Chase Ink 70K Strategy?

MarkD

MarkD

Level 2 Member
I'm looking for some advice here...

I currently have the Ink Bold and it is up for my second renewal in November. I put 5x spend on this card with utilities (cable and cell phone) and buy GCs at office supply stores to the tune of about $2500 a month. Occasionally I'll mix in a little other spend like gas and hotels.

I'd like to apply for the Ink Plus 70K offer as I'd like to get the bonus (duh!) and I'd also like to convert from a charge card to a card I *could* carry a balance on if I chose to. My *ahem*, part-time 'business' reported a small profit of $873 early this year to Chase during another reconsideration call where I was denied the Chase Southwest Business card. My business was too new and didn't make enough profit they said. They wanted to see a longer term relationship before granting me another business card.

Which option has the best chance of success?

1) Cancel Ink Bold now before AF hits and apply for Ink Plus online before the deadline.
2) Apply for Ink Plus online and offer to close Ink Bold in reconsideration.
3) Apply for Ink Plus online and let it ride.

I need to act quickly as I believe the deadline is the 10th for the Ink Plus 70K.
 
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Tanglong

New Member
You can have both. I have both. Just tell them if they ask that you want one as a credit card for some bigger charges you might not pay off that month. But still like the credit card. If they give a little problem when you call reconsideration line ask them as last resort to move the bold over to the ink credit limit. The ink is better as it is visa and you can enroll in visa edge and get 1% money back at staples.
 
D

DL172

Level 2 Member
The ink deadline was moved up to the 19th or 20th (quite confusing as different sources mention each.

I'm not sure if one is able to move credit lines between a charge card and a credit card. I remember not being able to do that a year. I was denied a card. Then in a previous 60k a month this past spring, I recieved a card. There are multiple reasons as to why someone needs two cards. I always like to mention that I prefer to have my card to split international based spending for taxes. This seems like a legit reason why a legit business would legitamently want two cards. (I wish I could get bonus ur points for using legit 3x in a sentence)
 
Matt

Matt

Administrator
Staff member
DL172 said:
The ink deadline was moved up to the 19th or 20th (quite confusing as different sources mention each.

I'm not sure if one is able to move credit lines between a charge card and a credit card. I remember not being able to do that a year. I was denied a card. Then in a previous 60k a month this past spring, I recieved a card. There are multiple reasons as to why someone needs two cards. I always like to mention that I prefer to have my card to split international based spending for taxes. This seems like a legit reason why a legit business would legitamently want two cards. (I wish I could get bonus ur points for using legit 3x in a sentence)
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I've two Bolds and no Plus, pretty sure adding on the Plus would be even simpler than getting two of the Bolds.

Cards are still available under my credit card link at the top (Business Credit Cards) and for the new folks, all that revenue is going to support Stop Hunger Now!
 
andysiz

andysiz

Level 2 Member
Like others have said, you can have both Bold and Plus. But I have read elsewhere of at least one person getting stuck when a lending services analyst offered to convert an existing Bold to Plus after the applicant said he wanted the Ink so that he could carry a balance month-to-month.

Taking all the varying Chase business card application data points I've seen together, I think the key on recon is to have a (true) story that makes sense to the rep on the other side. You have a pretty good chance to be asked why you spend $2500 per month on gift cards (there have been reports of people getting asked about gift card/vanilla reload purchases, even sporadic purchases, on other Chase, even personal, cards). I'd do some googling to see all the types of questions you may be peppered with, and see if you have adequate responses to them. If not, you should strongly consider passing, or applying and NOT calling recon so long as you're not given the dreaded "10-day" pending notice (which signifies a likely denial). There are a number of reports of people not calling recon and getting approved automatically a couple days - couple weeks later.
 
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pillow25

Level 2 Member
MarkD said:
I'm looking for some advice here...

I currently have the Ink Bold and it is up for my second renewal in November. I put 5x spend on this card with utilities (cable and cell phone) and buy GCs at office supply stores to the tune of about $2500 a month. Occasionally I'll mix in a little other spend like gas and hotels.

I'd like to apply for the Ink Plus 70K offer as I'd like to get the bonus (duh!) and I'd also like to convert from a charge card to a card I *could* carry a balance on if I chose to. My *ahem*, part-time 'business' reported a small profit of $873 early this year to Chase during another reconsideration call where I was denied the Chase Southwest Business card. My business was too new and didn't make enough profit they said. They wanted to see a longer term relationship before granting me another business card.

Which option has the best chance of success?

1) Cancel Ink Bold now before AF hits and apply for Ink Plus online before the deadline.
2) Apply for Ink Plus online and offer to close Ink Bold in reconsideration.
3) Apply for Ink Plus online and let it ride.

I need to act quickly as I believe the deadline is the 10th for the Ink Plus 70K.
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Is there a Chase branch near you? I think it might be worth going into a branch and applying in person. I think the banker gets a commission on every card, so he/she has an incentive to help you out and try and get you approved. Furthermore, the banker can also go to bat for you with Chase. And if you're a likable person, you can try a little social engineering (make small talk, generally sound like a likeable person).

I've heard of people having much better success in branch than online, especially after a previous denial.
 
andysiz

andysiz

Level 2 Member
pillow25 said:
Is there a Chase branch near you? I think it might be worth going into a branch and applying in person. I think the banker gets a commission on every card, so he/she has an incentive to help you out and try and get you approved. Furthermore, the banker can also go to bat for you with Chase. And if you're a likable person, you can try a little social engineering (make small talk, generally sound like a likeable person).

I've heard of people having much better success in branch than online, especially after a previous denial.
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To add to @pillow25's post, I believe you may have to open a Chase business checking account in order to get an in-branch business card application submitted. I don't know if that's a barrier, but I believe that to be the case.
 
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pillow25

Level 2 Member
andysiz said:
To add to @pillow25's post, I believe you may have to open a Chase business checking account in order to get an in-branch business card application submitted. I don't know if that's a barrier, but I believe that to be the case.
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I just applied for a Ink Bold (since they are discontinuing) in branch (pending, not calling in until I get a letter), and did not have to open a Chase business bank account. I just told the banker that I needed a card to separate my expenses since my business is growing rapidly and I want to separate expenses come tax time.
 
andysiz

andysiz

Level 2 Member
pillow25 said:
I just applied for a Ink Bold (since they are discontinuing) in branch (pending, not calling in until I get a letter), and did not have to open a Chase business bank account. I just told the banker that I needed a card to separate my expenses since my business is growing rapidly and I want to separate expenses come tax time.
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Great to know! I'm off Chase business card applications for a while now, but will definitely apply in-branch next time knowing this.
 
H

hiro905

Level 2 Member
while a little off topic from this thread but just wanted to throw it out there in case anyone is wondering. It looks like the Ink Bold is no longer offered on Chases website.
 
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pillow25

Level 2 Member
hiro905 said:
while a little off topic from this thread but just wanted to throw it out there in case anyone is wondering. It looks like the Ink Bold is no longer offered on Chases website.
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Confirmed. Just to add to my data point, My credit monitoring service informed me that Chase added two new accounts to my Experian credit report this week. But I only have the United Explorer card as my new account. Could I have been approved for an Ink Bold?

I called to check on my application status, and they said the decision was still pending review
 
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DL172

Level 2 Member
Would anyone have any successful HUCA with Chase Business lending? Basically, I was denied the 70k offer :(. I already have two ink cards. I actually have a convincing story as to why I might need another card (multiple tax jurisdictions). I have 22k of outstanding credit, they of course wouldn't move any. I never even go anywhere near the limit. 22k in total credit is nothing compared to some other banks. I spent 40 minutes on the phone, so I don't want to be calling 3x times if there is no luck.
 
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pillow25

Level 2 Member
An update on my process for applying for an Ink Bold in branch.

Got the denial letter last night in the mail. Called the number of the letter in the mail, and gave her some info about revenue and profit (15k with 10k profit, 1.5 years in business). Said that I had opened 3 cards in last 6 months and that my business was too "new" and revenue wasn't "enough". Wouldn't budge on reducing existing credit lines either.

Thinking about 2 strategies:
  1. Getting the personal banker involved. Maybe he can do something on my behalf.
  2. Calling back after 3.5 weeks and saying that I have decided to hire 2 employees and this will 2.5-3x increase revenue and profit and makes it much more important that I have one card for all employees.
Thoughts?
 
andysiz

andysiz

Level 2 Member
pillow25 said:
An update on my process for applying for an Ink Bold in branch.

Got the denial letter last night in the mail. Called the number of the letter in the mail, and gave her some info about revenue and profit (15k with 10k profit, 1.5 years in business). Said that I had opened 3 cards in last 6 months and that my business was too "new" and revenue wasn't "enough". Wouldn't budge on reducing existing credit lines either.

Thinking about 2 strategies:
  1. Getting the personal banker involved. Maybe he can do something on my behalf.
  2. Calling back after 3.5 weeks and saying that I have decided to hire 2 employees and this will 2.5-3x increase revenue and profit and makes it much more important that I have one card for all employees.
Thoughts?
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Certainly doesn't hurt to try! I'm still on the fence about the explanation that the Chase Biz rep gave you. The two Ink cards I've gotten have been for nascent businesses with $0 in revenues. It seems that age/revenue does not mean you can't get the card as a rule. This is good and bad for you. Good, because it means that the denial can be overcome. Bad, in that there might be some other, undisclosed reason why the rep didn't approve you on the line.

Based on the many data points I have read about Chase Biz recon, your story is not unique, and I get the sense that the analysts have a good amount of discretion on whether to approve you or not. If your overall credit profile and business story makes sense to the analyst, then you're generally a go.
 
MarkD

MarkD

Level 2 Member
MarkD said:
I'm looking for some advice here...

Which option has the best chance of success?

1) Cancel Ink Bold now before AF hits and apply for Ink Plus online before the deadline.
2) Apply for Ink Plus online and offer to close Ink Bold in reconsideration.
3) Apply for Ink Plus online and let it ride.
Click to expand...
Update: I applied on the 9th of October for the Ink Plus for both my wife (no Chase business cards) and myself (Ink Bold for 24 months). I opted for option #3 above (let it ride).

Called the phone status number on the 23rd and both applications were described as pending and could take up to two more weeks - Chase was probably slammed with applications. Today I noticed that there is a new Chase business account that shows in my online account so it looks like I was approved. My wife's account shows nothing yet however.

I am going to wait at least another week for my wife's account to catch up. This being her first business account with Chase leads me to think that she will have to call reconsideration eventually to get approved. Is this true in other's experiences? She has no desire to talk to reconsideration and explain her 'business'.

Interestingly, neither one of us has received ANY communication from Chase other than they received our applications.
 
B

Brian

Level 2 Member
I recently applied for the Ink Plus as my first business card, went with option #3, and was approved 5 business days later without having to speak with anyone, or otherwise receiving any communication from Chase. They sent the approval email, then a shipping notification a day later.
 
MarkD

MarkD

Level 2 Member
Brian said:
I recently applied for the Ink Plus as my first business card, went with option #3, and was approved 5 business days later without having to speak with anyone, or otherwise receiving any communication from Chase. They sent the approval email, then a shipping notification a day later.
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Did you report any revenue on the application for your business?
 
B

Brian

Level 2 Member
I applied as a sole proprietor with $1 in revenue since the form threw an error when I attempted with $0.
 
S

satz

Level 2 Member
Applied for my SO the Bold the day the application went away a week ago. Just got approved a few hours ago. I got approved for my own Bold a few weeks ago the same way.

So I highly recommend to not call (in addition to not using a blogger's link who blog about Chase cards 5 times per day).
 
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