but it only applies to "eligible" customers, as in ones who didnt have one in the past 6 months.

 

Burden of proof...do you mean "should I claim I'm impacted when I'm not?" 

If you want a CLI, ask for one. Bringing COVID-19 into it will not increase your chances, and you will be advertising that you're affected, true or not. 

Message 3 of 6
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New Contributor

Re: CNBC: Chase Could Offer CLI if Affected by COVID


@TheRationalConsumer wrote:

@MyATLFico wrote:

I thought this was interesting and something that other MyFICO members would like.

 

Today, CNBC is reporting that Chase CC customers could have their credit lines increased (amongst other things) if they've been impacted by COVID-19. All you have to do is call customer service and they will assist you acordingly.

 

https://www.cnbc.com/select/chase-coronavirus-assistance/

 

What I'd like to know is:

 

1. Would these CLI require a soft and/or hard credit pull?

 

2. Will the CLI only be temporary?

 

3. What is the burden of proof (if any) that a customer would have to meet to receive a CLI?

 

 


Regardless of what the article says I am highly skeptical that Chase would grant a meaningful percentage of its customers credit line increases if asked to because of Corona's impact on customers. Could possibly be outliers where long-standing customers had low credit limits in relation to previous incomes so credit limit increases get granted, but in general I would expect a credit line decrease if I were to say to a lender that I am expecting financial problems.

 

That being said, if you truly will have an issue paying a creditor I would still suggest calling beforehand to see whether there are any options as opposed to simply missing a payment or much, much, much worse having payments bounce. An awkward call with a customer service rep is still better than a call from debt collector.

 

This is nothing like a short-term federal shutdown where government employees might have temporary liquidity issues.


The underlined part of your post could very well be the case. But of course, it wouldn't make for good PR like this article does with that additional context. 

 

It is unusual for a lender to say they would do this. 



As of 8/31/20




Message 4 of 6
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Frequent Contributor

Re: CNBC: Chase Could Offer CLI if Affected by COVID

I had the virus and Chase Gave me a 2000 dollar increase *what i asked for* It will be a Hard Pull and i Havent had any problems since also I pay 90 percent of my Balance every month nor did i go into financial stress

my job still paid me until i got well and returned to work




AOD FCU PLOC 10,000
NAVY FED CLOC 3000

Message 5 of 6
Highlighted
Epic Contributor

Re: CNBC: Chase Could Offer CLI if Affected by COVID


@mrfufoppss wrote:

I had the virus and Chase Gave me a 2000 dollar increase *what i asked for* It will be a Hard Pull and i Havent had any problems since also I pay 90 percent of my Balance every month nor did i go into financial stress

my job still paid me until i got well and returned to work


@mrfufoppss, Very glad for your recovery!Smiley Happy

popcorn eating emoticon.gif

Message 6 of 6
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