There’s no denying that having a bigger credit limit might offer you a sense of security.
Credit limits not only boost your spending power, but they also play a significant role in determining your credit score. You can lessen your credit usage by increasing your available credit; a lower utilization indicates lenders that you aren’t overstretching yourself. Know the steps if how to request credit line increase Chase.
Increasing your Chase credit limit is straightforward, but there are a few things you should know to improve your chances of earning the raise while avoiding damage to your credit.
How to raise your Chase credit limit in three easy steps
There is no need to worry about the procedure of raising your Chase credit limit. You should be able to make your request and receive a response quickly because there are various options available.
- Wait for an automatic credit-limit increase. Chase, like many other credit card providers, may automatically boost your credit limit if you establish a history of careful borrowing, but this isn’t always assured. To keep track of your account or to send you fresh credit card or debt transfer offers, credit card companies pull your credit on a frequent basis. You won’t see an influence on your credit score from these queries.
Your credit score will not be impacted if Chase decides to increase your credit limit after examining your account. While the frequency with which these automatic increases occur vary, it’s still possible that you won’t see an increase even if you’re a consistent monthly payer. Rather than waiting to see if your credit limit may be raised, you can start the process right now by contacting Chase immediately.
- Request an increase over the phone. To begin the process of requesting an increase in your credit limit, call a Chase customer service agent. Take a number from the back of your card as a starting point. In addition, the following phone numbers may be useful:
Customer service numbers for personal credit cards are 1-800-432-3117, while those for business credit cards are 1-888-269-869. You should know why you deserve a greater limit before calling. One way to use talking points is to show that you have a good credit history and make regular payments on schedule. It’s important to keep in mind that credit card companies are under no obligation to grant your request for a credit limit increase.
Requesting a credit limit increase from Chase means that your credit report is going to be accessed to see if the request may be granted. Your credit score might be negatively impacted because you’re making the request, which is a hard credit draw.
Any method you choose, you’ll need to supply some basic information for the request to be handled. Personal information such as the following is included: Total gross annual income, Monthly housing payment amount, Employment status, Annual non-taxable income (if applicable), Total credit line you’re requesting.
Once Chase receives and reviews this information, you’ll normally be contacted by email. As soon as possible, however, it might take up to ten business days for a decision to be reached.
- Open a new Chase credit card. Open a new credit card to raise your credit limit. Obviously, this should only be done if it makes sense for your unique position to add another credit card.
Every sort of shopper may find a Chase credit card to suit their needs. Finding the perfect credit card to raise your credit limit shouldn’t be difficult, since there are a variety of them available, from cashback to travel rewards. You should choose the Chase Sapphire Preferred Card if you enjoy traveling and dining out. The Chase Freedom Unlimited is a great cashback credit card that lets you earn rewards on all of your purchases.
Make sure you can meet Chase’s 5/24 rule before you apply. According to an unwritten guideline, your odds of getting a new Chase credit card are limited to none if you’ve applied for five new credit cards in the previous 24 months. If you’ve been authorized for a new card, but wish to boost the credit limit on an existing one, Chase may enable you to transfer available credit across cards. If you’d want to transfer some credit from one card to another, give a customer service agent a call.
Increasing your credit limit is not only doable, it’s also easier than you think, whether you need it for a significant purchase or to decrease your credit use in order to enhance your credit score.
It’s hardly the only choice, either. A charge card may be an option if you’d like even more spending power. There are no predetermined spending restrictions on charge cards; instead, your purchasing power is based on how frequently you use the card, your credit rating, and your payment habits. Before making any selections, keep in mind that you must pay your debt in full each month.