Ask Chase to reduce credit limit after approval?
Sep 18, 2016, 8:24 pm
#1
Original Poster
Join Date: Feb 2014
Posts: 908
Ask Chase to reduce credit limit after approval?
Minimum credit line on the CSR is 10k. The computer seems to want to give you 35k to approve you automatically, so you might have to call in, but you can easily transfer 10k from your CSP to the get the CSR. You have plenty of Chase credit you can move to it, so you should be just fine. Apply. If not automatically approved, call in and have them move $10k from the CSP. Then if you want, when the CSP annual fee posts, downgrade it to a Freedom or Freedom Unlimited.
I was approved for 34k. I SM chase and asked to be lowered to 5k. They sent me an SM a few hours later saying they lowered my credit limit to 5k.
I did this with all my other chase card. SM chase to lower by CL to 5k.
Sep 19, 2016, 7:32 am
#2
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Just curious - why would you reduce your CL?
Sep 19, 2016, 9:36 am
#3
Join Date: Jul 2011
Location: SF Bay Area
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You cannot get legit entries removed from your credit report, period. You can ask them to ignore those entries for 5/24 purposes and this does not require closing any cards.
Sep 19, 2016, 10:49 am
#4
Join Date: Jan 2013
Programs: Hyatt Glb, MR Plat
Posts: 2,577
Due to less overall credit with Chase, this dramatically increases the chance of auto-approval or avoiding having to call in for recon. I would keep one of the cards at $10k however for reallocation purposes if necessary.
Sep 19, 2016, 12:00 pm
#5
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The question I asked was from somebody that had already been approved for $35k. He then asked them to lower it to $5k. (see post #2754)
Why would somebody ever reduce credit line?
Sep 19, 2016, 12:30 pm
#6
Join Date: Dec 2011
Location: San Francisco
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I have definitely reduced the credit line on cards I don't use much, and indeed before applying for the CSR I reduced the CLs on my MPE and MR cards, hoping to increase the odds of an auto-approval. (And I was in fact auto-approved, though I obviously don't know if the CL reductions helped.) But I would never reduce the CL for a card like the CSR to such a low amount. I will easily spend more than $5k in some months on a card that will get most of my hotel and airfare spending. I might have a single charge more than that!
Sep 19, 2016, 12:41 pm
#7
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Note - auto approval is great.
BUT - if for some reason, Chase decides to not increase their exposure to a certain individual, the applicant could be in trouble. The reasons are not always simple why they might do this. You just never know.
Moving credit line from one card to another appears to a simple process with little to no approval required. Yes, the applicant has to call in, but it is easy stuff.
Just another view to those about to apply.
BUT - if for some reason, Chase decides to not increase their exposure to a certain individual, the applicant could be in trouble. The reasons are not always simple why they might do this. You just never know.
Moving credit line from one card to another appears to a simple process with little to no approval required. Yes, the applicant has to call in, but it is easy stuff.
Just another view to those about to apply.
Sep 19, 2016, 3:02 pm
#8
Join Date: Jan 2013
Programs: Hyatt Glb, MR Plat
Posts: 2,577
Like I said, due to less overall credit with a certain bank, you have more room for more credit, thus auto-approval. This works across most if not all banks basically. Now if you only have a few cards for the particular bank, then you probably don't need to do this. When you're 5+, yes it helps.
Sep 19, 2016, 3:08 pm
#9
Join Date: Jul 2016
Location: Dallas, TX
Programs: WN A-List Pref, Hilton Diamond, Marriott Gold, IHG Plat
Posts: 460
I never try to reduce my overall credit availability, since you don't have any guarantee of getting it back.
Sep 19, 2016, 3:57 pm
#10
Join Date: Nov 2015
Location: St. Louis, MO
Programs: Southwest Companion Pass
Posts: 790
I wouldn't always count on this working. There are a lot of criteria that go into credit decisions and total credit exposure is only one of them. As has been stated before (and hopefully for the last time), it's not that hard to call recon and just ask to have the CL moved if denied.
I never try to reduce my overall credit availability, since you don't have any guarantee of getting it back.
I never try to reduce my overall credit availability, since you don't have any guarantee of getting it back.
Sure you can call them up and have them reallocate you credit to get approved, but there are times when you definitely want to get auto-approved. A perfect example is when applying for two Southwest cards. I for one would rather not get asked why I need two cards.
Sep 19, 2016, 11:09 pm
#11
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Sep 20, 2016, 1:26 am
#12
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
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Also I don't really feel comfortable travelling with a 34k CL. If the card gets compromised the culprits can really go to town for a while. A 10-12k CL stops that activity faster.
Sep 20, 2016, 4:25 am
#13
Join Date: Aug 2008
Location: Somewhere in Florida
Posts: 2,620
My cards get used all over the place and fraudulent use is quite rare. 2 incidents after 15+ years with credit cards. BOTH were due to vendor data breaches, NOT skimmer / scammer activity. Both issues were easily resolved with a single phone call to the credit card.
My parents did get their CC# skimmed by a restaurant server in Orlando, but this was almost 10 years ago. The bank pro-actively called them when simultaneous charges were showing up for physical stores in 2 states. Again, no muss, no fuss.
Sep 20, 2016, 6:47 am
#14
Suspended
Join Date: Feb 2008
Posts: 836
This statement makes no sense. You aren't responsible for any fraudulent charges. I'd rather have the peace of mind of having the higher limit if I ever got in a bind. Plus, having a statement close with $4-5K is a much lower ratio on a card with a $34K limit and a $10-12K limit, thus I can spend more without it negatively affecting my FICO scores.
Sep 20, 2016, 7:30 am
#15
Moderator: Lufthansa Miles & More, India based airlines, India, External Miles & Points Resources
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Why bother? Fraud is Chase's problem & liability, not yours. This is the #1 reason I use credit cards over debit cards. I'd rather fight over the bank's money, not mine.
My cards get used all over the place and fraudulent use is quite rare. 2 incidents after 15+ years with credit cards. BOTH were due to vendor data breaches, NOT skimmer / scammer activity. Both issues were easily resolved with a single phone call to the credit card.
My parents did get their CC# skimmed by a restaurant server in Orlando, but this was almost 10 years ago. The bank pro-actively called them when simultaneous charges were showing up for physical stores in 2 states. Again, no muss, no fuss.
My cards get used all over the place and fraudulent use is quite rare. 2 incidents after 15+ years with credit cards. BOTH were due to vendor data breaches, NOT skimmer / scammer activity. Both issues were easily resolved with a single phone call to the credit card.
My parents did get their CC# skimmed by a restaurant server in Orlando, but this was almost 10 years ago. The bank pro-actively called them when simultaneous charges were showing up for physical stores in 2 states. Again, no muss, no fuss.
This statement makes no sense. You aren't responsible for any fraudulent charges. I'd rather have the peace of mind of having the higher limit if I ever got in a bind. Plus, having a statement close with $4-5K is a much lower ratio on a card with a $34K limit and a $10-12K limit, thus I can spend more without it negatively affecting my FICO scores.