Approved for Chase Ink Preferred with two other Ink cards

[Hammer]

Yesterday I went in person to a Chase branch and applied for the Ink Preferred credit card. I already had the Ink Unlimited (Feb 23) and Ink Cash (Sep 23) cards, with a 16k total CL. Back when I applied for the Ink Cash, the banker told me the alrogithm looks at the balances on current business cards, personal cards and checking accounts with Chase. The lower the debt and higher the cash in the bank, the better.

I followed all those guidelines. Before applying, I had the following:

• 710-720 FICO score
• 6y AoOA
• 2y AAoO
• 280k claimed business revenue
• 10k/mo claimed spend on the new card
• 15% personal util
• 6k in the Chase biz checking account
• 3k/16k Chase biz credit balance (18% util)
• 1k/12k Chase personal credit balance (8% util) on my personal Freedom Unlimited
• Opened the biz checking account in Sep 23 and used it on an almost daily basis

I got an insta-approval for a 14.5k SL which was way higher than I expected.

For the Ink Cash, Chase only gave me a 3k SL, probably thanks to the fact I already maxed out the Ink Unlimited at 13k/13k.

I guess I did all the right things to get on Chase's good side. I've had such good luck applying in-person rather than online. Next year in March, I'll apply for the Ink Premier and complete the family!

Now it's time to capture the $1000 intro bonus and 3% back on internet purchases!

[SouthJamaica]

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@Hammer wrote:

Yesterday I went in person to a Chase branch and applied for the Ink Preferred credit card. I already had the Ink Unlimited (Feb 23) and Ink Cash (Sep 23) cards, with a 16k total CL. Back when I applied for the Ink Cash, the banker told me the alrogithm looks at the balances on current business cards, personal cards and checking accounts with Chase. The lower the debt and higher the cash in the bank, the better.

I followed all those guidelines. Before applying, I had the following:

• 710-720 FICO score
• 6y AoOA
• 2y AAoO
• 280k claimed business revenue
• 10k/mo claimed spend on the new card
• 15% personal util
• 6k in the Chase biz checking account
• 3k/16k Chase biz credit balance (18% util)
• 1k/12k Chase personal credit balance (8% util) on my personal Freedom Unlimited
• Opened the biz checking account in Sep 23 and used it on an almost daily basis

I got an insta-approval for a 14.5k SL which was way higher than I expected.

For the Ink Cash, Chase only gave me a 3k SL, probably thanks to the fact I already maxed out the Ink Unlimited at 13k/13k.

I guess I did all the right things to get on Chase's good side. I've had such good luck applying in-person rather than online. Next year in March, I'll apply for the Ink Premier and complete the family!

Now it's time to capture the $1000 intro bonus and 3% back on internet purchases!

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Congratulations on the excellent approval, and thank you for the details as to how you got it.

If I were you I would think twice about the Premier card; to me it doesn't seem as great as the other three.

[JoeRockhead]

Nice SL and approval, congratulations!

[Blender]

@Hammer 

So at the time of your CIC app, the CIU was still on 0% period and maxed out?

[cashorcharge]

Thanks for all the DP's

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

[ChezG]

Congrats on the awesome approval and thank you for all of the data points!  

Which credit bureau did they pull and which state are you in if you don't mind sharing?

[URHomeInvestments]

This is a meaningful set of data points, and like the others before me, I thank you for posting.  I only have one of the Chase Inks, and your strategy and explanation of what they consider when they look at us for lending...priceless.  I have another LLC and was thinking about applying for Amex and Chase with the new EIN.  Have been thinking for some time, and not acting.  Now, I see I need to reduce utilization. Your "in person" choice also resonates with me.  

[Hammer]

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@SouthJamaica wrote:

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If I were you I would think twice about the Premier card; to me it doesn't seem as great as the other three.

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I have to disagree... 2% unlimited back is good and 2.5% on purchases of 5k+ is great. I make at least 2 purchases that large every month and get 1.5% back. Earning 2.5% instead of 1.5% on that 120k/yr of spending easily cancels out the annual fee.

Is there any other card you recommend? AmEx and BofA will not approve me for any more business cards because I have maxed them out. Capital One reports balances personally except on the charge cards, which is pointless because I want to carry balances without wrecking my credit score. I could apply for the U.S. Bank Triple Cash but they'll give me a ridiculously low SL.

I guess I should try Truist next. They have a big presence in my city. The 0% for 12mo is a big advantage.

[Hammer]

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@Blender wrote:

@Hammer 

So at the time of your CIC app, the CIU was still on 0% period and maxed out?

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Yes, when I applied for the CIC in September, the CIU was maxed out and still on 0% for 5 more months. Bad choice. I should've paid down the balance first.

[Hammer]

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@ChezG wrote:

Congrats on the awesome approval and thank you for all of the data points!  

Which credit bureau did they pull and which state are you in if you don't mind sharing?

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Being Classic Chase, they hard pulled Experian. I am a resident of NC but the business is HQ'd in NJ.