I noticed after applying for this card online last night that there were posts with people saying that no one had been approved. E.g., creditaddict's post here.
I just spoke with a credit analyst and was approved so I wanted to share my experience in case it's helpful to anyone else considering the Chase Ink Bold card. After applying online last night I called the regular number on the Web site to ask if I had answered a question about sales on the application correctly since I was applying as a professional with business expenses, not a small business owner. I got transferred to a specialist who asked a few questions and then told me I was approved. My notes from the call with the analyst:
I had two existing Chase personal cards, a United with $15k limit and a Freedom with a $15.5k credit access line. He asked if it was OK to reduce one of those a bit because, he said, they were concerned about total exposure when approving new cards. We ended reducing the United to $5k since I never used it, leaving Freedom at $15.5k. He said I would get the Ink Bold card in the mail in a few days.
Well congrats on the approval... but I would not have liked his conditions of taking away 10k of credit line. Chase just isn't what they use to be. but none the less good to hear they actually do have this card and approve someone!
Yeah, I was a little annoyed that they took away credit limit too because I thought I had enough income to keep both lines and get a charge card. I basically think that they do not distinguish between a charge card and a revolving product in quite the same way that American Express does. So he was looking at this as basically transferring $10k of "credit" from my United card to the Ink card.
I can't get too excited about the decrease, though, because I literally use the United card to make a purchase of less than $1 every few months to keep it open since it's my oldest Chase card.