When it comes to Chase you apply for a new card that you don’t really plan on ever using because credit limits when getting new cards are higher than applying for a CLI. Then after you get the card you call Chase and ask to transfer the credit limit from the new card to the card you wanted a CLI on

@MarkReese

2 ай бұрын

Another good way to do it!

@ToboeKey309

2 ай бұрын

​@MarkReese u have a very nice room 🧐🧐

@bassoonplayer

2 ай бұрын

its a waste of 5/24

@MarkReese

2 ай бұрын

@@ToboeKey309 - Thanks! Hotel room 😁

@ToboeKey309

Ай бұрын

@MarkReese oooooh it's a hotel room lol NOICE 😆

Thank you 🙏🏻

@MarkReese

2 ай бұрын

You're welcome!

Thank you for sharing this information with us

@MarkReese

Ай бұрын

You're welcome!

Awesome video explaining clearly how to submit CLI req

@MarkReese

2 ай бұрын

Thanks!

I'm so glad you posted this video. I'm trying to rebuild and not have any low limit cards. I would like to eventually have around 15k to 20k worth of credit. I would like to know if student loans would hurt your chances of getting a credit increase or higher limits? I don't have rent/mortgage because my home is paid off as well as my car.

@MarkReese

2 ай бұрын

Great to hear you're rebuilding! I have no data to suggest the effects of student loans on credit limits.

@Kolbi504

2 ай бұрын

Vice president said they been putting things in place for student debit to not affect your credit

Completely forgot I was already subscribed here and looked into suggestions. My journey into credit has grown in very great ways and this vid answers some questions I have. Thank you !!

@MarkReese

2 ай бұрын

Glad to hear the journey has grown!

What do you do next if you’re denied credit Incase ? Watched you apply Good information to refer back on.

@MarkReese

Ай бұрын

I may move on and try again months later.

Hey i love your channel. Quick question, how do you know if a credit card has a maximum limit that you cannot surpass? Like is there a list somewhere that will let you know a limit ceiling for credit cards?? For example, my Sapphire Reserve has a $24,000 Limit, how much higher can i go??

@MarkReese

Ай бұрын

Glad you like the channel! That limit isn't known or specified to the public (if it exists). It's more based on credit score, payment history, income levels, debt levels, etc.

@DaKidDizzy1

Ай бұрын

I understand, Thank You!

Hey Mark, I had a question. What is the purpose of using the Citi Custom Cash for only one specific category rather than multiple categories? I've been hearing about this card that the Custom Cash should only be used for category. Why is that? What would happen if you use it for multiple categories? Thanks for responses!

@RedRider1600

Ай бұрын

The 5% only applies to 1 category, your highest spend category. Everything else only gets 1%. So why put anything else on that card when you have other cards that will give you 2, 3, 4, or 5%?

@MarkReese

Ай бұрын

That's because the card earns 5% in a single category (the one in which you spent the most in the current billing cycle). Outside of that one "top spend" category, everything else earns 1%, which is about as far from being maximized as possible. So, using the card for 1 category guarantees you earn 5%, and then you can add in other cards for other spend categories from there.

Question: Should you update your income if it decreases? For example, I make around $50,000 a year, but I live at home and my parents' combined income is around $100,000 a year. I put $130,000 on applications since I do a lot of the shopping and they contribute. However, if I ever were to move out, should I then update my income to only $50,000 a year?

@labounti

2 ай бұрын

I wouldn't change it or they will nerf your CL.

@MarkReese

2 ай бұрын

We're supposed to put the figure that complies with the requirement.

How do closed accounts (closed in good standing) affect your credit profile? I recently closed a couple of accounts with nearly maxed out utilization, while keeping my active revolving accounts closer to 10%. My credit score keeps rising a bit each month, but will I see a more dramatic score increase if I get those closed accounts closer to 0, or are they currently having no affect on my score aside from paying them on time each month?

@MarkReese

16 күн бұрын

For the FICO scoring model, closed account in good standing still remain on your report (and get factored into your score) for up to 10 years. Source: www.experian.com/blogs/ask-experian/when-are-closed-accounts-deleted/ Why did you close cards with balances on them?

@mactionY2K5

16 күн бұрын

@@MarkReese They were cards that I simply thought had no value to them whatsoever. (ie no rewards, low interest, or anything). I thought, by closing them, I would lower my active utilization.

@MarkReese

15 күн бұрын

@@mactionY2K5 - No, the utilization is still in effect. Time to pay them off 👍

Mark, just curious but how many Citi Custom Cash cards do you have? 🤔

@MarkReese

Ай бұрын

I have 2 right now.

@caribdude8151

Ай бұрын

@@MarkReese any plans on getting any more?

@MarkReese

Ай бұрын

@@caribdude8151 - Nope.

If someone is working on lowering their credit card balance, how long after it's been paid off, should they apply for a credit-limit increase? Could they apply immediately after paying off the balance-as I understand it, credit utilization doesn't have memory?

@MarkReese

2 ай бұрын

I'm not aware of any required waiting period. You could go for it right away, though I'd personally wait until the new $0 balance gets reported to my credit report, which occurs after the billing cycle close date with many issuers. That could lead to an increased credit score.

@Succeedin2

24 күн бұрын

I would apply immediately

Damn. I just requested a CLI on one of my cards. I’ve only been with them for 5months. Still pending their review. Initial credit: $3000. Requested: $15000

@MarkReese

Ай бұрын

Good luck!

@EPICWILDETAILING

Ай бұрын

@@MarkReese just got a response! $10k limit!

@MarkReese

Ай бұрын

@@EPICWILDETAILING - Boom, congrats!

one issuer just increased the credit limit without me asking? should i wait another 6 months now before i ask for a CLI on another card from a different issuer?

@MarkReese

Ай бұрын

Nice! There's no need to wait 6 months if you're looking at a different card issuer.

@jacquesmassard9226

Ай бұрын

@@MarkReese Thank You!

I called Chase last night to have some of my cl transferred from one card to another, but the rep told me that it's not possible to do it across payment processor networks. Any dp's to suggest otherwise?

@MarkReese

Ай бұрын

Interesting. I've done a number of CL reallocations over the years with Chase, but I don't recall if I went from Visa to MC, for example. I'd personally ask multiple reps to confirm again.

@keenanhenry95

Ай бұрын

@@MarkReese Yeah, since almost all of Chase's cards are VISA, it might be tough to find someone who encountered the same issue. But yeah, I'll have to call them again, just like I did a couple of weeks ago when I tried to pc my CFU to the OG Freedom 🙄

@keenanhenry95

Ай бұрын

Quick update: I called again just now and got it done quickly and easily. The inconsistency with Chase's cs is starting to get a bit annoying if I'm being honest.

@MarkReese

Ай бұрын

@@keenanhenry95 - Awesome, glad to hear it! Good to hear reallocating lines across cards on different payment networks is still possible. The more I think about it, I'm pretty sure I did the same years ago to / from my old IHG card (MC) and another Chase Visa card.

@keenanhenry95

Ай бұрын

@MarkReese Thank you. I only had to do the limit transfer because Chase is being a little stingy with how much credit they wanna lend me. They gave me a measly $200 automatic increase around January, and when I asked for more recently, I got denied because "I just got an increase recently". I think they gave me a tiny increase on purpose, then used that as an excuse.

I did the same with Citi and then because I didn’t use one of the 3 cards they tried to cut the limit in half but let me call to get it restored.

@MarkReese

Ай бұрын

Capital One did the same thing 😄

@jaykid007

Ай бұрын

Interesting

@jaykid007

Ай бұрын

Hurry and make the video on the we travel Partners announced today! Lol

@MarkReese

Ай бұрын

@@jaykid007 - "we travel Partners"?

@jaykid007

Ай бұрын

@@MarkReeseyes sir. Well’s just sent an email with travel partners to transfer points. Hotels and airlines. You want me to send you the email?

Another fantastic video. Are you a "team cash back" person or "team travel" person?

@MarkReese

2 ай бұрын

It varies. Depends on the year & what my goals are at the time. Right now I'm focused on points that are good for both (Citi ThankYou points, specifically).

I have a security freeze on my credit report. Do I have to unfreeze it before asking for a credit increase??

@MarkReese

Ай бұрын

I don't think so. Provided only a soft pull is needed from an existing lender, it should work per my understanding. I'm not 100% sure on this though.

@Succeedin2

24 күн бұрын

I don’t unfreeze mine

I just approved for the amex green card 2 weeks ago

@MarkReese

2 ай бұрын

Congrats! 💯

👍🏻

@MarkReese

2 ай бұрын

👍

Yooooo Mr Mark what’s up

@MarkReese

2 ай бұрын

What's good! 🤙

🙌⬆️💳

@MarkReese

2 ай бұрын

💯

why bother doing it? just open new cards with bonus

@Adiscretefirm

2 ай бұрын

You might want to avoid inquiries, new accounts or average age issues if you are gardening. You might also have a purchase that is a great earner on a current card.

@MarkReese

2 ай бұрын

Many CLIs avoid hard inquiries and don't require opening a new account. The majority of people don't chase bonuses. Also, it's possible to get CLIs if denied for a new card account.