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Credit Line Increase Question
Posted on 9/10/19 at 8:12 pm
Posted on 9/10/19 at 8:12 pm
Long story short...
I was logged into the chase website and saw I was approved already for the Freedom Unlimited with a 21,000 credit line.
I currently have the Sapphire Reserve and figured I’d call and just ask for a credit line increase to that card since I don’t want a new credit card at this time.
I was told in order to do this that they make a hard inquiry into my credit, which of course would ding my credit score. (My whole reason for asking for the increase was to up my score)
Is that typical of a credit line increase to pull a hard inquiry? Or just some Chase wizard like frickatry?
Thanks all.
I was logged into the chase website and saw I was approved already for the Freedom Unlimited with a 21,000 credit line.
I currently have the Sapphire Reserve and figured I’d call and just ask for a credit line increase to that card since I don’t want a new credit card at this time.
I was told in order to do this that they make a hard inquiry into my credit, which of course would ding my credit score. (My whole reason for asking for the increase was to up my score)
Is that typical of a credit line increase to pull a hard inquiry? Or just some Chase wizard like frickatry?
Thanks all.
6
Posted on 9/10/19 at 8:15 pm to GeorgeTheGreek
Unless you're about to get a mortgage, I wouldn't worry about a short term "ding" to your credit score.
Posted on 9/10/19 at 8:20 pm to GeorgeTheGreek
I was just upped to $20,000 on my BoA card yesterday with only a soft pull to my credit.
Posted on 9/10/19 at 8:22 pm to GeorgeTheGreek
chase is the only bank ive seen that does hard pulls for CLIs. infuriating
Posted on 9/10/19 at 8:30 pm to TDsngumbo
quote:
I was just upped to $20,000 on my BoA card yesterday with only a soft pull to my credit.
Well frick.
Sometimes, though rarely, Chase will automatically raise my credit line. The operator said when they do that it’s only a soft pull.
Seems like some bullshite that they hard pull for a request, but a soft pull if it’s done internally.
This post was edited on 9/10/19 at 8:31 pm
Posted on 9/10/19 at 10:24 pm to GeorgeTheGreek
The credit check won't affect your credit score at all. In fact, once you get the new card your score will increase bc of the change in debt to credit ratio.
Posted on 9/10/19 at 10:50 pm to GeorgeTheGreek
Do you carry a balance with the card?
I have 4 cards with Chase. All without a balance and some I haven't used in years. They already canceled one due to inactivity.
All the credit lines are around 5-10K. I dont think they would be willing to increase my credit line.
My BoA card has a 20K credit line. Same with Citi.
I have 4 cards with Chase. All without a balance and some I haven't used in years. They already canceled one due to inactivity.
All the credit lines are around 5-10K. I dont think they would be willing to increase my credit line.
My BoA card has a 20K credit line. Same with Citi.
Posted on 9/10/19 at 11:05 pm to GeorgeTheGreek
This sounds dirty. Is pulling credit some kind of millennial code?
If you have the ability to qualify for a 20k line of credit and worried about a short term ding then you might need to reevaluate your credit situation, what types you are using and why you are using it at all.
If you have the ability to qualify for a 20k line of credit and worried about a short term ding then you might need to reevaluate your credit situation, what types you are using and why you are using it at all.
Posted on 9/11/19 at 8:06 am to lsu xman
quote:
I have 4 cards with Chase. All without a balance and some I haven't used in years. They already canceled one due to inactivity
Chase closed like three of my five cards due to inactivity. Some I had for ten years. I don’t remember seeing a letter or any communication saying they were going to close them. It did affect my score slightly, but nothing I’m worried about. Just a little aggravating.
Posted on 9/11/19 at 12:20 pm to GeorgeTheGreek
quote:
Sometimes, though rarely, Chase will automatically raise my credit line. The operator said when they do that it’s only a soft pull.
We've had 4 "given" CLIs over last 3 years (i.e. we didn't ask for them) on a Chase card. No hard pull.
Posted on 9/12/19 at 12:50 am to yatesdog38
quote:
If you have the ability to qualify for a 20k line of credit and worried about a short term ding then you might need to reevaluate your credit situation
Nah, I’m good. My credit score is like 775. It’s more just the principal of it all that annoys me.
Posted on 9/12/19 at 1:10 am to GeorgeTheGreek
If you're a CSR customer I can't believe they'd do this. I would tell them to increase it or you're going to take the new offer from AMEX Platinum.
Posted on 9/12/19 at 2:09 pm to GeorgeTheGreek
Big banks like Chase have the capabilities to do soft pulls and increase your line at random times, but when someone verbally or in person requests an increase, then naturally they will want to do a hard pull because they may suspect you’re in a tough situation.
Why else would you be requesting an increase if you didn’t have plans to use it?
Why else would you be requesting an increase if you didn’t have plans to use it?
Posted on 9/12/19 at 2:18 pm to bubbz
quote:
Why else would you be requesting an increase if you didn’t have plans to use it?
Debt utilization purposes
Posted on 9/12/19 at 4:55 pm to OleWarSkuleAlum
quote:
Debt utilization purposes
Posted on 9/13/19 at 4:48 pm to lnomm34
quote:
Chase closed like three of my five cards due to inactivity. Some I had for ten years. I don’t remember seeing a letter or any communication saying they were going to close them
You signed up for that when you signed up for the card. Would have been disclosed on your account opening disclosures, which you probably didn't read.
Posted on 9/13/19 at 7:56 pm to RoscoeHarper
They closed a couple of mine recently as well. Think they sent me something in the mail for both.
Posted on 9/14/19 at 6:48 am to GeorgeTheGreek
The truth is, while you may be doing it for this reason, 99% of other clientele are raising the limit for purchases.
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