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mjmcgove

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What are the odds of a Credit Line Increase with a high balance?
I have a chase freedom card, and have had it for 2 years. was late on one payment when i first got it, but have been on time ever since. i am running an extremely high balance right now at $950 and my current limit is $1000. I was wondering what my odds of approval for an increase in credit limit is. I am trying to get it higher to lower my card usage percentage.

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Top Contributor
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Your odds are 50/50.  That late payment scares me.  The worst that can happen is they tell you no.  Well, tell you no after a hard inquiry.  But those points could be worth the educational factor of why they told you no.   It gives you something to work toward.   Is this your only credit card?   You could check the other credit cards (Citi, Discover, Amex) that have the ability to do a pre-qualification on their website and a balance transfer option.   You could get the same result by getting a different card to transfer the balance to with zero percent interest for 12-15 months.   Then your goal would be achieved as long as you don't put the charges back on to the Chase card after it is paid off.

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