Your credit limit is important because it affects how much you spend and has a significant effect on your credit score.
Most Americans are facing financial need because of the breakout of coronavirus, and it is affecting their spending habits. Requesting for a credit limit increase can be necessary in rough times like this.
The need to increase your credit limit might be to finance a large purchase of goods or boost your credit score. Whichever be the case, if you have a Chase credit card, you can request a credit limit increase and boost your spending power.
As a Chase customer, requesting a credit limit increase is simple. While you can request a credit limit increase from other top credit providers online, you can’t request a Chase credit line increase online.
If you want a Chase credit limit increase, call the number at the back of your card.
Before you ask Chase for a credit line increase, beware of things that might affect your credit limit increase and options to consider if they decline your request.
Let’s show you want you need to know before making the call to request for Chase credit limit increase.
Table of contents
Before Requesting for Credit Increase with Chase
Before you request a Chase credit limit increase, equip yourself with important information to aid the process.
There are questions that you must ask yourself before requesting a credit limit increase with Chase.
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What’s My Current Chase Credit Limit?
To boost your chances of approval and reduce your risk of running into debt, you need to find out how much credit Chase is giving you.
Because you can’t ask for a credit increase from Chase more than you can pay off.
To know your current credit limit, you need to first log into your Chase account on each of your credit cards and check your credit limit.
If you have a challenge knowing your credit limit, you can calculate it by adding your current balance to your available credit.
Am I Eligible For a Credit Increase with Chase?
There are no strict requirements for a Chase credit limit increase.
However, you have two factors that can help in determining your eligibility for a credit limit increase.
- Account history
- Credit score
Credit cards just a few months into use, will not be eligible for a Chase credit line increase. You should wait for six months or above to contact Chase with a request for a credit increase.
It’s also good to check your credit score before applying for a Chase limit increase. Take your time to build an outstanding credit score because your request will probably be successful if you have excellent credit.
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How much credit do I need from Chase?
Once you find out your current credit limit with Chase and you have a good credit score, it’s right to ask yourself how much credit you want from Chase.
You should have a sensible number in mind and prepare to support your request with the claim that you use your credit card wisely.
It’s not a good idea to ask Chase to increase your credit limit on a large scale. For example, going from $5,000 to $6,000 is better than going from $5,000 to $10,000.
When should I request a Chase credit line increase?
If you’re using Chase credit cards, you can only request for a credit line increase after six months or more.
Sometimes, Chase explicitly demands that you must have an active credit card and should be in use for at least eight months or even a year.
Sometimes you can request a Chase credit limit increase for specific reasons, but you have to prepare to defend yourself over the phone.
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How long does a Chase credit limit increase take?
Chase doesn’t spend time increasing your credit limit after they get your request.
Once you get approval for a credit line increase request, the credit increase reflects in your account immediately.
Sometimes you don’t have to lift a finger to get a Chase credit line increase! You may get an automatic credit limit increase every 6 to 12 months if you pay your balance in full and on time every month.
4 Ways You Can Increase Your Credit Limit with Chase
Requesting for Chase to increase your credit limit isn’t the only way. There are other ways to boost your Chase credit line.
Here are four legitimate ways to increase your Chase credit limit in 2023.
#1. Apply for a New Chase Credit Card
One of the easiest ways to increase your Chase credit line is to apply for a new card.
Getting a new Chase credit card will not increase the credit line on your old Chase cards, but it can give you an extra line of credit to use.
The advantage you can gain from getting a new Chase card is an increase in your credit score. Other benefits include the ability to earn multiple sign-up bonuses.
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#2. Request for a Credit Limit Increase
Unlike other credit card providers, you can’t request a Chase credit limit increase online.
To request an increase in your credit line from Chase, call the number on the back of your credit card. This implies that they can only process Chase credit increase requests over the phone.
Before making the call, prepare to discuss the credit line you want Chase to add to your account, and your current income, employment status, and reasons for requesting an increase.
There is a great need to prepare well because this is the only chance you prove that you can manage your largest line of credit.
#3. Wait for an Automatic Chase Credit Limit Increase
From time to time, current Chase cardholders can benefit from an automatic increase in their credit limit.
To increase your chances of getting an automatic Chase limit increase, be sure to manage your current Chase credit accounts responsibly.
Another way to increase your chances of gaining an automatic increase in your credit line is by updating your income with Chase. If you get a new job and your income increases, inform Chase.
If you do, you can get an increase in your credit limit.
#4. Accept Offer for Targeted Credit Line Increase
If Chase doesn’t increase your credit line automatically, they can send you a message asking if you want to increase your credit limit.
Responding to these offers is a great way to build your credit. This kind of offer appears automatically once you log into your Chase account, although you can receive an email notifying you of a new offer.
Once you accept the offer, they will automatically apply the credit limit increase to your account.
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What To Do If They Deny Your Request
Applying for a Chase credit increase can come with the challenge of request denial. If you face such a challenge anytime, you still have options.
Here are three ways to overcome the situation of getting denied for a Chase credit line increase:
#1. Go for a Balance Transfer
If you get a decline in your Chase credit limit request, consider a balance transfer instead.
Credit card balance transfer permits you to transfer old balances from existing cards to the same card or to a new card.
Chase has three different options for consumers who want to transfer an existing balance after denial:
- #1. Chase Slate
- #2. Chase Freedom Unlimited
- #3. Chase Freedom
Each of these options comes with its own benefits and as a customer-facing the challenge of card decline, you can choose any of these three options.
They process most Chase balance transfers within a week, but sometimes it can take up to 21 days.
#2. Increase your Credit Score
Your credit score can be the reason they denied your credit limit increase. If your credit score is stopping you from getting your credit line increased, then it’s time to improve it.
A Chase balance transfer credit card can help improve your credit score. Sometimes, you may see a positive impact on your credit score if you transfer your balance to a single new card and take action to reduce your debt balances.
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#3. Get a New Chase Credit Card
If you got declined after requesting a credit line increase with Chase, you can also consider applying for a new card.
A Chase new card can help increase your credit score and improve your success for Chase credit limit increase.
Conclusion
Requesting for a Chase credit line increase can be a brilliant move to boost your credit score, finance a huge purchase, or transfer a balance to a card with a lower APR.
Whichever be the case, research properly and consider why you need to request a credit limit increase with Chase.
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