Basically there are two different ways to increase your credit limit with Chase.
- Pick up the phone and call the number on the back of your Chase credit card and speak with the representative.
- Go to this part of their website Chase.
Both are fairly straightforward and easy ways to increase the credit card limit and pretty self explanatory. However, before you do decide to increase your credit card limit with Chase or any other credit card company, keep in mind that every time you request to increase the limit, they will pull a hard credit on your credit report, which can lower your credit score. Other thing that you should also be mindful of is the reason you want to increase the credit limit. If you are racking up large purchases and are not able to pay off the entire bill, you may be paying a lot of money in interest payments. And with higher credit limit, you may very well be digging yourself into bigger financial debt from which it may be hard to get yourself out of. Sometimes, it’s much better to keep your limit lower and learn to be disciplined about things you purchase and payoff the entire credit card bill on time so that there is no need to pay substantial sums of money in interest payments.
Automatic credit limit increases
If you have been a good customer for the credit card company, they will automatically increase your credit card limits from time to time without even asking for it. Usually all banks, including Chase, will send a letter in the mail and let you know that your credit card limit has been increased to a new specific amount. Sometimes, if you have been not timely in making payments, they might send the letter in the mail to notify that your credit card limit is lowered too. It all depends on how responsible you have been in making payments.
Other than making timely payments, there could be numerous other factors that could drive banks to change the credit card limit up or down. For instance, if your income goes up and if you record the new income on your chase bank profile, there is a very good chance that Chase will increase your credit card limit. It may not be right of way, but there is a much higher possibility of that happening than say if your income was to go down.
An example
Let me share with you an example of what happened to a lady when she contacted Chase to have her credit limit increase to $12,000 from her current limit of $6,000. With a credit score of 800+, she thought it would be no problem to get that increase, especially since she earned a good income and owned a home. Unfortunately, she was given an increase of only $2,000. Even though, her credit card was over 20 years old, they claimed it was only a year old because it was inactive for over a year.