Who hasn’t wished to have their credit limit raised at some point? Perhaps you need a greater credit limit because you intend to make a significant purchase.
Alternately, you might just choose to increase credit limits to reduce your credit use percentage. That is a reliable method for raising your credit rating and increasing your appeal to potential lenders.
Whatever your motivations for requesting a Chase credit card limit raise, there are several ways to strengthen your case.
You have two options for raising your Chase credit limit: automatically or formally. Unfortunately, if you message Chase using your mobile phone app or online account, they will not allow credit limit increases.
To request a credit line increase, you must call Chase.
Your chances are highest if you don’t currently have a credit limit that you’ve achieved or exceeded, have an excellent credit history, and consistently make on-time payments with a Chase credit card.
Let’s examine Chase credit cards and the most effective strategies for getting your request for a credit limit adjustment approved.
How To Request A Credit Limit Increase On A Chase Card
You might not even need to ask for a Chase credit limit increase in some circumstances. You can be qualified for an automatic increase in your credit limit based on your credit and your history with Chase.
Remember that Chase will no longer accept online applications for credit limit adjustments after 2022. There are only two ways to receive a credit limit adjustment if you haven’t already received one.
1. Telephone Chase
Despite the advances in technology, some people still find it more comfortable to speak with a live person. Ask for a credit limit increase by calling 1-800-432-3117 to speak with a Chase card representative.
Your application for a credit card limit adjustment will be taken into account by a Chase card agent once they have reviewed your credit history and available credit.
They will also examine other credit information, such as your present credit score and the total amount of additional debt you have.
Examine the back of the card to see if there is a specific phone number if your Chase credit card is linked to special rewards. You could have more success interacting with a representative who can address your particular needs.
2. Automatic Increase In Credit Limit
You can be qualified for a credit card limit increase after six to twelve months of on-time monthly payments, a rise in your credit rating, or a boost in your income.
Follow the advice given below and keep your balance on the Chase credit cards low to offer yourself the greatest chance of success.
How To Get Your Credit Increase Request Approved
Customers should be informed that when they ask for an increase in their credit limit, Chase will have to run another credit check on them, which could lead to a hard inquiry.
In many respects, getting accepted for credit line extensions is identical to receiving the card in the first place, with a few more basic qualifying criteria and rules.
Timing
It’s recommended to hold off on asking for an increase in credit limit until your credit rating is excellent, your salary rises, or you consistently make prompt credit card payments.
Keep in mind that Chase will automatically review your accounts for a credit adjustment every six to twelve months.
Bank Balances
Your credit card balance ought to be in good standing. In other terms, you shouldn’t be paying any late fees or exceeding your credit limit.
The same ought to apply to any additional credit card accounts you have. You should also have a modest credit utilisation ratio—ideally, less than 30%.
Credit History
It helps if your credit scores are the same as or higher than they were when you registered for your initial Chase card.
If a credit report shows that your rating has dropped, no credit card company wants to discover that you can’t handle your debt, and you won’t be approved for more credit if that happens.
Usage Of Your Chase Card
Your application for a higher limit will probably be treated more favourably if you frequently use the purchasing capacity of your credit card, in addition to the fact that your account is in good standing.
The card issuer doesn’t want to see a balance on your card that is perilously near to your credit limit or virtually no activity on it.
How Much You Request
When requesting an increase in your credit limit, avoid aiming high. If your credit card limit is $5,000 now and you want a $5,000 increase, there is a good probability that you will be turned down.
The optimum course of action is more cautious. Your chances of getting approved increase noticeably if you request a $1,000 limit increase of 20%.
What To Do If Your Chase Credit Request Is Rejected?
Even if you’ve followed all the rules and handled your Chase card as well as other accounts carefully, it’s still possible that your application for a larger credit limit was turned down.
Enquire Elsewhere
If this happens, you could contact a different credit card issuer to inquire for a credit limit raise on a new card. You might also choose to register for a completely new card.
If making a large purchase was the reason you requested a bigger credit limit, you may want to consider a credit card with a 0% upfront fee. You would then have one or two years to pay it without accruing interest.
Improve Your Credit Rating
Alternatively, if you believe that your application was rejected because of issues with your credit score, now might be a good opportunity to reevaluate your financial status and make a few adjustments that would improve that score.
The best ways to accomplish this are to check your credit files for inaccuracies, pay off your obligations, and maintain proper account hygiene. You might also think about getting assistance from a credit repair business.
Final Thoughts
Chase, like the majority of other credit card companies, doesn’t make it particularly difficult to request an increase in credit limit.
You might not have trouble receiving a credit limit boost if you use a Chase credit card wisely, pay your bills on time each month, and do so frequently.
Having said that, it could be challenging to get the boost you want if you frequently make late payments, just pay the minimal amount due each month, or are already near to your present credit limit.
As a current Mortgage Underwriter with 15 years of experience, I have seen my fair share of money-related issues. Whether that be high levels of debt, not enough credit, or simply a lack of funds - I’ve had clients who fit into these categories.
Here I will share tips, tricks, and experiences on how you can get yourself back in control of your finances.
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