topic Re: Chase Ink 5/24 rule in Business Credit

Chase Ink 5/24 rule

red259 — Thu, 21 Jan 2016 18:53:55 GMT

Throwing this out there, because I just heard about it today. While Chase does not currently apply the 5/24 rule to their business card products it looks like that will be changing soon. The reports indicate most likely the Chase business cards will come under the 5/24 rule at some point in March. I have the Ink Bold and I have been waiting to apply for the Ink plus while my accounts age. I think at this point I will need to pull the trigger and hope for the best. I'm not happy because I have a lot of balances curretly reporting, but it is what it is. Hopefully my file is thick enough at this point that I won't run into an issue.

Re: Chase Ink 5/24 rule

myjourney — Thu, 21 Jan 2016 19:43:49 GMT

I seen maybe 2 cases within the last month but it could have been a combination of factors with the 2 profile I viewed

I wouldn't jump the gun and say factual by no means yet

Re: Chase Ink 5/24 rule

red259 — Thu, 21 Jan 2016 19:55:15 GMT

@myjourney wrote:
I seen maybe 2 cases within the last month but it could have been a combination of factors with the 2 profile I viewed
I wouldn't jump the gun and say factual by no means yet

As mentioned in my original post this rumored to be taking effect in March, so nobody is saying it is in effect now. You can search Doctor of Credit for the article, because I am not sure if I am allowed to link that website here. I would hate for someone to take a wait and see attitude and then be shut out in March if/when the hammer drops.

Re: Chase Ink 5/24 rule

myjourney — Thu, 21 Jan 2016 20:13:43 GMT

@red259 wrote:
@myjourney wrote:
I seen maybe 2 cases within the last month but it could have been a combination of factors with the 2 profile I viewed
I wouldn't jump the gun and say factual by no means yet
As mentioned in my original post this rumored to be taking effect in March, so nobody is saying it is in effect now. You can search Doctor of Credit for the article, because I am not sure if I am allowed to link that website here. I would hate for someone to take a wait and see attitude and then be shut out in March if/when the hammer drops.

I try not to put much faith in rumors or spread them and that site is approved be linked here .....

That being said the denials I saw listed several reasons so they may have gotten the generic response is what I'm saying

Question do you believe everything you read on the different credit sites Lol Of course not .....So I was just stating no need for mass panic on all things the word of Dr of credit report who's by far never close to 50% right ....I stopped reading the site long ago .....but hey that's just me and this is just my opinion....

Had it appeared on a more credible site I might weigh it more favorably tho

Re: Chase Ink 5/24 rule

red259 — Thu, 21 Jan 2016 20:27:12 GMT

@myjourney wrote:
@red259 wrote:
@myjourney wrote:
I seen maybe 2 cases within the last month but it could have been a combination of factors with the 2 profile I viewed
I wouldn't jump the gun and say factual by no means yet
As mentioned in my original post this rumored to be taking effect in March, so nobody is saying it is in effect now. You can search Doctor of Credit for the article, because I am not sure if I am allowed to link that website here. I would hate for someone to take a wait and see attitude and then be shut out in March if/when the hammer drops.
I try not to put much faith in rumors or spread them and that site is approved be linked here .....
That being said the denials I saw listed several reasons so they may have gotten the generic response is what I'm saying

Question do you believe everything you read on the different credit sites Lol Of course not .....So I was just stating no need for mass panic on all things the word of Dr of credit report who's by far never close to 50% right ....I stopped reading the site long ago .....but hey that's just me and this is just my opinion....
Had it appeared on a more credible site I might weigh it more favorably tho

Again. Nobody is claiming the 5/24 is being applied to business cards at the moment, so whatever current denials are out there are not applicable to this report. The report is that they are going to start doing so in March 2016. I don't believe everything I read on the internet, but thought this was worthwhile information to pass along so people who are on the fence don't potentially get the window slammed in their face. We can't rely on Chase to annouce ahead of time their changes and once the change is made then its too late. I don't read DoC at all really, so I have no idea how reliable their reporting is other than they are claiming to have gotten this information from a trusted source (but this type of change by Chase wouldn't be that shocking). I was reading an article on a different blog which has been reliable in the past which linked to their report. The article is below and people can review it and make their own judgements about how they want to proceed, but at least they will know that there is a real possibility this could occur.

http://www.doctorofcredit.com/chase-credit-card-limits-to-soon-apply-to-business-cards/

Re: Chase Ink 5/24 rule

CreditCuriosity — Thu, 21 Jan 2016 20:51:28 GMT

Read this today as well.. More unhappy people will be around if this comes true.

Re: Chase Ink 5/24 rule

redpat — Thu, 21 Jan 2016 21:07:34 GMT

Timing is everything, got card in the mail on Monday......Whew!

60K sign-up and 5x rewards was just to hard to pass on, plus 2x gas.

UR points can accumulate rather quickly.

Re: Chase Ink 5/24 rule

CreditCuriosity — Thu, 21 Jan 2016 21:47:41 GMT

Would grab before this new policy takes effect, but chase loves Equifax and it can't take another hit... This pains me to see if this is really happening or going to happen March. Lets hope it is just speculation.

Re: Chase Ink 5/24 rule

red259 — Fri, 22 Jan 2016 00:58:56 GMT

@CreditCuriousity wrote:
Would grab before this new policy takes effect, but chase loves Equifax and it can't take another hit... This pains me to see if this is really happening or going to happen March. Lets hope it is just speculation.

I'm wondering how long I can wait before applying. I have heard some apps could take a few weeks to clear and I wouldn't want a situation where they changed their policy with my application still pending. Not sure how they would handle that, but it would make me nervous.

Re: Chase Ink 5/24 rule

CreditCuriosity — Fri, 22 Jan 2016 20:03:19 GMT

@red259 wrote:
@CreditCuriousity wrote:
Would grab before this new policy takes effect, but chase loves Equifax and it can't take another hit... This pains me to see if this is really happening or going to happen March. Lets hope it is just speculation.
I'm wondering how long I can wait before applying. I have heard some apps could take a few weeks to clear and I wouldn't want a situation where they changed their policy with my application still pending. Not sure how they would handle that, but it would make me nervous.

End of Feb to be safe if you want it.. I would so go for it, but can't take the hit now .. Just rumors at this time, but something tell me this person might know someone at chase how it was written.

Re: Chase Ink 5/24 rule

red259 — Sat, 23 Jan 2016 00:56:01 GMT

@CreditCuriousity wrote:
@red259 wrote:
@CreditCuriousity wrote:
Would grab before this new policy takes effect, but chase loves Equifax and it can't take another hit... This pains me to see if this is really happening or going to happen March. Lets hope it is just speculation.
I'm wondering how long I can wait before applying. I have heard some apps could take a few weeks to clear and I wouldn't want a situation where they changed their policy with my application still pending. Not sure how they would handle that, but it would make me nervous.
End of Feb to be safe if you want it.. I would so go for it, but can't take the hit now .. Just rumors at this time, but something tell me this person might know someone at chase how it was written.

Yea I'm probably going to pull triggering next few days. I just paid some chase balances off so hopefully that will help my internal score.

Re: Chase Ink 5/24 rule

SouthJamaica — Sat, 23 Jan 2016 03:05:57 GMT

@CreditCuriousity wrote:
..... chase loves Equifax ......

It does? I've had 4 Chase inquiries, they were all on EX

Re: Chase Ink 5/24 rule

CreditCuriosity — Sat, 23 Jan 2016 22:53:57 GMT

@SouthJamaica wrote:
@CreditCuriousity wrote:
..... chase loves Equifax ......
It does? I've had 4 Chase inquiries, they were all on EX

Every recent application forr Chase has been Equifax for me... Won't take anything else. Depends what part of country you live mainly with other factors. Could onlydream from them pulling Exp/Tu

Re: Chase Ink 5/24 rule

red259 — Sat, 23 Jan 2016 23:46:13 GMT

I just apped for the ink plus and got this message: "Thanks for Applying. Please call us as soon as possible at 1-800-243-6010 Mon-Fri 8am to 10pm EST to discuss your application with a Customer Support Specialist. We look forward to speaking with you."

Obviously I was not expecting an instant approval since it is a business card. I figured what I would do is just sit tight and not call in and hope for the best. It seems like the people that call in get grilled about their business and I've gone through that once before and don't feel like doing it again and am willing to wait.

Re: Chase Ink 5/24 rule

CreditCuriosity — Sun, 24 Jan 2016 02:10:53 GMT

@red259 wrote:
I just apped for the ink plus and got this message: "Thanks for Applying. Please call us as soon as possible at 1-800-243-6010 Mon-Fri 8am to 10pm EST to discuss your application with a Customer Support Specialist. We look forward to speaking with you."

Obviously I was not expecting an instant approval since it is a business card. I figured what I would do is just sit tight and not call in and hope for the best. It seems like the people that call in get grilled about their business and I've gone through that once before and don't feel like doing it again and am willing to wait.

Not that aware of how Chase Business cards work if you wait it out or call in.. Hopefully someone on this forum can add to this.. Also check out FT forum and see what people do with business cards in this situation whether you gotta talk or it can be waited out like other cards. Best of luck let us know how it goes!

Re: Chase Ink 5/24 rule

Anonymous — Sun, 24 Jan 2016 02:46:59 GMT

@CreditCuriousity wrote:
@SouthJamaica wrote:
@CreditCuriousity wrote:
..... chase loves Equifax ......
It does? I've had 4 Chase inquiries, they were all on EX
Every recent application forr Chase has been Equifax for me... Won't take anything else. Depends what part of country you live mainly with other factors. Could onlydream from them pulling Exp/Tu

Chase likes me twice as much as you two. They pull both EQ and EX when I app.

Re: Chase Ink 5/24 rule

red259 — Tue, 26 Jan 2016 01:44:42 GMT

Applied for ink plus and receieved please call message. I didn't call. Just checked app status on automated line and was told I was approved and should have card in 10 days. Not sure what the limit will be. Has long has it is at least 5k I will be content, since its a business card.

Re: Chase Ink 5/24 rule

Anonymous — Tue, 26 Jan 2016 02:10:25 GMT

@red259 wrote:
Applied for ink plus and receieved please call message. I didn't call. Just checked app status on automated line and was told I was approved and should have card in 10 days. Not sure what the limit will be. Has long has it is at least 5k I will be content, since its a business card.

Congrats! It's a great card. It didnt tell you the credit limit on the status line? It did for mine.

Re: Chase Ink 5/24 rule

red259 — Tue, 26 Jan 2016 02:11:20 GMT

@Anonymous wrote:
@red259 wrote:
Applied for ink plus and receieved please call message. I didn't call. Just checked app status on automated line and was told I was approved and should have card in 10 days. Not sure what the limit will be. Has long has it is at least 5k I will be content, since its a business card.
Congrats! It's a great card. It didnt tell you the credit limit on the status line? It did for mine.

Hmm. Maybe I hung up too early. It just said approved and then told me it would be here in 10 days. Would it tell me the credit limit after all that?

Re: Chase Ink 5/24 rule

red259 — Tue, 26 Jan 2016 02:25:52 GMT

Actually I just checked my account online and its updated, so looks like a 10k line, which is sufficient. Any idea if I can combine business card credit lines down the line if I want to close one card?