I just went under 5/24 last week so it was time to start going for those Chase cards that I'd missed out on when I started. I apped for the Ink Cash and got the "we'll let you know" message. Called the app status line and it said "2 weeks" so I left it alone. Next day I got the email saying I'm approved and I'd get a card in 3-5 days. Yay!
Sole prop, only like $6K business revenue, $124K personal income, 780+ scores, 4/24. Pulled EQ and EX, got $5000.
Problem is, my plan for this card was to use it on a single $8000 expense to meet the SUB spend requirement and take advantage of 12 months at 0%... but they only approved me for $5000. So I called recon to see if I could move credit from one of my high limit personal cards to get it to $10K. Unfortunately that's not an option. They said they only way to get it there would be to request a CLI and a HP. I rolled the dice and went for it.
Bad call. Request denied. Pulled EQ and EX again. I burned two more HPs for nothing.
So now I've got this card and I'm having to completely rework my plan to get the SUB. Right now it looks like the best way to go will be to split the $8000 purchase in half... dip into savings to pay the other half, and meet the rest of the spend requirement by using the remaining $1000 credit and paying down every week or so. It won't take very long... and I'm still more likely to meet the spend than if I had to do it all organically. But it's still kind of a pain.
Mainly I'm just annoyed that my plan didn't quite work out as I'd hoped and I broke my no HPs for CLI rule and got nothing for it. Also if I'd just applied for an Amex Business Cash I wouldn't have this problem... even if they gave me a low limit I could easily transfer credit from my BBP... and they would've given me 15 months instead of 12... but the Ink SUB is way better, so at least that'll sort of make the extra trouble worthwhile.
Bottom line... Chase Ink cards seem give out low limits for businesses with low revenue, regardless of personal income or existing personal card limits... and don't bother with a CLI.
I know this is the most first world of problems, but I just had to get that off my chest.
Would my chaances have been better if I''d reduced some of my personal limits first? I wonder if I should try that before going for the Ink Unlimited.
@MrDisco99 wrote:Would my chaances have been better if I''d reduced some of my personal limits first? I wonder if I should try that before going for the Ink Unlimited.
No I don't think that would help at all.
OK yeah... I just looked at the CLI denial letter online. The only reason listed was not enough balances in deposit or investment accounts with Chase.
@GApeachy wrote:
Idk what you're buying but is there anyway you can make that $8k purchase in two separate pymts off this same card? Pay $4k, pay it down quickly, then $4k again? Perhaps if you could have the purchase/product held until it's fully pd off? Like doing this in a matter of 10 days or so?
I'm looking into possibly doing something like this. Not sure if they'll let me but we'll see. Thanks for the suggestion.
I wonder if Chase would let me prepay a few thousand into the card and then run the full purchase on it (and give me the SUB for that).
@MrDisco99 wrote:I just went under 5/24 last week so it was time to start going for those Chase cards that I'd missed out on when I started. I apped for the Ink Cash and got the "we'll let you know" message. Called the app status line and it said "2 weeks" so I left it alone. Next day I got the email saying I'm approved and I'd get a card in 3-5 days. Yay!
Sole prop, only like $6K business revenue, $124K personal income, 780+ scores, 4/24. Pulled EQ and EX, got $5000.
Problem is, my plan for this card was to use it on a single $8000 expense to meet the SUB spend requirement and take advantage of 12 months at 0%... but they only approved me for $5000. So I called recon to see if I could move credit from one of my high limit personal cards to get it to $10K. Unfortunately that's not an option. They said they only way to get it there would be to request a CLI and a HP. I rolled the dice and went for it.
Bad call. Request denied. Pulled EQ and EX again. I burned two more HPs for nothing.
So now I've got this card and I'm having to completely rework my plan to get the SUB. Right now it looks like the best way to go will be to split the $8000 purchase in half... dip into savings to pay the other half, and meet the rest of the spend requirement by using the remaining $1000 credit and paying down every week or so. It won't take very long... and I'm still more likely to meet the spend than if I had to do it all organically. But it's still kind of a pain.
Mainly I'm just annoyed that my plan didn't quite work out as I'd hoped and I broke my no HPs for CLI rule and got nothing for it. Also if I'd just applied for an Amex Business Cash I wouldn't have this problem... even if they gave me a low limit I could easily transfer credit from my BBP... and they would've given me 15 months instead of 12... but the Ink SUB is way better, so at least that'll sort of make the extra trouble worthwhile.
Bottom line... Chase Ink cards seem give out low limits for businesses with low revenue, regardless of personal income or existing personal card limits... and don't bother with a CLI.
I know this is the most first world of problems, but I just had to get that off my chest.
Yes this is a first world problem. Me I would be thrilled to get a Chase Ink card.