You can request a Chase Freedom® credit limit increase at any time by calling the number on the back of your card. There is no online option. But just because you can ask doesn’t mean you’ll be approved. Credit card companies generally won’t increase your spending limit unless you’ve had the account for at least six months and consistently paid your bills on time. In a nutshell, creditors want to see that you can handle your starting credit line before granting more spending power.
But it’s no wonder why you want a Chase Freedom credit limit increase, considering that your starting limit could be as low as $500. A limit that low can be a hassle. And it can also hurt your credit score by making it difficult to maintain a low credit utilization ratio.
Fortunately, if it’s too soon for you to request a higher credit limit, there are a couple things you can do to make life easier:
Pay before the billing period ends. Most credit card companies report information to the major credit bureaus once a month, at the end of an account’s billing period. And the balance reported on that date is what’s used to calculate credit utilization. So by paying your bill early, you can reduce your utilization and boost your score.
Schedule multiple payments per month. Paying more than once a month will help free up some available credit for everyday use. Scheduling payments from a bank account ensures you won’t miss any due dates due to forgetfulness. Of course, this assumes you have enough saved.
Similarly, there are a handful of steps you can take before requesting a Chase Freedom limit increase that will improve your chances of success.
Here’s how to boost your odds of getting a Chase Freedom credit limit increase:
1. Improve your credit: You can get personalized credit improvement advice for free from WalletHub.
2. Boost your income: The more you earn, the more you can afford. At least make sure Chase doesn’t have an outdated salary on file.
3. Pay on time: If you’re having trouble keeping up with your bills with your current credit limit, Chase probably won’t give you more room to run.
4. Consider taking your business elsewhere: At least letting Chase know this is a possibility could make them more willing to play ball. And there are a lot of other attractive credit card offers out there.
It’s also important to note that you shouldn’t request a higher limit if you’re planning to apply for a mortgage or auto loan in the near future. Chase will do a “hard pull” of your credit report in response to the request, to determine whether your financial performance warrants a higher limit. And a hard inquiry can lead to a temporary dip in your credit score, which could in turn increase the cost of big-money borrowing.
Finally, patience and consistency are key. You’re most likely to get approved for a credit limit increase with Chase Freedom – or any credit card, for that matter – if you don’t need the money. In other words, if Chase gets the feeling that you’re going to immediately spend the extra money yet not repay it right away, your chances of success will be slim.
For more information, check out WalletHub’s guide on how to get a higher credit limit.