Whether you need it now or think you’ll need it later, having a higher credit limit can definitely give you peace of mind.
Aside from increasing your purchasing power, credit limits also have a direct impact on your credit score. By increasing your available credit, you can decrease your credit utilization; a lower credit utilization shows lenders you’re not stretching yourself beyond your means.
Increasing your Chase credit limit is a simple process, but there are a few things you should know in order to increase your odds of getting the increase and not damaging your credit in the process.
3 ways to increase your Chase credit limit
Luckily, the process for increasing your Chase credit limit is as straightforward as can be. With several ways to go about it, you should be able to submit your request and have a decision in no time.
1. Wait for an automatic credit-limit increase
Chase, like many other credit card companies, may automatically increase your credit limit if you demonstrate a history of responsible borrowing, but this isn’t guaranteed.
Every so often, credit card lenders will pull your credit for regular account maintenance or in order to send you offers for bank products, such as new credit cards or balance transfer offers. These credit inquiries are considered soft pulls, so they don’t impact your credit. If Chase decides to increase your limit after reviewing your account, you’ll get the increase without your credit score being affected.
How often these automatic bumps occur varies — and even if you’re a loyal customer who pays your balance in full every month, the automatic increase still may not happen on its own. If you can’t wait — or don’t want to wait — to be considered for a credit-limit increase, you can initiate the process by reaching out to Chase directly.
2. Request an increase over the phone
You can hop on the phone with a Chase representative to initiate a credit line increase request. Start with the number on the back of your card. You might also find these phone numbers helpful:
|Personal credit cards general number||1-800-432-3117|
|Business credit cards general number||1-888-269-8690|
Before you make the call, be prepared to explain why you deserve a higher limit. You can use talking points like your history of on-time payments, frequent use of the card, improved credit score, or an increase in income. Remember that credit card issuers aren’t obligated to approve your request, so ask for an increase in a courteous manner.
By submitting a request for a credit-limit increase, you authorize Chase to obtain a copy of your credit report to determine if the request can be approved. Since you’re making the request, the inquiry into your credit will be a hard credit pull, which could impact your credit score.
Regardless of how you go about it, you’ll need to provide some basic information for the request to be processed. This information includes personal details, such as:
- Total gross annual income
- Monthly housing payment amount
- Employment status
- Annual non-taxable income (if applicable)
- Total credit line you’re requesting
Once this information is received and reviewed by Chase, you’ll typically be notified by email with Chase’s decision. The decision is usually instant; however, it can sometimes take up to 10 business days for the determination to be made.
3. Open a new Chase credit card
Another way to increase your credit limit is to open a new credit card. Of course, this should only be done if adding a new credit card makes sense for your personal situation.
Chase offers a slew of credit card products for every type of borrower. From cashback to travel cards, finding the right card for you to increase your credit limit shouldn’t be an issue. The Chase Sapphire Preferred Card, for instance, is an excellent choice if you love to travel and dine out. If you’re in need of a solid cashback card that will allow you to earn rewards on every purchase, the Chase Freedom Unlimited will do just that.
Before you apply, make sure you can comply with Chase’s 5/24 rule. This unofficial rule states that if you’ve signed up for five new credit card accounts within 24 months, the chances of being approved for a new Chase credit card are slim to none.
If you’re approved for a new card but still want to increase the limit of another, Chase sometimes allows available credit to be transferred from one card to another. Call and speak with a representative and ask if they can move some credit from one card to another.
Commonly asked questionFAQs about Chase credit line increases
When can I ask for a credit increase with Chase?
There’s no hard rule when it comes to the “right” time to ask for a credit limit increase. In general, you’ll want to hold out on requesting an increase until you’ve demonstrated responsible credit card usage for at least six months.
Does Chase pull my credit when I request a credit limit increase?
When requesting a credit limit increase, Chase may review your financial information, including your credit report, before making a final decision on your request. However, if Chase performs an automatic credit increase that you didn’t request, it may have performed a “soft” credit inquiry, which doesn’t negatively affect your credit score.
Would Chase ever decrease my limit?
Yes, this can happen. Chase reserves the right to decrease your credit access limit at any time, if it deems a reduction necessary.
What happens if I request a credit limit increase and Chase says no?
If Chase declines your request for a credit limit increase, your card’s existing credit limit will still remain. If you feel like you were declined in error, then you may want to contact the Chase card support number located on the back of your credit card to see if Chase will reconsider your request for increased credit
Whether you need the extra credit for a large purchase or want to lower your credit utilization to improve your credit score, increasing your credit limit is not only possible — it’s easier than you think.
It’s also not the only option. If you want even more flexibility in your purchasing power, you may want to consider a charge card. Charge cards don’t have set spending limits; instead, your purchasing power is based on your card use, credit score, and payment habits. You’re required to pay your balance in full every month, so take this into consideration before making any decisions.
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