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Chase Ink approval and rant

MrDisco99
Valued Contributor

Chase Ink approval and rant

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.

Message 1 of 13
12 REPLIES 12
FinStar
Moderator

Re: Chase Ink approval and rant


@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... 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.


Congrats on the approval.

 

A couple things. The bolded statement isn't necessarily the case for every business applicant. There are plenty of lower revenue businesses that can score a higher SL than the one you received. So, it's profile specific. As far as reallocating limits from personal to business, that policy changed a while back. It used to be possible at one point, but not so much these days.

 

Reconsideration of the initial SL is also YEMV. Some profiles have been able to obtain favorable results, but not everyone will qualify. Chase simply feels that what you were approved for is adequate.

 

With that said, if you use your CC quite a bit over the next 6-12 months, it's possible you could receive an auto-CLI.

Message 2 of 13
MrDisco99
Valued Contributor

Re: Chase Ink approval and rant

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.

Message 3 of 13
SouthJamaica
Mega Contributor

Re: Chase Ink approval and rant


@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.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 718 TU 721 EX 698

Message 4 of 13
MrDisco99
Valued Contributor

Re: Chase Ink approval and rant

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.

 

Message 5 of 13
GApeachy
Super Contributor

Re: Chase Ink approval and rant

@MrDisco99 I understand the Rant.....getting it off your chest....another one of those times we wished we had listened to our gut instinct. I've done it a few times and then wind up kicking myself.  For that I appreciate your OP and follow up because other's reading this will hopefully think once, twice, three times.  

 

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?  

"My Take Home Pay Don't Take Me Home"
Message 6 of 13
babygirl1256
Valued Contributor

Re: Chase Ink approval and rant

Congrats on your Chase Ink approval . . . it took me several years to rebuild my personal credit and I'm just starting to build my business credit. Amex approved my business for the Platinum card so I'm excited. I recently read a post that listed which banks report business card activity on business credit reports . . . It seems that Chase does HPs for all requests so I haven't requested a CLI for that reason.  If you are trying to build your business credit, I think how the creditor reports the card activity is important as I don't want business activity reporting on my personal credit file. I'll try to attach the link . . . best wishes!!!

https://ficoforums.myfico.com/t5/Business-Credit/Which-Bank-Biz-Cards-Report-To-Biz-Credit-Reports/t...

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 7 of 13
MrDisco99
Valued Contributor

Re: Chase Ink approval and rant


@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).

Message 8 of 13
GApeachy
Super Contributor

Re: Chase Ink approval and rant


@MrDisco99 wrote:

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).


I would also wonder if Chase would deny future subs on future cards if you did that. (food for thought)  I really have no idea but that popped into my head.

Maybe if you explain to the company/individual whom you're purchasing this large ticket item from that you're chasing a sub that maybe  they'd comply, make some provision.

"My Take Home Pay Don't Take Me Home"
Message 9 of 13
SouthJamaica
Mega Contributor

Re: Chase Ink approval and rant


@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.


Total revolving limits 689000 (587000 reporting) FICO 8: EQ 718 TU 721 EX 698

Message 10 of 13
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