In a NutshellGetting a credit limit increase on a Chase credit card could be as easy as picking up your phone, applying for a new card or simply waiting for Chase to raise your limit.
Getting a credit limit increase on a Chase credit card gives you more spending power and might also help improve your credit scores.
Your credit utilization rate, or how much of your available credit you’re using at a given time, is an important factor in determining your credit scores. If you can qualify for a credit limit increase on one of your credit cards, it could lower your utilization rate, which could help increase your scores.
There are a few ways to increase your credit limit with Chase. Here’s what you should know and what to expect about the process.
- Understanding your current Chase credit limit
- 3 ways to get a higher limit on a Chase credit card
- Next steps: What to do if Chase denies your request
Understanding your current Chase credit limit
Before you call Chase to ask for your credit limit to be raised, it’s important to understand your current financial situation and determine whether it’s a good idea.
Find out what your current Chase credit limit is
Cardholders can see their current Chase credit limit by logging into their online account or mobile app, checking their monthly statement or by calling Chase customer service.
If you’re looking online, open the card details — you’ll be able to see it directly under your current balance. On your monthly statement, it’ll be in the account summary section.
What do you want your new credit limit to be?
If you call Chase and request a higher credit limit, the customer service representative might ask what you want as your new limit. Think about that before you call so you’re prepared with a number based on your situation.
Why do you want to increase your Chase credit limit?
Take some time to consider why you’re hoping to get a credit limit increase on your credit card. For example, do you want to pay off a large purchase over time but not have enough available credit? Or are you hoping that more available credit will help improve your utilization rate and boost your credit scores?
It’s also important to think about the potential downside of increasing your credit limit with Chase. If you’re consistently bumping up against your current credit limit because you’re spending more than you can afford to pay back every month, increasing the limit could push you deeper into debt, which can do more harm than good.
3 ways to get a higher limit on a Chase credit card
Whether you’re hoping to increase your available credit with Chase to get more buying power or working to boost your credit scores, here are three ways you may be able to get a higher limit on your Chase credit card.
Ask for an increase
If you’re relying on Chase to increase your credit limit on its own, you may end up waiting a while — the bank doesn’t disclose how often it evaluates accounts.
If you don’t want to wait for an offer and are hoping to get a credit line increase from Chase, you can call the number on the back of your card and request one. The bank will review your account, credit history, income and other factors to determine whether you’re eligible.
It’s important to note that when you apply for a credit limit increase, the card issuer will typically run a hard pull on your credit reports to determine the strength of your credit. This hard inquiry can lower your credit score, if only temporarily.
Apply for a new Chase card
If you have a good track record with your credit, you may be able to get approved for a new card. Adding a new Chase credit card to your wallet isn’t the same as increasing your limit on an existing card, but getting approved for a new card would increase your overall available credit.
Remember, though, that applying for a credit card typically results in a hard inquiry. Also, opening a new account can also affect your credit scores by reducing the average age of your accounts.
Wait for an automatic credit limit increase
In some cases, your credit card issuer may choose to increase your credit limit on its own. This typically occurs when you’ve had an account with a card issuer for a while and you’ve maintained an excellent credit history.
You may also qualify to have your limit raised if your annual income has increased. Chase allows you to add your income to your profile in your online account, which can help you qualify for credit line increases and more personalized offers.
Depending on the situation, the increase may happen automatically, or you may receive an offer from the credit card company, which you may need to accept in order to get the credit limit boost.
When a credit card issuer reviews your credit history on its own, it will only be conducting a soft inquiry because lenders are required to get permission to perform hard inquiries. On the flip side, the bank may also choose to lower your credit limit based on its review of your account.
Next steps: What to do if Chase denies your request
If Chase denies your request to increase your credit limit, there may be a few reasons for it. First, it’s possible that you don’t qualify based on your credit history, income or account history. Ask for information about the denial and take steps to improve your situation.
Once you get to where you need to be financially, you could ask Chase again. You could also apply for a credit card with another lender or ask for an increase on a card that you have with another credit card issuer.
Research your options before you take the next step and think carefully before requesting a higher limit.