For www Chase com increasemyline and one of the greatest benefits of big communication, cards are that your credit card often receives an increase in credit lines. This is usually a very straightforward process, but there are some things you should know, so you don't mess up your credit score, so you increase the chances of getting the best amount of big communication. Here are some tips for you on www Chase com increasemyline.
How to request a credit line increase with Chase
First, you need to know how to request a credit line increase with Chase.
You can do it over the phone.
You can also do it online.
Before you call in or make your request you should read the tips below so you’ll know what to expect.
Have a good reason for requesting a higher limit
Lenders are primarily concerned with how responsible their customers are going to be with their credit. Your credit score is considered a strong indicator of how responsible you are but sometimes you also need to explain why you need more credit.
It looks really bad if you call up asking for a higher limit and then don’t have a reason for that request. So I suggest that you have a pitch ready to go for why you need that credit limit increase. A very legitimate reason for desiring a credit limit increase is if you have major expenses coming up.
Major expenses include weddings, honeymoons, major vacations, etc. It will probably help your cause even further if you can convey an estimate for these expenses and how your proposed credit limit will allow you to cover those charges.
And as always, you should have a plan to pay off those charges whenever they post so that you don’t incur any interest.
Know your current credit limit
It’s good to know what your current credit limit is before you request a credit limit increase. You can find your credit limit on your online Chase.com account. Once you log on to your account.
You will see your credit card information in the main section of the page once you select your credit card. Look for your current balance and available credit. These 2 numbers combined will give you your total credit limit for that card.
Current balance: This is the amount charged since your last statement but might not include your most recent transactions.
Available credit: This is the remaining amount of credit you have left on your card. Your available credit will update when you make payment.
Best practices for getting an increase
If you are generally a creditworthy customer, you have good chances of getting your desired credit limit increase. Here are a few things the bank will be looking at:
Have you been a customer for at least 6 months?
Do you pay off your bill in full and on time every month?
Are you using a reasonable amount of your current credit limit, or is it maxed out? (Your credit utilization, meaning the percentage of credit you have that you are using, should be under 30%).
If you are a brand-new customer or habitually have late or partial payments, your chances of getting a credit limit increase are slim.
The bottom line is: Your account needs to be at least 6 months old and in good standing to request a credit limit increase.
Chase will conduct a hard pull
If you request a credit line increase from Chase, they will perform a hard pull on your credit. This means that you will suffer a temporary drop in your credit score, usually ranging from 3 to 5 points.
The good news is that the dip in your credit score will only be short-term and the hard pull will eventually fall off your credit report completely!
This also means that your most recent credit report will be used to determine your eligibility for an increase. If you recently hurt your credit score, you may want to wait a while before you request a credit increase.
Ask for a reasonable credit line increase
Most credit card companies don’t like to drastically shoot up your credit lines overnight. As they see that you can responsibly manage that credit, they will feel better about extending your more and more credit. So when you ask for your credit increase from Chase, be sure to be reasonable.
Don’t ask for your $5,000 credit line to be increased to $25,000. Instead, ask for something in the range of a 25% increase. That’s typically a safe window for a credit limit increase but it’s possible to get increases much higher, especially if your current credit limit is on the low side and you have an extended history.
If you’re a bit timid to throw out a specific number, then you can always request the 'standard increase amount' and leave it open for interpretation. You can also try out this calculator here.
Consider shifting credit lines
Chase allows you freely transfer your credit limits between credit cards (subject to some restrictions). So sometimes you might just want to apply for a new credit card and then transfer over the credit line from one of the credit cards.
For example, I had a family friend who needed about $10,000 worth of credit but only had one card with Chase - a Chase Freedom card with a $5,000 limit.
I told her she’d be better off applying for another Freedom and transferring credit over to one card. Well, she applied for the Freedom Unlimited (a great card for emergencies) and was approved for $5,000. She then waited a couple of days and then transferred over $4,000 to her Freedom card, ending up with one $9,000 credit line and one $1,000 credit line. This worked out perfectly for her.
Minimum waiting period
Like many banks, Chase will often require you to wait about six months before they will consider increasing your credit limit.
This six month time period may not be a hard and fast rule but it’s what you can expect to wait. This waiting period is extremely important because it’s not just about waiting for six months.
During this time you need to prove to Chase that you’re a trustworthy and low-risk customer. You need to make sure to do the following.
Pay your bills on time: One of the worst things that you could do is miss a credit card payment or have a late payment. You’re going to fall out of the good graces of Chase if that happens.
Not only will your odds of getting a credit limit increase greatly decrease, but more importantly your credit score will take a hit since payment history makes up 35% of your FICO credit score. So be sure to make your payments on time.
Maintain proper utilization: I recommend keeping your utilization for your credit cards between 5% and 10% but no higher than 30%.
If you are using more than 30% of your credit line, there’s a good chance that Chase is not going to give you a higher credit limit. That’s because you’re sending them signals that you might have trouble managing your credit which is never a good thing.
This also means that only paying your minimum amount due is not a good idea if you want a credit line increase. So keep that utilization close to 10% and you’ll be fine. To learn more about how to manage your credit score with good utilization click here.
Update your income: Make sure that you are using your most recent income.
Although your income does not directly affect your credit score, it is often used for determinations like credit limit increases. If you recently received an increase in your income, be sure to bring this up because that’s a legitimate reason for needing a higher credit limit.
Wait for the credit increase to happen
Chase will automatically increase your credit limits in many cases. Chase has done this for me on several occasions.
It usually takes Chase several months for them to do this but I noticed that it happened when I regularly used my credit cards and put significant spend on them. I didn’t have to come super close to maxing out the card each billing cycle but I did often spend more than 50% of my credit line.
I think that Chase picked up on that and noticed that I was paying off my balance in full each month and so they decided to extend more credit to me.
If you are doing this make sure that you keep your credit card utilization down. This might require you to make multiple payments to your card each month, which is okay.
You just want to avoid your credit card closing with a huge balance on it that’s going to tank your credit score.
Another common reason auto-increases happen is that you’ve improved your credit score dramatically. If you currently have relatively low credit lines with Chase but you just improved your credit score over the past few months, there’s a good chance you’ll be in-line for a credit line increase very soon.
Choose a new Chase credit card
One way to obtain an increase is to request a new Chase card with a higher limit than your existing card. You may even be able to reallocate a portion of the new credit amount to the card you originally wanted to be increased as well. Here are some of the best Chase high-limit cards currently available.