User was baffled by receiving a low credit limit of $500 for a Chase Freedom Unlimited card despite having an excellent credit score and history. They suggest that Chase should reconsider their criteria for approving credit limits to better reflect customer profiles.
I applied for Chase Freedom Unlimited for a big item purchase and to take advantage of their 0% interest for 15 months and their $200 bonus. Had prior history banking with Chase in the past until I decided to consolidate and close out accounts I was barely using. FICO Score of 825 Payment History - Exceptional Revolving Debt Utilization - 3% (110,000 limit across cards) Length of Credit History - 7 yrs, 3 months Age of most recently opened account - 4 months Credit mix - 13 accounts I also have Chase Business ink with them with a limit of 6,500. Felt confident in my application and when I got a call for confirmation, I asked what limit I got and found out it was a whopping $500. I asked to increase my limit and they said I had to wait for when I got my card. Waited a couple weeks and got it the other day. Called customer service and asked for an increase and was flat out denied. Out of frustration, I closed my account right then and there. (Probably wasn’t the best for my score but whatever. I had no use for it) I went to Bank of America where I currently bank with (wish I had known they had pretty much the same exact promotions), applied, and just yesterday got approved for 18,000. I am baffled by Chase’s criteria for denying /approving applications