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when to ask for an increased credit limit

omghaxcode 153 18 November 4, 2012 at 12:58 AM
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So I'm a 22 year old student and I got my first credit card about 8 months ago. It is a chase freedom card with a $1,200 limit. I graduate in December and I want a larger limit since I use the card for everything. I'll be earning around $75,000 a year pre tax. I currently spend between $1,000 and $2,000 on the card without the current credit ever slipping below ~$350.

Can I tell them now I'd like it to be raised or do I have to wait until after the first few direct deposits from my employer (I use Chase for my checking account as well)? Do I need to wait longer than 10 months?

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#2
Quote from omghaxcode View Post :
So I'm a 22 year old student and I got my first credit card about 8 months ago. It is a chase freedom card with a $1,200 limit. I graduate in December and I want a larger limit since I use the card for everything. I'll be earning around $75,000 a year pre tax. I currently spend between $1,000 and $2,000 on the card without the current credit ever slipping below ~$350.

Can I tell them now I'd like it to be raised or do I have to wait until after the first few direct deposits from my employer (I use Chase for my checking account as well)? Do I need to wait longer than 10 months?
You can simply ask them. They'll run their checks and make an increase based on what they find. I did that with my chase freedom. No hassle. I didn't even have to call them.
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#3
Yeah just call them and ask. There should be no negative effects if they say no. But I bet they will at least raise it some. It's also better for your credit score to have a higher limit, so that your utilization is lower.
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#4
I know this is a little off topic but 75,000$ income right out of undergrad .. pretty impressive in this economy
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#5
Quote from wi1ll View Post :
You can simply ask them. They'll run their checks and make an increase based on what they find. I did that with my chase freedom. No hassle. I didn't even have to call them.
didn't call? where's th link on the website? ive been trying to find it. I found it in the past but don't see it now.

Thanks!
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#6
It doesn't hurt to ask. Worst case scenario, they do a soft pull.

After 8 months of usage, especially spending $1-2k on the card a month (and since you said you have a $1200 limit and keep $350 available, that means you have to pay it off at least twice a month), I'm surprised they didn't raise it themselves.

I got a Sapphire Preferred card about six months ago. Started out with a $6500 limit, and after 4 months of spending $3-4k/month on the card, they raised it to $10k without me asking. All of my cards are paid in full every month, so I have $0 in credit card debt - outside of the $3-4k that is reported each month as my balance, but that's on about $50k in available credit, so my D2C ratio is still very low - so I really didn't care about the increased limit, but it's nice to have I guess.
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#7
don't they usually ding your credit when you ask for a limit increase?
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#8
Quote from bonkman View Post :
didn't call? where's th link on the website? ive been trying to find it. I found it in the past but don't see it now.

Thanks!
On the Chase website, they have that secure message feature. You just tell them your current situation (i.e income/salary) and the limit you want them to increase it to. They'll run a credit check. They usually increase it to the max they can based on their findings.
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#9
Quote from wi1ll View Post :
On the Chase website, they have that secure message feature. You just tell them your current situation (i.e income/salary) and the limit you want them to increase it to. They'll run a credit check. They usually increase it to the max they can based on their findings.
gotcha, thanks. I was looking for a "request credit increase" link, which I swear used to exist. Messaging them now.

Quote from slapshot136 View Post :
don't they usually ding your credit when you ask for a limit increase?
perhaps a temporary ding, so not something you want to do if you're shopping for a car or home loan.

But your credit score increases as your percentage of credit used decreases, so it would hopefully be a net benefit.
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Last edited by bonkman November 4, 2012 at 09:13 AM
#10
If i were you I would wait until you get some deposits into your account. After that I would apply for a different card (citi), discover ... and i would state the money I will be making 75k/year. In my experience this will give you better chances to get a higher limit that asking for an increase from Chase. If you decide to go with Chase ... i would apply for a different chase card and ask them to combine limits. I think this way you have better chances to get a higher limit than when asking for an increase.
Based on what I am reading your problem is the credit length, you don't have enough history. This will get fixed with time and only time. Once you get a little over 2 years of history and you keep your score up and your income up and at the same time your debt low .. the offers should flow. Always pay more than minimum payment ,... even if is 5$ more. Of-course all this is just from my experience and what worked for me, not a guarantee.

Good luck,
Adrian

Quote from omghaxcode View Post :
So I'm a 22 year old student and I got my first credit card about 8 months ago. It is a chase freedom card with a $1,200 limit. I graduate in December and I want a larger limit since I use the card for everything. I'll be earning around $75,000 a year pre tax. I currently spend between $1,000 and $2,000 on the card without the current credit ever slipping below ~$350.

Can I tell them now I'd like it to be raised or do I have to wait until after the first few direct deposits from my employer (I use Chase for my checking account as well)? Do I need to wait longer than 10 months?
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#11
Quote from slapshot136 View Post :
don't they usually ding your credit when you ask for a limit increase?
Quote from bonkman View Post :

perhaps a temporary ding, so not something you want to do if you're shopping for a car or home loan.

But your credit score increases as your percentage of credit used decreases, so it would hopefully be a net benefit.
No.

If you apply for a new account or line of credit, the creditor will almost certainly do a hard pull on your report, which will be a minor 'ding'. However, if you already have an account, and the purpose of the pull is to update their records or make a decision for that account, the creditor will do a 'soft pull'. Most banks and credit card companies do one of these every few months on you anyway. This does NOT impact your credit report or score in any way, since only you can see who does soft pulls.

The reason why they do this, on their own volition, all the time is to make sure your credit history hasn't changed (for good or bad). If you suddenly default on a bunch of accounts, they want to know about it and will either cancel or lower the limit of your account(s) with them.

Whether or not they do a soft pull on a CLI - who knows. But also, who cares.
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#12
Quote from Leb View Post :
I know this is a little off topic but 75,000$ income right out of undergrad .. pretty impressive in this economy
it is about standard for a computer engineering recent college graduate.
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#13
Quote from wi1ll View Post :
On the Chase website, they have that secure message feature. You just tell them your current situation (i.e income/salary) and the limit you want them to increase it to. They'll run a credit check. They usually increase it to the max they can based on their findings.
thanks -- within a few hours, got my limit nearly doubled!
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#14
they raised it but only by $500 to $1,700. I was hoping for $3,000. oh well
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#15
what I hate is they ask you for "how much more do you want", then run the credit, etc, and give you a # in return. they should just determine what they're willing to give you and leave it at that.
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