For all of you skeptics out there who believe that you hurt your credit (by a lot) by constantly applying for and later downgrading (preferable) or canceling cards, (like I do), I just got a letter today from Chase offering to increase the credit limit on my Chase Sapphire Reserve card for no reason. The letter they sent me states…
Dear Cindy,
You could accomplish a lot with a higher credit line. Thanks to your solid payment history on your Chase Sapphire Reserve card, you’ve earned the opportunity to request a credit line increase with no credit inquiry necessary.
I took advantage of the offer and got the increase. My credit score should now go up from this increase because don’t forget, when your credit line goes up and your debt stays the same, your utilization ratio (debt to available credit) decreases. The utilization ratio makes up 30% of your score.
Thanks Chase for the credit line and for helping my score.
