Author Topic: Increase in Credit Limit - Chase  (Read 655 times)

Jon Bon

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Increase in Credit Limit - Chase
« on: April 30, 2021, 06:52:39 AM »
Has anyone recently tried to increase their credit limit on a card?

I want to buy a big lumber package from Home Depot and I want the points. However they are telling me to increase the limit (from like 12k to maybe 20k) they have to do a hard pull on my credit report.

Is this standard practice? I don't want to go through the hassle of that. Has anyone requested this lately and had success? Years ago I asked for a higher limit online and it just automatically gave it too me. So my info might be a bit dated because I just pay off my card every month and never get anywhere near my limit.

Thoughts? Advice? Workarounds?

FWIW I have the cash in the bank.

NotJen

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Re: Increase in Credit Limit - Chase
« Reply #1 on: April 30, 2021, 07:16:55 AM »
I think this is common if it's a card you've had for a while.  They want to make sure you're still a good credit risk, so they need to do a hard pull.  Why is this a hassle?

Is there a certain amount they're willing to increase it without doing a hard pull?

YttriumNitrate

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Re: Increase in Credit Limit - Chase
« Reply #2 on: April 30, 2021, 07:51:01 AM »
Do you have multiple reward/cashback cards? If so, you could divide the purchase across multiple cards.

Alternatively, if you prepaid your balance so that you had an $8,000 credit, would the $20,000 purchase go through?
« Last Edit: April 30, 2021, 07:53:11 AM by YttriumNitrate »

Catbert

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Re: Increase in Credit Limit - Chase
« Reply #3 on: May 01, 2021, 11:58:17 AM »
Depending on how quickly you need to buy the lumber, have you checked that your current income is what's on file with the credit card company?  If the total credit they've extended to you seems high compare to income that makes them nervous.

Them doing a credit pull on you shouldn't take very long.  Unless you planned to get a mortgage or churn credit cards letting them do a hard pull is likely the easier way.

 

UnlimitedOne

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Re: Increase in Credit Limit - Chase
« Reply #4 on: May 01, 2021, 02:22:37 PM »
Do you have one more than one card with Chase? If yes, can you move some of the credit line from another of their cards to the card you want to use to make the purchase? No increase in the overall credit that they've extended to you that way and hopefully no pull on your credit.

Duke03

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Re: Increase in Credit Limit - Chase
« Reply #5 on: May 02, 2021, 07:39:04 AM »
Just cycle your current credit limit...  Have home depot split the transaction into two charges.  Charge 10k pay it off charge the next 10k.. I wouldn't do a hard pull to increase your credit limit.  Your best option is apply for two new chase cards or if you are married have your wife apply for another 2 then split the payment across 4 different cards and hit the spending bonus on each card right away.  Doing it this way could net you over 300k ultimate reward points depending on which cards you apply for.  Just some friendly advice from a professional churner...

cool7hand

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Re: Increase in Credit Limit - Chase
« Reply #6 on: May 02, 2021, 01:16:31 PM »
I did something similar with AMEX Blue in 2014 and did not require a credit check.

zolotiyeruki

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Re: Increase in Credit Limit - Chase
« Reply #7 on: May 02, 2021, 02:48:43 PM »
Big purchase?  Get a City double cash card and use that!

ryan_themoneyguy

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Re: Increase in Credit Limit - Chase
« Reply #8 on: July 18, 2021, 04:30:16 AM »
First, make sure that your credit card company has your most updated income, because you might be due for a limit increase anyway. Once that's squared away, it's fine to have them do a hard credit inquiry because you'll most likely get approved if your credit score is decent. The hard pull will only ding your score temporarily (as long as you're not also applying for multiple credit cards around the same time), and you should be able to recover in a few months--especially if you have that higher credit limit and you don't end up using a ton of it every month. Credit utilization ratio matters, too!

Dee18

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Re: Increase in Credit Limit - Chase
« Reply #9 on: July 18, 2021, 08:19:11 AM »
You might want to get a new credit card with a major signup bonus instead of raising the limit on the card you have.