topic Re: S-L-O-W Chase INK Business Unlimited Approval in Business Credit

S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Sat, 08 Apr 2023 18:53:37 GMT

Update:

SUB complete! See >this thread message<.

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Chase INK Unlimited Visa Signature approved:

$6K SL @ 17.49% APR (lowest advertised)

This was my second Chase INK business card application and it appears to me the underwriting for these is significantly different from their personal cards. I believe they may be manually processed and scrutinized more closely. The last time I applied, I don't remember the application asking "business category" and "business type" but this application was more detailed. The application went pending upon submission. The next day, I had a missed call from Chase underwriting. When I called back, the CSR didn't know why I was called but I wondered if they wanted fraud verification that I had applied. About 72 hours after submission, I got an email simply stating that my card was approved and would be delivered within three to five business days. There was no mention about SL or APR. About one week after the application, I received an email stating my SL would be $6K but still no mention of APR. (See screenshot.) I was a little disappointed as my INK Cash had been approved for $9K and I thought that was low, but it's enough for my purposes. Finally, about 11 calendar days after the application, my new card was delivered and I received all the terms and brochures. The whole process reminded me some of the old days of paper applications and snail mail approvals! Lol.

This entire time, the new card was not visible in my Chase portal. After I received the card, I called customer service for assistance in importing it to my account summary.

Single HP on EX (FICO 8: ~825 reporting.) I had two previous HPs on EX relating to my CITI AAdvantage approval in Oct-Nov 22. For new personal cards, I was 1/6; 1/12; 2/24. I also had one new business card about five months prior to the application. (AMEX BBP.)

The SUB on this card is amazing right now: $900 for $6K spend in the first 90 days! PLUS ... I didn't really notice when I applied but it also comes with *12 Months* of 0% on purchases. I'm thinking this may be one reason they err towards low limit approvals. But my reported business revenue is modest as a small sole proprietor side gig.

I was also impressed with the additional benefits on this no-AF card including delayed/lost baggage and Rental car CDW. It includes Travel Accident Insurance ($500K: common carrier) that also includes a 24-hour coverage (up to $100K) for the entire period of a covered trip. Plus Extended Warranty and Purchase protection.

*I'm a little late posting about this one. Application was submitted on 02/14/23; Card received 02/25/23. And I've almost met the $6K spend for that sweet SUB. This also puts my total Chase credit exposure up to $144.4K.

Re: S-L-O-W Chase INK Business Unlimited Approval

JoeRockhead — Sun, 19 Mar 2023 10:22:16 GMT

Nice SL and approval, it's a great card, especially with that SUB. Congratulations!

Re: S-L-O-W Chase INK Business Unlimited Approval

cashorcharge — Sun, 19 Mar 2023 22:13:21 GMT

Congrats on your approval with Chase @Aim_High !!!

Thanks for sharing the details and the approval and 1EX HP

Re: S-L-O-W Chase INK Business Unlimited Approval

Blender — Mon, 20 Mar 2023 00:32:09 GMT

@Aim_High

Congrsts!

I was actually just looking into this card because of the SUB. I'd be looking to apply later this year once my scores get into the 700s.

I currently have a chekcing and a savings with Chase. I've pulled all of my savings down to $300 (required minimum) in favor of a HYSA elsewhere. Do you think closing the savings account would effect me getting CLIs on personal and a chance at approval for this card?

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Mon, 20 Mar 2023 19:14:13 GMT

@JoeRockhead wrote:
Nice SL and approval, it's a great card, especially with that SUB. Congratulations!
= = = = = = = = = = = = = = = = = = =
@cashorcharge wrote:
Congrats on your approval with Chase @Aim_High !!!
Thanks for sharing the details and the approval and 1EX HP

Thanks very much, @JoeRockhead and @cashorcharge.

They've given me a very generous total credit limit, so I'm grateful.

I like a lot of my cards for different reasons, but Chase may be my favorite among the largest lenders and banks.

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Mon, 20 Mar 2023 19:39:32 GMT

@Blender wrote:
@Aim_High

Congrsts!

I was actually just looking into this card because of the SUB. I'd be looking to apply later this year once my scores get into the 700s.
I currently have a chekcing and a savings with Chase. I've pulled all of my savings down to $300 (required minimum) in favor of a HYSA elsewhere. Do you think closing the savings account would effect me getting CLIs on personal and a chance at approval for this card?

Thanks very much, @Blender. Yes, this is one of the largest SUBs I've seen, especially for a cash-equivalent payout of $900. I believe with my Sapphire Reserve, I could roll the cash over in UR points for 1.5 to 2.0 cents on the dollar, making this worth $1350 to $1800 depending on redemption in travel. Sweet! Just keep in mind that the higher SUB may change if you're not applying soon, but if you're patient, it may eventually return. I've found these higher SUBs come in cycles.

My opinion about deposit accounts and credit cards: Some lenders *do* appear to be a little more open and kinder in underwriting to those who have a deposit account. They won't bust open doors for a poor profile but I believe they can help somewhat. I've seen Chase extend card offers to young, thin profiles I wouldn't expect to be approved when they have a deposit account. Bank of America is known for being a "relationship bank" in the same regard, especially when it comes to their Premium Rewards card. Unless you've got large six or seven figure sums invested with those banks, the mere existence of the accounts (and perhaps some regular activity) is more important than the balances. (Those high net worth profiles may get special consideration.) So I think moving the savings balance down to $300 probably doesn't hurt you. While I don't think closing it would hurt you either, why not keep it open a little longer just-in-case if you're thinking of an application? Even if your HYSA earns 4%, that money would only net you $12 for 12 months of deposits. Not a big deal in the grand scheme of things for most people.

As far as your odds of approval, I would say it depends more on other factors than the banking. You've identified that getting scores into the 700's is important and I agree. Chase is cautious with scores below 700 from my experience. The other factors would be income, debt-to-income, and the details of your business. Be prepared. They will ask some general questions including category of business (LLC, Sole Proprietorship, etc.), date established, your role, revenues, business category, and type (subcategories), etc. I would say the stronger case you make and can support about the details, the better your chances of approval and with a better SL. If your business is your main gig, raking in big revenues, employs other people, etc, that obviously builds a better case than a periodic side gig.

If your business is substantial, I'd consider opening a business deposit account before applying for the cards. That way, they would see your cash flow. Chase also frequently offers bonuses for opening business banking. I would think the business banking account, if it is feasible, would be a much more important consideration than whether to keep $300 in a personal savings.

Re: S-L-O-W Chase INK Business Unlimited Approval

Blender — Mon, 20 Mar 2023 23:29:28 GMT

@Aim_High wrote:
@Blender wrote:
@Aim_High

Congrsts!

I was actually just looking into this card because of the SUB. I'd be looking to apply later this year once my scores get into the 700s.
I currently have a chekcing and a savings with Chase. I've pulled all of my savings down to $300 (required minimum) in favor of a HYSA elsewhere. Do you think closing the savings account would effect me getting CLIs on personal and a chance at approval for this card?
Thanks very much, @Blender. Yes, this is one of the largest SUBs I've seen, especially for a cash-equivalent payout of $900. I believe with my Sapphire Reserve, I could roll the cash over in UR points for 1.5 to 2.0 cents on the dollar, making this worth $1350 to $1800 depending on redemption in travel. Sweet! Just keep in mind that the higher SUB may change if you're not applying soon, but if you're patient, it may eventually return. I've found these higher SUBs come in cycles.

My opinion about deposit accounts and credit cards: Some lenders *do* appear to be a little more open and kinder in underwriting to those who have a deposit account. They won't bust open doors for a poor profile but I believe they can help somewhat. I've seen Chase extend card offers to young, thin profiles I wouldn't expect to be approved when they have a deposit account. Bank of America is known for being a "relationship bank" in the same regard, especially when it comes to their Premium Rewards card. Unless you've got large six or seven figure sums invested with those banks, the mere existence of the accounts (and perhaps some regular activity) is more important than the balances. (Those high net worth profiles may get special consideration.) So I think moving the savings balance down to $300 probably doesn't hurt you. While I don't think closing it would hurt you either, why not keep it open a little longer just-in-case if you're thinking of an application? Even if your HYSA earns 4%, that money would only net you $12 for 12 months of deposits. Not a big deal in the grand scheme of things for most people.

As far as your odds of approval, I would say it depends more on other factors than the banking. You've identified that getting scores into the 700's is important and I agree. Chase is cautious with scores below 700 from my experience. The other factors would be income, debt-to-income, and the details of your business. Be prepared. They will ask some general questions including category of business (LLC, Sole Proprietorship, etc.), date established, your role, revenues, business category, and type (subcategories), etc. I would say the stronger case you make and can support about the details, the better your chances of approval and with a better SL. If your business is your main gig, raking in big revenues, employs other people, etc, that obviously builds a better case than a periodic side gig.

If your business is substantial, I'd consider opening a business deposit account before applying for the cards. That way, they would see your cash flow. Chase also frequently offers bonuses for opening business banking. I would think the business banking account, if it is feasible, would be a much more important consideration than whether to keep $300 in a personal savings.

Appreciate the write-up! Gives me a good head start when the time comes. I thought about opening the business account first actually. It's not substantial by any means, it's in the property management/ rentals category.

Re: S-L-O-W Chase INK Business Unlimited Approval

gingerflower — Wed, 22 Mar 2023 05:09:24 GMT

Congratulations on your approval!

Re: S-L-O-W Chase INK Business Unlimited Approval

Jordan23ww — Wed, 22 Mar 2023 07:32:40 GMT

Congratulations on your approval! Thank you for all the info and data points!

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Wed, 22 Mar 2023 19:56:35 GMT

@gingerflower wrote:
Congratulations on your approval!
= = = = = = = = = = = = = = =
@Jordan23ww wrote:
Congratulations on your approval! Thank you for all the info and data points!

Thanks very much @gingerflower and @Jordan23ww!

Data points are so important to pass along for other's benefit so I try to remember to add the highlights.

They can also be a good reminder for myself later-on and put the approval in perspective.

Re: S-L-O-W Chase INK Business Unlimited Approval

gingerflower — Thu, 23 Mar 2023 03:26:24 GMT

@Aim_High

I have the chase cash ink business Cc and I am debating whether to apply for the chase ink unlimited. 😏

Re: S-L-O-W Chase INK Business Unlimited Approval

Jordan23ww — Thu, 23 Mar 2023 14:25:40 GMT

@Aim_High wrote:
@gingerflower wrote:
Congratulations on your approval!
= = = = = = = = = = = = = = =
@Jordan23ww wrote:
Congratulations on your approval! Thank you for all the info and data points!
Thanks very much @gingerflower and @Jordan23ww!
Data points are so important to pass along for other's benefit so I try to remember to add the highlights.
They can also be a good reminder for myself later-on and put the approval in perspective.

@Aim_High you're welcome! Also what you said about data points is so true! So many times reading other's data points have helped me with my credit card decisions.

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Thu, 23 Mar 2023 18:10:42 GMT

@gingerflower wrote:
@Aim_High
I have the chase cash ink business Cc and I am debating whether to apply for the chase ink unlimited. 😏

If you're under 5/24, I'd give it serious consideration, @gingerflower!

Let us know how it turns out.

Re: S-L-O-W Chase INK Business Unlimited Approval

gingerflower — Thu, 23 Mar 2023 18:38:21 GMT

@Aim_High

Will keep you all posted on the outcome. Thks!

Re: S-L-O-W Chase INK Business Unlimited Approval

NoMoreE46 — Fri, 31 Mar 2023 02:18:23 GMT

grats @Aim_High.

I am glad you got this one in Feb as it was set to expire Feb 20th. The offer though was extended to March 21 or so.

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Tue, 04 Apr 2023 18:29:54 GMT

@NoMoreE46 wrote:
grats @Aim_High.
I am glad you got this one in Feb as it was set to expire Feb 20th. The offer though was extended to March 21 or so.

Thanks @NoMoreE46!

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Sat, 08 Apr 2023 18:49:52 GMT

** Update **

I met my INK Unlimited SUB of $900 (90,000 UR points) and it was paid after the April statement posting. On $6,192.17 of spending, I earned 99,289 UR points worth $992.89 in cash or much more in travel value. This was an exceptional SUB and I'm grateful I was able to take advantage of it!

Re: S-L-O-W Chase INK Business Unlimited Approval

Aim_High — Sat, 08 Apr 2023 19:18:25 GMT

Wow. I just re-combined all my Chase card UR points onto Chase Sapphire Reserve and think I may have hit a new personal high for accumulated points. Sitting now at 285,535 points after moving the INK Unlimited SUB and others over to CSR!

I guess it's time to spend some of these but don't have particular plans at the moment.