Can I upgrade my Chase credit card?

Yes, a Chase credit limit increase will use a soft pull, but only if Chase offers it, not if you request it. If you ask for a higher spending limit, Chase will do a hard inquiry into your credit history, which will cause a temporary dip in your credit score. Chase basically needs to confirm that someone who asks for more spending power can handle it. But if Chase decides to increase your credit limit automatically, a hard pull won’t be necessary because cardholders must have proven themselves by paying their bills on time for several months.… read full answer

That said, you only need to worry about a hard inquiry if you’re planning to apply for a mortgage, auto loan or new credit card account in the next six months or so. And a higher spending limit can help you make important purchases or reduce your credit utilization and ultimately improve your credit score.

Here’s how to get Chase credit limit increase with a soft pull:

• Chase will only do a soft pull if they offer you a credit limit increase. If you request one, they’ll do a hard pull.
• Issuers tend to increase credit limits no more than once every six months. You can apply as often as you want, but you’re unlikely to be approved more frequently than that. And keep in mind that each request may cause a temporary dip in your credit score.
• You’ll have the best chance of getting an increase if you use your credit card regularly and consistently pay your bills on time and preferably, in full.
• Updating your income information on the Chase website will increase the odds of Chase offering you a higher limit with a soft pull.

Even though a Chase credit card limit increase requires a hard pull if you request it, it still could be worth it. If you’re a strong candidate for an increase, the opportunity to lower your credit utilization could be worth the temporary credit score damage.

The starting Chase credit card credit limit could be as low as $500 or as high as $25,000+, depending on the card and your overall credit standing. 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. The Chase Freedom Flex℠ card’s minimum credit limit, on the other hand, is one of the lowest Chase offers, 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 typically receive a credit limit of at least $5,000.

Chase Credit Card Starting Limits:

• Chase Sapphire Reserve®: $10,000
• Chase Sapphire Preferred® Card: $5,000
• Chase Ink Business Credit Cards: $3,000-$5,000
• Chase Freedom Flex℠: $500
• Chase Freedom Unlimited®: $500 (Signature: $5,000)
• Chase Slate Edge℠: $500
• Chase Freedom® Student credit card: $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.

Ultimately, you could also check our editors’ latest picks for the best high limit credit cards on the market to weigh your options.

Six or more credit card accounts might be too many for some people, given that the average American has a total of five credit cards. Everyone should have at least one credit card for credit-building purposes, even if they don’t use it to make purchases, but the exact number of cards you should have… read full answer differs by person. It depends on how well you can manage one credit card, then two, and so on.

If you’re not sure how many credit cards is too many for you, there are a number of factors you can think about when making your decision. In particular, consider your recent spending and payment history. If you’re having trouble paying the full statement balance by the due date on each account you already have open, think twice about applying for another credit card account.

How to Determine How Many Credit Cards Is Too Many For You

1. Look at your credit report and score.

   If you have a history of financial mistakes, such as missed payments, you probably don’t want to get more than one card until you prove yourself to be a responsible borrower. Besides, it may be hard to get more than one worthwhile cards with damaged credit, anyway.

2. Review your utilization and payment history.

   If you’re maxing out all the cards you have, credit card companies probably won’t want to give you more spending power. Plus, credit card debt can be very expensive, and you don’t want to rack up balances that exceed what you can repay comfortably.

3. Consider credit card company rules.

   Some issuers have unofficial rules regarding how many credit cards is too many for an applicant to have. For example, there are lots of rumors floating around that Chase will deny a credit card application if you’ve already opened five accounts (from any issuers) in the past 24 months. Such restrictions could limit your options for opening a new account, or just serve as a sign that you might want to slow down the pace of your applications.

4. Determine how well you’re keeping track of your credit cards.

   Even if your credit is good and you’ve never forgotten to pay a bill, that doesn’t mean you never will. Having too many open accounts to keep track of can lead to forgotten due dates, interest charges from simply forgetting to pay a credit card in full, and other issues. If you have trouble listing your credit cards from memory, you’re likely to forget to pay one at some point.

There are benefits to having more than one credit card account. Having several credit cards can help you save money by allowing you to get the best collection of rates and rewards for your biggest transactions. For example, you could get a flat-rate cash back credit card for everyday expenses, a bonus rewards card for travel, and a balance transfer card to reduce the cost of existing debt. Having multiple cards can also help your credit score if you keep your credit utilization low and your payments on time.

What you should watch out for is applying for too many credit cards too quickly. It’s best to not apply for more than one or two per year, as each application puts a hard inquiry on your credit report and temporarily hurts your credit score.

The more data that’s at your disposal, the easier it will be to decide how many credit cards you should have. WalletHub can help with free daily credit score updates and personalized credit-improvement advice.