There are many good reasons to request a higher credit limit. Asking your card issuer to increase your credit limit can help reduce your overall credit usage or help you afford a large purchase that you plan to pay off over time (although of course we caution against increasing your line of credit to pay for purchases you may not affordable).
If you have a Chase credit card, the process for requesting a higher credit limit is actually quite simple. It is even possible to get a larger line of credit without special request. Keep reading to learn more about increasing your line of credit with Chase.
Qualifications
While most banks do not have strict requirements for increasing your credit limit, there are some good general principles to keep in mind to improve your eligibility for a loan. You are most likely eligible for a line of credit increase if the following statements are true:
- You have a good track record timely payments.
- You have an open account for at least six months.
By following the guidelines above, you are showing card issuers that you can use your line of credit responsibly. If you have demonstrated that you can make payments on time, it signals to Chase every time that you can handle a higher limit.
Likewise, you can build a better reputation in the bank by displaying this kind of behavior over a long period of time. The longer you have a Chase account open, the more data they have to look at and decide if you are a responsible cardholder. Also, if you applied for a new card less than six months prior to requesting a credit limit increase, it is unlikely that much has changed on your credit report warranting a higher credit limit.
Before requesting a credit limit increase
Before you start increasing your credit limit, it’s important to keep a few things in mind.
First, you must decide exactly what line of credit you would like to have. In general, we recommend that you do not ask too much at once, unless you are confident that you can get a significant raise. For example, try not to ask for too much too quickly, such as trying to double your current limit. Increase your chances of getting approved and minimize your risk of getting into debt by not asking for more than you can easily repay.
It is also important to review your credit report and find out your credit score before applying for a higher line of credit. If you know how you view creditors, you can better explain why you deserve a higher limit. In addition, you will see any late payments or negative marks that may result in your request being denied.
Finally, if you have been making minimum payments and maintaining a balance, you may want to change your strategy before requesting an increase in your line of credit. The issuer is more likely to grant you a higher credit limit if you demonstrate the ability to repay the loan.
The process of applying for an increase in the credit limit
Once you have reviewed your credit report and are confident that you are responsible for your credit, you can apply for a higher credit limit. Luckily, there are several ways to get a higher line of credit from Chase.
Automatic credit line increase
Sometimes Chase may increase your credit limit without asking. Chase checks your account regularly and can boost your credit if you have a history of making payments on time and keeping your credit usage low. However, there is no guarantee that you will see such an offer, and Chase does not publish timelines for when your account may be considered.
Target offers online
Not every cardholder has the ability to request a credit line increase for their Chase card online, but you can get a targeted offer. You can log into your account here to see if you have any current offers from the bank.
However, if you do not receive a targeted offer, you will have to complete a credit limit request over the phone. Keep in mind that just because you don’t have a targeted offer doesn’t mean you won’t be approved, as Chase appears to be expanding such offers on a relatively limited basis.
Call to customer support
The last and most common way to increase your Chase credit limit is to call the number on the back of your card and request it directly. You must be prepared to justify why you deserve a raise.
The representative will most likely ask why you need more credit, so have all the necessary information ready. Mention any changes in your situation that may require an increase in your credit limit, such as an increase in your income or the balance you would like to transfer. You can also use your positive history with Chase to better argue your case, such as how long you’ve been a customer and your reputation for timely payments. Also, make sure you don’t request an increase in your credit limit, which will result in you taking on more than you can repay.
If a customer service rep thinks you may qualify for a higher credit limit, they will likely pull your credit report out to check your eligibility. You need to be prepared for a tough draw on your credit that could result in losing a few points from your account.
If your request to increase your credit limit is denied, don’t be discouraged.
After you have given reasons why you need to increase your credit limit, Chase may still decide to deny your request. There are several consequences of refusing to increase your credit limit, especially if they didn’t pull your credit report. Ask a customer service rep why you weren’t approved so you can start improving your chances next time.
- Work to gradually improve your credit history make payments on time and, if possible, pay off the balance in full.
- Pay off any balances on other cards to improve overall credit usage.
- Use the card regularlysince Chase may be hesitant to increase the limit of a card you don’t use often.
- Update your income in your online account.
- Try asking at another time of the year. A 2019 TransUnion study found that credit limit increases are more common between January and May.
- Consider applying for another card with the same bank. if you need access to more credit.
Pros and Cons of a Higher Credit Limit
If you’re still deciding if a credit limit increase request is right for you, here’s a brief overview of some of the pros and cons of using this option with Chase.
Pros:
- You can lower your credit usage and improve your credit score.
- Over time, you will have more flexibility to fund larger purchases.
- You will unlock the ability to spend more on the card, which means you can earn more rewards.
Minuses:
- A strong craving for your credit can lower your score for a short time.
- It can be tempting to spend more than you can afford if you have a higher limit.
- A tight credit craving can limit your ability to qualify for the highest interest rates on loans and mortgages.
bottom line
Whether you’re looking to finance a major purchase, transfer your balance to a card with a lower annual interest rate, or improve your credit score by lowering your credit usage, requesting a credit limit increase from Chase can be a great move. While there are no strict requirements to be eligible for an increase, it is important to make sure you demonstrate good credit management to lenders. Typically, this shows up in a history of timely payments and continued low credit utilization.
Before you apply for a higher credit limit, do your research and think carefully about why this is the best option for you.
Editorial disclaimer
The editorial content on this page is based solely on the objective judgment of our contributors and is not based on advertising. It was not provided or ordered by credit card issuers. However, we may receive compensation when you click on links to our partners’ products.
