02-17-2013 06:30 PM
About 2 weeks ago I applied for a CHASE ink card, my FICO EQ (according to myfico.com) was 630, I did not get approved. Once I finished applying online they sent me an email saying If i got approved I would receive a card in the mail and if i didn't I would get a letter explaining why not. Anyways before I received the letter of denial, I received a letter in the mail from CHASE of an offer for a Bold Card. Now as far as I know the Bold is not a credit card, and Im suppose to pay off the balance each month. My question is, what are the chances of me getting approved for a Bold Card? Now my FICO is 679. I dropped my revolving balance almost down to zero. I still have a balance on 2 of my cards roughly 10% of my available credit. Can anyone help me ou?
02-18-2013 11:00 AM
Probably not so good. If they have denied you for one Ink product I doubt they would approve you for the other. Which Ink product did you apply for - Cash, Classic, Plus or Bold? Yes, the Bold is a charge card (think AMEX green/gold/platinum) so it is to be paid in full monthly.
Just like other chase cards they seem to want to see 1 solid year on a prime card with great history before they give you one of these cards. However... it's almost worth a call to Chase recon to get a good idea of the reason for decline. A 49 point increase is nice and that might be what it takes to get the foot in the door. Once you have someone on the phone chat them up and see what it WILL take to get the card.
I have a couple of Chase business cards, love them. Reward points are nice especially if you get a great sign up bonus.
02-18-2013 10:53 PM
I applied for the CHASE ink cash card. I called them today, but the guy wasn't much help. I asked him what would it take to get the card, but his only response was that CHASE carefully considers ALL aspects of the credit report to approve each application. He even emphesized "ALL" I even told him that I paid off almost all the debt I had and my FICO score was in better shape now and also that CHASE sent me the Bold card offer. But he still did not budge. I dont know what his problem was, but I will try again tomorrow I might get someone who will help me out. Thank you for the info. BTW what about an AMEX charge card, what kind of score do I need for that one? Do you know?
02-19-2013 07:15 AM
I have an AMEX business charge as well but I got it way before I got my Ink Cash or Bold. I believe it's easier to get an AMEX charge for business but I have no proof. You will get a decline letter from Chase (I assume) stating the reasons why you did not receive the card. Focus on those points and go from there. I bet the score will be one of the items but it looks like you have increased that greatly.
I'm wondering if they are happy with your business information. How are you set up? Decent revenue reported? There are LOTS of people who do not really* have businesses that say they sell stuff on eBay and apply as a sole proprietor working from home just to get an Ink card.
* I'm not bashing people who sell stuff on eBay or run very small operations from home. As a business person I am happy people do whatever they can to earn a living. I'm NOT happy that people are making stuff up just to get an Ink card for the bonuses and 5x category. Them working the system will make it hard for legit people to earn bonuses.
02-20-2013 03:03 PM
I might go for the AMEX charge card instead. I'll bring my cards down to zero, to see if my credit jumps to 700 mark. As for the application well I've been in business since Jan 2010 and my average revenue a year is about 650k. Which AMEX charge card do you think is easier to ge?
02-20-2013 05:08 PM
Evidence on the boards that Green and Gold have the same qualifications internally. I received an offer for Green business card but was prompted during app online to upgrade to Gold Rewards card, I did and was approved. The fee for the Green is $0 first year then $95 per year. The Gold Rewards is also $0 first year then $175. You could get the Gold and cancel before AF is due. This move might help with Chase.
You should be fine with time in business and revenue.
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