Whether you’re earning cash back with the Freedom Unlimited card, racking up travel rewards with the Sapphire Reserve card, or using one of Chase’s other top credit cards, it’s likely you want to get the most out of your Chase partnership. In some cases, that might mean increasing your credit limit or the maximum amount you can spend on your credit card.
You may be interested in learning how to request a credit limit increase, but before you do that, it’s important to determine how that can impact your credit, if at all. Chase does perform a hard credit inquiry whenever a limit increase is requested. That means the request will appear on your credit report. And much like a new credit card application, this could have a temporary negative impact on your credit score, especially if you’ve recently applied for a new credit card or limit increase elsewhere.
Requesting a Chase Credit Limit Increase
If you believe that you will qualify for a bump up in your Chase credit card spending power, you can complete the process via phone or through the Secure Message functionality online.
To request a credit limit increase by phone, contact Chase using the number on the back of your card or billing statement. Be sure to have your card or statement on hand as you’ll need the last four digits of your account to navigate through the phone menu.
Once you’re connected with a Chase representative, you can request the limit increase and begin the brief application process. At this time, you will need to provide your current household income, monthly housing payment (i.e. rent or mortgage), and employment status. Some applicants may also be required to provide information about their annual non-taxable income and the total amount of the credit line increase request.
Once the required information is provided, the representative will ask for verbal confirmation that you authorize Chase to obtain a copy of your credit report (i.e. perform a hard credit inquiry).
Decisions are typically instantaneous, and you’ll likely find out if you are approved or denied by the end of the call. In some situations, applicants may be placed in “pending” status, which means the request is subject to further review.
By Secure Message
To request a credit limit increase via the Secure Message functionality, log in to your account and select the “Secure Messages” from the drop-down menu. Then, select “Compose Message,” located on the upper left side of the window. Once on the Compose Message screen, select “Other/Inquiry not listed” from the “Credit Cards & Products” drop-down menu.
Finally, select the Account Number for the card in question, and submit a message stating your desire to increase your credit limit. Once received, a member of the Chase team will contact you within 24 hours to provide further directions. Typically, you’ll be required to answer a series of questions such as annual income, housing payment, employment status, etc.
Please keep in mind that by submitting your response to those questions you are authorizing Chase to perform a hard credit inquiry.
Why Request a Credit Limit Increase?
There are many reasons you may want to ask for a credit increase. For some, a limit increase, if used wisely, can lower their credit utilization and potentially boost their credit score over time while supercharging their buying power. Others may find that a credit limit increase empowers them to make larger purchases and earn even more rewards points.
However, if you’re considering a credit limit increase to subsidize growing expenses without the ability to quickly pay down debts, you may want to reconsider your decision as it can potentially put you deeper into debt and make it harder to crawl back out. The same is true if you have had a downgrade in annual income, recently applied (and were denied) for other credit cards or limit increases, or if your credit is poor.
If you’re thinking about requesting a credit limit increase on one of your Chase credit cards, then all you have to do is pick up the phone or utilize their online Secure Message center. However, before you submit your request, it’s important to know that it will result in a hard inquiry, which can temporarily decrease your credit score. Further, before giving yourself more spending power, always consider the reason for your request and ability to utilize and repay that debt.