Got my Chase VISA card today with a limit of...

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S

Syringer

Lifer
Aug 2, 2001
19,333
2
71
$400 :confused:

Why is it so low? I applied for this card simply for the cash back benefits, as I have another BofA card and an Amex with limits of $2000 on each that's completely paid off every month.

I'm 22, and the only current debts I have is a student loan which doesn't have to be paid yet since I'm in school..and I just checked my FICO score through experian and it's 715. Not spectacular by any means, but it shouldn't be bad enough to warrant a limit of $400. What else is the limit based on?

Should I decide that I don't want this card, would it hurt to just toss it and apply for a Mastercard with similar benefits?
 
Jeff7181

Jeff7181

Lifer
Aug 21, 2002
18,368
11
81
Who knows... I just got a new HSBC Mastercard with rewards with a $7500 limit. My previous Visa has a $10,000 limit.
 
MikeyIs4Dcats

MikeyIs4Dcats

Lifer
Nov 5, 2001
18,366
3
0
because you touch yourself at night.






and in the morning



and after the Price is Right





and during Judge Judy.
 
B

Britboy

Senior member
Jul 25, 2001
818
0
0
Don't think it's a good idea to just keep applying for cards. Why don't you just call them and ask them to increase your limit.

We got an amex blue for the rewards and they only gave us a $2K limit. I called and told them if they wanted us to use the card they would need to increase it, told them our other card had a limit of $20K and I needed a $10K limit, they approved it in 30 seconds on the phone.
 
E

EvilPaper

Member
Mar 1, 2004
66
0
0
Originally posted by: Syringer
$400 :confused:

Why is it so low? I applied for this card simply for the cash back benefits, as I have another BofA card and an Amex with limits of $2000 on each that's completely paid off every month.

I'm 22, and the only current debts I have is a student loan which doesn't have to be paid yet since I'm in school..and I just checked my FICO score through experian and it's 715. Not spectacular by any means, but it shouldn't be bad enough to warrant a limit of $400. What else is the limit based on?

Should I decide that I don't want this card, would it hurt to just toss it and apply for a Mastercard with similar benefits?
Click to expand...


I'd be careful with the applying and tossing credit cards thing. At your age, it can really impact your credit score and overall credit profile in a negative way. It can be seen as 'fishing' for credit. Which is really what you are doing. It makes lenders, especially credit card companies, very nervous.

I'd just use your Chase responsibly for a while, and I wouldn't be surprised if they increase the credit limit without you doing a thing.

Edit: Also, I just wanted to add, companies have very different methods of determining your eligibility for a credit card and the corresponding credit limit. Some factor credit score more, some factor income levels more. Chase, being the traditional financial institution it that is, usually wants both. However, American Express, although an older company, has adopted a different approach recently.
 
G

George P Burdell

Lifer
Aug 25, 2004
11,151
1
81
1. Charge $400 to your card.
2. Call Chase and b1tch at them for not letting you spend more coz of your small small credit limit.
3. ...
4. Profit?
 
S

Suspicious-Teach8788

Lifer
Feb 19, 2001
20,155
23
81
Who knows. AMEX gives me $8000 cards, and BoA gives me like $10k cards, but I got a 1.5k Citi Dividend card. Not that I need more, b ut I found that to be weird. Go call them and ask for more.
 
C

Cable God

Diamond Member
Jun 25, 2000
3,251
0
71
I would stay FAR away from Chase. They have been ratejacking LOTS of people lately. I'd close it and go with Citi, Juniper, BofA, MBNA,or Amex.
 
M

Mail5398

Senior member
Jul 9, 2001
400
0
0
It's called open credit my friend. Credit card companies look at your credit report and see how much open credit you have. I personally have 60,000 in open credit on my two cards. The last time I applied for a card they gave me a limit of 5000 because they said I had too much open credit. I called and told them to take their card and stick it.

 
HardcoreRobot

HardcoreRobot

Lifer
Nov 7, 2000
16,403
3
81
my first Chase card (Perfectcard) came with 400. after one month i requested it be raised to 1000. they decided to lower the limit to 100. it sat there for a couple weeks, then it was up to 500. 2 months later it was at 1000.

i applied for another one from them (cash rewards plus) a couple months after that one and it came with 2k. finally i have more credit than i can spend!
 
A

Atomicus

Banned
May 20, 2004
5,192
0
0
Should've stuck with a Citibank Dividend card for students. I got a limit of 4k .

The only other card I held was a joint account with my brother on a Discover.
 
D

DaWhim

Lifer
Feb 3, 2003
12,985
1
81
is that a student card? probably that's why. also, your credit score may be too low. is it low 700s?
 
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