@Anonymous 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.
