Chase - Same inquiry for personal and business cards?

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jazzmailman
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Chase - Same inquiry for personal and business cards?

Postby jazzmailman » Fri Jan 24, 2014 10:45 pm

Hi all,

Since I actually do a little bit of retail selling on Ebay (shoes and jerseys), I thought I would try my luck applyig to my first business credit card - the Chase INK Bold. However, the application said further review is needed. After calling the business reconsideration line, the rep declined my application and that he doesn't think I need a business card because:

1) Too many recent inquires - I applied for a few cards with different banks for my big travel last year
2) I have a 45k limit from Chase Personal credit cards - he doesn't think I need a business credit card since I already have 4 personal Chase credit cards for my "small" business

Fair enough. However, I really want the 5x category bonus (and 50k rewards points) since I do pay cable and phone bills for a group of friends (at ~$600 a month).

So my question is - since I already got my credit pulled for the business card application, if I apply for the personal Chase INK Plus, would there be another credit inquiry? And does Chase normally grant 5+ credit card accounts? I ask this because it seems like all the good credit card offers (and category bonuses) are from Chase.

Right now I have 4 Chase cards (Freedom, CSP, Marriott, United) but also wanting IHG, Hyatt and Plus/Bold. I have a pretty decent credit score (~775) and the INK Bold was my first declined credit card application. Not to sound overly greedy, but does having EIGHT Chase credit cards possible?

Thanks!!!


CC Deville
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Postby CC Deville » Sat Jan 25, 2014 2:06 pm

From what I understand about Chase is that they don't have a limit per se on the amount of CARDS you can have but how much CREDIT they will extend between all cards. So if you already had, lets say $75,000 available credit between your existing cards, they will likely decline a new account unless you make a ton of money. It is possible to recon with Chase and have them move credit lines from your other Chase cards to fund a new account. Your mileage may vary and I am sure that at some point they do have a limit to the accounts but most forums I have seen tend to agree that it is more the total credit (exposure) instead of actual card accounts (8 is kind of pushing it though).

Just a word of advice though, since you live in Southern California where the VAST majority of credit card fraud (ie the cardholder is the fraudster) takes place, you should be a little careful with opening too many credit cards. That is a huge red flag to credit card companies. And no matter where you reside, trying to get too much credit in a short amount of time is frowned upon.

whit
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Postby whit » Sat Jan 25, 2014 3:57 pm

sometimes that's where some fast talking and thinking would help,

but you have thirty days to get a decision overturned without having to do another inquiry

what types of cards do you have on the personal side? how much CL on each? any that you do not use or is not doing anything (like if they're slate)

if I were you, and I really want this card because business wise it makes sense for me, not only in terms of getting more bang for my buck spent, but also because personal cards are personal cards


this is business, I would say, that I need to keep it separate for book keeping purposes

if they are not willing to extend to me on a business level because my personal side is "extended to limit or overextended" I would ask if they're willing to open the business if need be, I can try and consolidate my personal spending, but I really would like a card simply for business purposes, and those have already generate statements with personal purchases plus with my line of business, this card makes more sense

if you can approve the business card I'm willing to close the personal

that is just me though

it doesn't hurt since it's still within the window timeframe

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Postby benhollberg » Sun Jan 26, 2014 2:07 pm

When I originally applied to the Chase Saphire Preffered I already had the Marriott Premier card with a $8.5k limit, was told to call in order to get the CSP. I called they said they'd only approve me if I dropped my Marriott limit to $5k and have $5k for the SP. I said I'll accept, in the end they never actually lowered my Marriott limit and I do have a $5k limit on the SP. You may ask them to move around your credit limit in order to get approved.

On the other hand, does your name have anything to do with Karl Malone?
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jazzmailman
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Postby jazzmailman » Sun Jan 26, 2014 5:50 pm

Thanks to CC Deville, whit, benhollberg - for your responses.

I am willing to move some credit line around in order to get this card - as I actually do like to keep business and personal expenses apart. (I have a BOA bank account strictly for mortgage expenses - just easier to track this way)

I will call the reconsideration line again to try to persuade them; however, am I able to transfer my personal credit line to business?

Lastly, yes my name is related to Karl Malone, glad you noticed! I was born and raised in Salt Lake City and have been a Jazz fan since back in the DeltaCenter days!

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djrez4
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Postby djrez4 » Sun Jan 26, 2014 7:08 pm

Hold up here a sec, folks.

OP wants to apply for the "personal INK Plus?"

There is no personal Ink card.
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whit
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Postby whit » Sun Jan 26, 2014 10:31 pm

Too lazy to quote but OP says wants to apply for first BIZ card

But because business credit card is pretty much based on personal credit

His personal credit is holding him back, or so Chase says, too much open/revolving credit?


Apologies if you're a girl

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Postby takeshi » Mon Jan 27, 2014 8:57 am

CC Deville wrote:From what I understand about Chase is that they don't have a limit per se on the amount of CARDS you can have but how much CREDIT they will extend between all cards.

^ This. Try recon again and see if they will let you reallocate. Just be aware that once you allocate some of your CL to business that you won't be able to allocate that CL back to personal.

jazzmailman wrote:Not to sound overly greedy, but does having EIGHT Chase credit cards possible?

FlyerTalk's churners might be better to ask. IIRC FT has a thread on number of Chase cards.

jazzmailman wrote:However, I really want the 5x category bonus (and 50k rewards points) since I do pay cable and phone bills for a group of friends (at ~$600 a month).

You don't want to mention the latter to recon but you may want to use the advice given above to help justify your Ink app to recon.

jazzmailman
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Postby jazzmailman » Wed Feb 05, 2014 4:32 am

First of all, thank you for everyone that replied, it means a lot when someone answers your questions.

I actually typed a response to every poster individually a couple days ago, but it wasn't posted.

Anyway, just to provide some points for other people, I called the reconsideration line again twice and finally the third person approved me. I mentioned the following thatI am starting an eBay business so the 5X in office supply stores would be very useful. He proceeded to ask about my expected business revenue and profit for this year, and put me on hold for 2-3 min. He came back and said that Chase has approved my business card application and I have a flexible credit line of $7500 (I told them that my monthly revenue would be around $6000-$8000, since I'm reselling shoes and accessories).

I cannot be happier with Chase's decision! The 5X bonus category would really come handy when buying boxes from office depot (and paying phone bills). I guess the take home message is that it never hurts to try... at least you have a chance!


*** and yes, my username is related to Karl Malone, I was born and raised in Utah! :)

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Postby benhollberg » Mon Apr 07, 2014 7:55 pm

jazzmailman wrote:Lastly, yes my name is related to Karl Malone, glad you noticed! I was born and raised in Salt Lake City and have been a Jazz fan since back in the DeltaCenter days!


That's awesome. I am a big Jazz fan also and major season ticket holder, rarely do I miss a home game and go to at least one road game each season. Been going to games since as long as I can remember, literally.
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