Will a Chase credit limit increase use a soft pull?

You can request a Chase credit limit increase over the phone, by calling (800) 432-3117. You cannot request a credit limit increase from Chase online right now, but this option has been available in the past. When you call, you simply have to provide some information about your income, debts, other open credit accounts, and anything else Chase happens to ask for more information on. Chase may either approve you immediately or notify you of its decision within a few weeks (via mail and/or email). If you’re approved for a higher limit, the change will take effect right away and should show up on your next statement.… read full answer

To qualify for a Chase credit limit increase, you generally need to pay your bill on time for at least six consecutive months and otherwise manage your finances responsibly. You should also strive to use only a small portion – 30% or less – of your current credit limit. Making sure your income is up to date on your Chase.com account could help, too.

And just so you know, requesting a Chase credit line increase will result in a hard inquiry on your credit report. That means it could lead to a slight, temporary dip in your credit score. But that shouldn’t really matter unless you’re planning to apply for a mortgage or car loan in the next few months.

• By Phone: Call Chase customer service at (800) 432-3117. Enter the last four digits of your card number, followed by your zip code. Press “0” to speak with a customer service representative.
• Automatic Increase: Chase may offer you a higher limit if you use your account responsibly. To check, sign into your Chase.com account, click on the menu icon at the top left of the page, and select “Your offers.”
• Online: Chase currently does not allow you to request a higher credit limit online. In the past, you could log into your account on Chase’s credit limit increase page, fill out the form and get an instant decision.

It’s also worth noting that if you don’t get the decision you’re looking for, you can always apply for a new credit card from a different issuer. The issuer’s desire for new business could lead it to be more generous than Chase.

Requesting a credit limit increase can hurt your score, but only in the short term. If you ask for a higher credit limit, most issuers will do a hard “pull,” or “hard inquiry,” of your credit history. A hard inquiry will temporarily lower your credit score. Bank of America, Barclays, Chase, U.S. Bank and USAA will conduct a hard inquiry if you request a credit limit increase. American Express, Capital One and Wells Fargo will not. Citi will notify you when you call if they will generate a hard inquiry or a soft inquiry, which does not affect your score. Discover typically uses soft inquiries, but if you don’t accept the credit limit offered and request a higher limit, it will then be a hard inquiry.… read full answer

Hard inquiries will lower your credit score by a few points, but can only affect your score for one year. After two years, hard inquires completely drop off of your credit report. The other thing you need to watch out for is overspending. Requesting a credit limit increase could really wind up hurting your credit score if you use the extra spending power to rack up debt you can’t afford to repay.

Still, the potential negatives that come with requesting a credit limit increase can be managed and are often outweighed by the benefits of having a higher credit limit. The boost in your credit limit could also raise your credit score as long as your spending stays at the same level. The additional credit would lower your utilization, which is the ratio of your balance compared to your credit limit. Ideally, this number should be less than 30 percent for each card. Keeping utilization low tells issuers you’re responsible and aren’t just desperate to max out your card.

Some issuers also extend automatic credit limit increases to eligible cardholders. These increases may occur periodically and do not generate a hard inquiry. To give yourself the best odds of receiving an automatic increase, make all of your monthly payments on time, preferably in full. And give it some time. Issuers tend not to extend automatic increases until you’ve had a card for at least six months. Similarly, if you recently received an increase on an existing account, expect to wait at least six to 12 months before you’re considered for another increase, assuming you manage your account responsibly in the meantime.

The Chase credit card limit could be as low as $500 or as high as $15,000+, depending on the card and your overall creditworthiness. One of the Chase credit cards with the highest starting limit is the Chase Sapphire Reserve®, which has a minimum credit limit of $10,000. Chase Freedom Flex℠ is one of Chase’s credit cards with the lowest credit limit minimum, at $500.… read full answer

For certain cards, Chase will approve you for either a Signature or Platinum account. Platinum accounts have lower starting limits than Signature, so applicants with lower credit scores who are approved will get a Platinum account. All individuals approved for Signature accounts should receive a credit limit of at least $5,000.

Chase Credit Card Starting Limits:

• Chase Sapphire Reserve®: $10,000
• United Club Infinite Credit Card: $5,000
• Chase Sapphire Preferred® Card: $5,000
• United Explorer Credit Card: $5,000
• Chase Ink Business Credit Cards: $3,000-$5,000
• Chase Freedom Flex℠: $500
• Chase Freedom Unlimited®: $500 (Signature: $5,000)

Since Chase only lists starting limits for their credit cards, you could definitely receive a higher limit. The highest credit limits will go to applicants with excellent credit and high incomes.