When to CLI Chase Freedom (Visa Signature)

[max.b]

When I got auto-approved for Chase Freedom, the message said:

 

Your new account has a credit line of $5,000. If this does not meet your needs, please discuss available credit line options with our Customer Service Specialist when you call to confirm receipt of your card.

 

I activated it, but didn't speak to anyone or ask for a CLI. When is the best time to do it?

[Kilj0y]

It's going to be another HP to try and get it increased. I would wait at least 3 months preferably 6 before asking for an increase.

[max.b]

HP == Hard INQ?

[Kilj0y]

Yes

[max.b]

Why would they even do an INQ - it costs them money, doesn't it? And they just did an INQ days ago.

[nbipbm]

Why would they even do an INQ - it costs them money, doesn't it? And they just did an INQ days ago.

It costs them money, but so could not checking someones history if over the past few days they had major negative information show up. Chase will usually always perform a hard inquiry when asking for a credit limit increase, even if you were denied one minute earlier.

[cv91915]

 

Why would they even do an INQ - it costs them money, doesn't it? And they just did an INQ days ago.

It costs them money, but so could not checking someones history if over the past few days they had major negative information show up. Chase will usually always perform a hard inquiry when asking for a credit limit increase, even if you were denied one minute earlier.

Culture of this company is more averse to risk than it is cost-sensitive in this scenario.

 

In other words, ditto.

[max.b]

OK,

 

Given that they do a hard INQ, when is the best time to ask for a CLI?

 

Chances are, I'll be charging about $300/mo on it, until I earn the $100 cash-back, and then switch back to my other cards that have higher rewards. It might be hard to justify a CLI if they know my usage patterns.

 

Should I ask for a CLI right away, as their approval message suggested?

[patz2009]

If you can, give it a year. When the year comes up, say that you want to be able to maximize the use you can on (current bonus category at the time) without having to worry about your utilization levels. Expect a hard pull every time. Since Chase is really good about reallocating limits, many people will apply for a whole new card (CSP usually comes to mind) and then ask Chase to transfer limits to the cardholder's liking.