Chase is giving some cardholders the ability to request a credit limit increase online. After clicking the ‘Increase My Credit Limit’ button customers are asked what card they would like to increase the limit for as well as the standard questions (income, employment and mortgage/rent details). In the past Chase has done a hard credit pull when requesting a credit limit increase by phone. myFICO user SoCalifornia confirms that a hard pull was done after requesting this increase online.
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My chase freedom is over 10 years old and has a $2,800 limit. What gives? I have 2 other cards with them including my Sapphire Reserve with a $18k limit. I have been banking with them for at least 10 years, too. Credit score >770.
You must ask Chase to for a credit increase and they will pull your credit (hard pull) for an increase. If not the limit will stay at $2,800.
IF you really need a higher credit limit on your Freedom card, you can also quite easily transfer some of your limit from e.g. the Reserve card to the Freedom…
I confirmed my income data ect. That was about a week ago. Haven’t heard anything yet. I don’t need the increase at all, but it can’t hurt and it will help keep my score high.
Chase does do a hard pull for credit increases.
Sometimes, they mainly look at your income. they asked me for an updated income and then doubled my credit limit without a hard pull.
I believe is better to get a bonus for a hard pull than a Credit limit increase.
True, but a low limit means your utilization for the card will go up and lower your score.
I applied for a new Chase card and was approved. I called customer service after the approval to ask for a CLI on my Freedom card, which was approved. Did the same with my Amazon card. The first CLI was pumped in with the hard pull from the new card. The second CLI was a new hard pull (took me about an hour from the first approval to get the second CLI as I was busy). Might be worth doing if you get a new card.
If you pay off the card before the bill due there shouldn’t be much impact on credit utilization unless you have very few credit cards and all of it has very low limit.
Hi Brandon. LNK is right about the big idea, which is that low credit limits do not in themselves entail higher CC utilization. A person could have exactly one card (no other cards) with a $1000 limit, spend $2000 a month on that card, and nonetheless have a 1% CC utilization from a FICO perspective. You just have to pay it down (in this case more than once) and time the payments right.
Where LNK’s wording was slightly off is in saying that the timing had to do with the card’s due date. What matters is not when a positive balance is due (typically about 25 days after the statement is generated) but when that balance gets reported to the Big Three credit bureaus (which happens for almost all CC issuers on the date the statement is generated).
Of course, if a person wants to have a high spend AND not pay his balance down before it reports, then big limits are needed to avoid higher utilization. But either low spending or timing one’s payments can also keep util low.
Can confirm this is a hard pull. Attempted last week and received an notice that they couldn’t approve because my equifax report was frozen.
Before this change, I was able to request credit increase by sending a message online.
Is this not still the case? It seems better to send a message, so you can specify if you don’t want HP. Does this new method warn you if they will HP like some online CLI pages do?
What did they ask?
Nothing. I was moving credit from another Chase card.