Did you finally get the raise you’ve been working for? Then, it’s about time for your Chase Credit Limit to increase accordingly.
To request a Chase credit limit increase, simply call the number on the back of your Chase credit card. Unfortunately, Chase currently doesn’t allow credit limit increase requests to be made online.
Can I Receive an Automatic Credit Limit Increase with Chase?
Yes, most credit card issuers automatically increase your credit limit once you meet certain requirements. These requirements include but are not limited to:
- Consistently making payments on time
- Having the card open for a long period of time
- Recent boost to income
You can expect Chase to evaluate these factors every 6 – 12 months. If you can’t wait that long, then feel free to call the number on the back of your Chase Credit Card and request a credit limit increase.
Does Requesting a Credit Limit Increase Hurt My Credit Score?
Yes, requesting for a credit limit increase may hurt your credit score in the short term if your issuer performs a hard credit check (Chase does this).
However, if you successfully increase your credit limit, then you’ll also end up boosting your credit score if you keep your additional spending in check.
In short, if you want to counteract the short-term decrease in your credit score, be sure to aim for a lower credit utilization after your credit limit increase is approved.
Improve Your Chances of Getting Approved for a Credit Limit Increase
Here are the main factors that credit card issuers check to see if you’re eligible for a credit limit increase:
- On-time Payments
- Credit Score
- Credit Utilization Ratio
- Minimum Monthly Payments
- Recent Changes to Income
- Age of Account
To increase your chances of getting approved for a credit limit increase then you should do your best to work on the factors listed above before submitting your request.
Related articles:
- Chase Monthly Service Fee Guide
- Chase $900 Bonus for Checking and Savings Account
- Chase 5/24 Rule: How it Works, Definition & Exceptions
Why Did My Chase Credit Limit Decrease?
If you’re planning to request an increase in your Chase Credit Limit after it has been recently reduced, then you’ll first need to figure out the reason for the decrease.
Here are the most common reasons why credit card issuers may decrease your credit limit:
- Late payments
- Signs of elevated risk
- Financial crisis
- Extended period of low spend
If you’re constantly making late payments or if Chase has deemed you as high-risk, then you can expect your request for an increased credit limit to be denied. In a similar vein, asking for a credit limit increase in the middle of a financial crisis probably won’t go well for you.
If your credit limit decreased due to not spending enough for a certain period of time, simply call the number on the back of your credit card and ask them to revert the change.
