Fully expecting a recon call due to “too much credit extended”, I applied for a Chase personal card yesterday. For the first time (in over 60 Chase applications and dozens of Chase recon calls) I was offered the possibility of moving credit limit online (as per quote below) to get an approval. Added 30 seconds to the instant approval process. MUCH less aggravating and time consuming than a recon call.
I see this as game-changer of Chase application procedures, hope it’s not a pilot program and will be an ongoing option. Would save many recon calls and significantly affect the long standing debate regarding credit limit “consolidate never pre-emptively lower” vs “lower to whatever unknown number Chase has in their system” and also instant approval vs recon call to reallocate credit limits.
I’ve only seen this process reported here at FT once before, last springtime.
Thanks for your application, there's just one more step. Based on our review, we're unable to give you additional credit at this time. However, if you'd still like this card, the good news is you can move between $15,000 and $50,000 of unused credit line from one (or more) of your existing Chase cards to this new card. If you choose to skip this step, you'll receive a letter in 7 to 10 business days explaining our decision. Please move a total of $XX,XXX to $XX,XXX from CREDIT CARD (...XXXX) Chase ABC