Chase reconsideration on business card

[Haley]

I have a real business but very little revenue/profit.
Had to split another line.

Asked lots about my business. I'm an artist and I buy some supplies in bulk. I sell my work directly in person and via word of mouth. No storefront. Studio is in my home and I rent time on some machinery. They were fine with all that.

Asked for details on what I'm selling, sculpture, 3-d art, and other installations. Forgot to mention restoration. Also commissions.

Asked 3 years revenue/profit 10k/4k, maybe up a bit this year but told them I never know until year end due to the Fall being my main selling season.

Asked about costs: supplies, studio time, show fees, shrinkage, master classes/continuing education, also joked maybe I'd make enough to pay for a book keeper this year.

Asked me to project sales, was fine with high/low season averages.

Um. Asked details on show fees and commission structure (I only do flat fee venues).
Asked about recent applications and why so many. December/January review and switch based on needs seemed ok but she perked up when I mentioned some of those pulls were for business credit applications.

Also they asked about and looked at personal credit usage. I don't MS much on Chase. My Am Ex gift card purchase was to set aside funds for equipment...

I have a Chase savings account with a large balance, long history, and a sales and tax certificate that is three years old and public record. I'm pretty sure this is a plus on my side, but correlation doesn't equal causation, it is just a theory.

And yeah, this is a brain dump in part so I can look it up next time but also data for others. I knew what they would ask and it was less of a pain since I had my numbers ready.

 

[AU1]

I've never had such in depth questions. By me it sounded more like the rep was just filling out a form with the basic info and numbers about the business.

 

[Haley]

I've never had such in depth questions. By me it sounded more like the rep was just filling out a form with the basic info and numbers about the business.

This was my first that didn't give me instant approval for a business line, but there are many reports on FT about the new in depth questions.

One thing that I found very interesting was they asked about a card I carry a balance on and did I plan to pay it off soon? It is a card opened in 1988, 4.9% max rate. 0% for another 9 months on what I have on it. If they don't want me to use it they should quit offering 2% balance transfers with 0% for two years. Left hand does not know what right hand is doing.

 

[chunkalunk]

Wow, based on this I got off the hook. I applied showing $12k income and when asked about it during recon call, I replied that I had done consulting work (true) and that it only represented 1 month of work (true) and that I was ramping up to do more (not true) and wanted to track expenses separately.

And that was it; got approved on the spot. This was 2 months ago.

 

[Malvina]

Just got my first Ink Plus. No business, high credit lines on 6 Chase personal cards, high income. Got 2 weeks notice and decided to hold.
22 days have passed since my application day..... and I was approved with "amazing" CL $ 5000.

 

[Haley]

From others I've talked to, something changed about a month ago.
Chase is looking closer at things. I should have just waited until the Ink went back to 50,000 bonus and asked for a backwards match (or not worried about it).
It is also of note that my business is I'm an artist.
I'm pretty sure that is a high risk group, so I expect questions.

I did not apply for a personal card because my experience is you always need to call on one or the other if you do two close together. Had to call anyway.

I totally meant to mention the inspirational ads they have been running about how they support small business.

 

[KennyBSAT]

My 2 cents on Chase business applications that go pending, based on mine and my wife's experience as well as datapoints all over the interwebs:

Do not call Chase business recon unless you are actually denied.

Just wait, and your chances of getting approved are better if anything. And you won't have to go through this whole grilling. I got my first Chase business card easily but have been denied twice since then while continually getting approved for personal cards. I called recon on all 3. My wife has been approved for 3 business cards over the past 15 months including one in May. None instantly. All of them were approved about two weeks after applying.

 

[goofypluto]

I posted this in another forum and posting it here in case it helps someone.

My husband and I both applied this past Saturday and we both got the decision pending notice.

I called Chase today via the 800-453-9719 number and my call was less than 5 minutes. She didn't ask me any questions and just said to hold and I was approved. This was my first application for an Ink card. I currently have the Sapphire and BA. It was very short and painless and she gave me a huge credit line.

My husband called about an hour and half after me tonight. The lady that he was speaking to asked him several questions ranging from: type of business, earnings/profit, how much he's spent, years in business, why he needed the second ink card (he currently has an ink bold mc and the united explorer) etc. She said she had to move some of his credit line from his ink bold mc in order to approve the ink bold visa. He was approved after that and the phone call took about 10-15 min. He didn't feel like she was grilling him, but more of a checklist of questions she had to go through.

For what it's worth, the ink bold mc that my husband currently has didn't have much charges for beans or gift cards.

Good luck to everyone else that applied and got the decision pending notice. Hope this helps!

 

[Haley]

The card I called on was declined before the call.

Another thing that effects me with Chase is they look at total credit lines, personal and business. My total credit line with them is very close to 2x stated annual income. I haven't researched it, but my last personal card also required a call to split a line.

 

[Gustraveler]

I recently applied for the Ink Plus card. Received pending status, called in about an hour later. Went through pretty much the same grilling as Haley noted above. They also asked about my other recent business cards (CitiAA 11/13, SPG 2/14, Chase Southwest Biz 2/14) and why I needed this one. I mentioned about the ads they ran, business supplies at office stores being important, etc. End of 30 minute call I was denied. Not very happy about it. I have had a Chase card for over 15 years. About a week later, after I received the official denial letter, I decided what the heck, I'm calling back again to make my case. Pretty much went through the same questioning again. This time I reiterated how much more useful the Ink card would be to me than the SW biz card if they wanted to cancel that one or move credit to the Ink from another card. And voila....they agreed to cancel my SW and approve me for the Ink card with the $5k limit I had on the SW card. Point being--doesn't hurt to HUCA.

 

[Matt]

I called in on this same number.. they told me that due to overwhelming requests they couldn't even consider considering me and I must wait.. am trying again to reach them. I move in 5 days so would like them to genuinely expedite...

Called in again.. got a more helpful person. Informed me that they needed more info -proof of Business Address.

The have an email address, but it is only good if you application is in process (for sending supporting documents) business.card.fax@jpmchase.com you need a reference number and won't get a reply.

 

[Annie H.]

. My total credit line with them is very close to 2x stated annual income.

Thanks for that data point. I'm always looking for stuff like this. Would especially love to hear about total CLs with all cards in relation to stated income. I've heard anything from 1x - 4x.

 

[wasabirobot]

I called in the day after getting a pending decision response last week. When I called I was told that I had been denied but that agent said that he might be able to take a closer look and approve me. I gave him some minimal details about my business and he asked about projected revenue. He also confirmed a few other details and then approved me right there on the phone. The whole thing took 5-7 minutes at the most and didn't feel adversarial at all.

 

[Jennifer]

I applied for Ink Bold on 5/14 and went pending immediately, I called twice that day and they wouldn't talk to me at all, just said to wait for a letter (which I've never gotten). I contacted Chase last week via SM and asked if there was any info I could provide. Response was that my app was being reviewed and wait for contact. I got a voicemail Wednesday from Chase, called back today and spoke to a very nice lady who asked me a few questions but it was not intense at all. I was completely honest abt my business (I don't have one yet, but told her my plan, field is related to my full-time job), and after shuffling around my credit limit on another Chase card she granted me a $5K line, which is the minimum for business cards (she said).

Edited to add: overall, it was painless today. The two agents I spoke with the day I applied were quite short with me however, and after the first call when I HUCA the second agent said, "Yes, I see you've already spoken to another agent about this. You need to wait for a letter in the mail." I tend to concur that the best strategy may be just to wait it out and not call on the day of the app.

 

[cz606]

I called Chase today via the 800-453-9719 number and my call was less than 5 minutes. She didn't ask me any questions and just said to hold and I was approved. This was my first application for an Ink card. I currently have the Sapphire and BA. It was very short and painless and she gave me a huge credit line.

This is almost exactly what happened to me a few months ago. Was my first Chase business card which may explain the ease. Was thinking of getting SW business near the end of the year. Will let everyone know if the second business card proves more challenging

 

[TinyElvis]

I applied, received pending status, and immediately called up the recon line. Boy did they give me a grilling. I have a long history w/ chase checking, savings and currently 5 consumer credit cards. Was asked why I had applied for so many cards recently (said I had recently moved-- which was true-- to a new area and was switching hotel and airline programs due to regional differences). Was asked about projected revenues (said I wasn't sure b/c I was just starting but was very honest that probably nothing in the immediate future). Said I was starting up a consulting business (plausible considering my profession). Was asked why I wanted a business credit card (to track business expenses separately). Was asked about projected monthly spending. It was a good 15 minutes of questioning at least. In the end I was approved by moving some credit from another card to ink. I think in the future w/ Chase I will avoid the recon line.

 

[druiddation]

A little over a month ago I applied for a Chase personal and a business card on the same day. Before applying I had 4 personal and 2 business cards with them, as well as a checking account. Both applications went pending. I called on the personal and they just wanted to reduce the limit on another card to make room for the new card. I asked to have the limit on 2 cards that I don't use often reduced by 50% (but they forgot to or never got around to reducing those limits).

A couple days ago I finally rec'd the rejection letter, citing Too many requests for credit or opened accounts with us. I've had a teller at my local branch calling me a couple times this week trying to get me to sign up for another card because her system showed me as pre-approved. So I called the business reconsideration line and got all the new questions reported in the posts above. They were mainly concerned that my total credit limit was $10k over my listed salary. After several holds the new business card was approved and $12k moved from another cards limit.

 

[mawmaw]

nicely done! i would work on biz applications first when dealing with chase for some reason they are much tougher on biz cards then personal cards
I once applied for four cards with chase 2 biz and 2 personal i was declined for my second biz app even after recon and i was approved for two personal cards right after

 

[Whitney]

I just did my first "app-o-rama" I applied for 7 cards and was approved for 8. One of the approvals was the Amex platinum offer targeted to Ameriprise customers. I was approved even tough I am not an Ameriprise customers.That is very sweet as it waives the $450 annual fee for the 1st year. BUT i was not approved for Chase Ink card. Very disappointing as I want the 5x miles at office supply stores. When I called the reconsideration line, they said I had not been in business long enough and my gross and net business income were not high enough. I had told them about my business selling things on ebay. Do you have any idea if calling the reconsideration line a 2nd time would possible get me an approval?

 

[InstinctX]

Whitney, have you looked into applying for AmEx's Simply Cash (it's similar to Chase Ink Plus) - except it's 5% statement credit for OSS, internet. Did you apply for the Chase Ink Plus as sole proprietor, using your own SSN or using an EIN? Did the analyst ask how would having a biz CC "help your business?"

How did your call to the reconsideration line end? Is there still likelihood that the analyst may continue to review your application? I'm not sure calling a second time would help -- as you won't necessarily get connect to the analyst that is reviewing your app.

When I applied for Chase Ink Plus, the decision process seemed to take forever -- I was asked to fax in the same set of documents 2 separate times (EIN, address of my business -- which seemed to be redundant because address of my startup business is my home address - which is already on the EIN). Calling the recon line didn't really help -- as the representative wasn't involved with reviewing my app.

EDIT: BTW, congrats on your new cards!!!

 

[Whitney]

Thanks, Instinct. I did apply as a sole proprietor, using my SSN. Maybe I will try for the AmEx's Simply Cash...that seems to make sense. Then, after my business has grown, maybe re-apply for Chase Ink

 

[NannersOahu]

My husband has a legit long term condo rental in Hawaii and have been using our Chase UM Award Card (it's my husband's card and he hates cc in general) for taxes and whatnots. I applied for the Chase Ink Plus (60000 point sign up) and was rejected because "too many Chase cards" . I called the recon line this AM and the guy on the other end was just angry and rude. (FRANCISCO) Avoid him at all cost, he was just ready for a fight and was extremely bothered. I should have hung up but I asked why the denial. He said its because you have too many open cards with Chase. (We only have 2 personal cards-both United Miles-Award and Explorer). I explained that we wanted to upgrade our UM card and applied for the Explorer as it seemed to have better benefits and did not think to just upgrade the Award card. FRANCISCO yelled "well no one told you to do that and that is too bad for you!!" So at this point, this guy is abusive and I explained that he yelling and he needs to tone it down. He then back peddled and said he was not yelling and do we want him to look at the rejection claim. No shite sherlock-that's why we called! He then proceeds to ask a boatload of questions regarding our business (last 5 years of revenue + profit) and then surprise, no surprise...he denies us again. He says our business is not profitable enough. So I ask to speak with someone else and he hands it over to Debbie. Debbie is a nice sounding lady who then reads the notes of our conversation with Francisco and engages me but really has her mind made up. This time it is not because we have "too many cards open" and not because "we show no profitability" it is because our business has no credit history. She did not even mention the "too many cards" and when I brought it up, she said it was a non factor. Of course she denied us because our business has "no credit history". I did explain that we were going from a long term rental to a short term vacation rental (AIRBNB) property and need to renovate and furnish the unit. She seemed to get that but still denied us anyway.

So to all those who are looking to get the Chase Ink business card I have some advice
1-Wait awhile, if you have just opened personal cards
2-Get your numbers ready
3-Avoid Francisco
4-Hang up immediately if you get bad juju (Francisco)
5-Get a good story ready as well. We are actually not going to short term vacation rental but I thought that would justify the need for a business card

I think I am done trying-unless anyone has a trick up their sleeve. I will try AMEX in a couple of months. Maybe then I can establish a credit worthy business (whatever that is suppose to mean)

Nanners

 

[Mtshastajane]

I just went through the Chase Ink application process. I have a "straight job" that pays over $100k annually, and a new side business which shows very little net income. My credit score is very high, and I waited like a spider to apply for this card in light of the new Chase restrictions--I have 4 new cards in the last 24 months, including a Southwest card from May of this year...

I immediately received an email with a reference number requesting that I call the 800 number (I also got a 30 day pending email while I was dialing that number). I went through a very nice 15 minute telephonic interrogation by Reuben which ended in a denial. I asked if there was someone else I could speak to about my application. That resulted in a 5 minute hold followed by another 15 minute grilling by Jeremy also ending in denial. At this point, I asked if there was another level of review available. Another 10 minutes on hold, and then I spoke with Desiree...we love Desiree...after 10 minutes she approved it.

The moral of the story (perhaps) might be to stay on and persevere?

 

[GettingReady]

Interesting. My dh is still waiting to hear back about a review from an app 8/9. My review for the Ink was denied and didn't think about going up the chain of command. Decided not to call in on his and wait it out. The only new card for him was being an AU on my CSP. He was denied for that one since " he already had a card." He also has a credit score over 800 and a high income.

 

[crapz1]

All my business cards through Ink had to be approved over a call. Each call only lasted about 10 minutes and they were pretty general questions like what is the nature of your business, how much do you expect to spend, how much income? My wife's application, they just verified her name and approved.

 

[milesman99]

I applied for the chase ink plus card last month and got rejected due to insufficient business income, talked to 2 CSR and 2 supervisor still no luck.

 

[guybrush3pw00d]

My SO and I each applied for our own Ink Pluses back in July 2015 (about two weeks apart from each other). In both cases the application results page indicated that a decision was pending and that we would be notified of a decision within 30 days. There was no request for callback. For both apps, I called the automated application status line daily and eventually both were approved within 3-4 business days.

Both of us have 800+ credit scores, sole proprietorship businesses with less than $10K in revenue, used SSNs for our EIN, and each of us had less than 3 new cards in the past 24 months.

 

[Ted Nguyen]

A friend of mine applied for the Ink Plus and he got "we will let you know our decision in writing in 7-10 days" about 2 weeks ago. He checked yesterday and it was still like that. Does it mean he's probably rejected?

 

[DanT]

It just means they are probably backed up with applications. When he checked did he actually speak to someone? They should be able to review it on the phone then and there. He should be aware of the new tighter requirements for UR earning cards like the INK. They dont want to see too many new credit card applications. I think its no more than 5 in a 2 year period. If he has other Chase cards he should be prepared to move credit lines around or possibly even close a card. Whether any of that is worth it is up to him.

 

[Ted Nguyen]

Nah he called the automated line to check. He's heeding the "wait and don't call" advice so we'll see.

 

[fpguy]

Some additional information:
I wanted to apply for the Ink Plus

Already had:
Chase Freedom $5000
Chase Sapphire Preferred (recently opened) $12000
Chase Ink Cash $10000
Newegg Card $5000

I applied online for the Ink Plus and was initially denied so I called up retention the following day to ask why. Although they didn't give me a reason, the lady was very nice and simply asked me a few questions such as why I needed the card, how much money my business was making, and what kind of business it was. Within 10 minutes of friendly conversation, she was able to split the Ink Cash in half to $5000 CL and give the other $5000 to the Ink Plus. Additionally, I called in the following day and they changed the ratio even more for me to $1500 for Ink Cash, $8500 Ink Plus.

 

[Alexander Synder]

Some additional information:
I wanted to apply for the Ink Plus

Already had:
Chase Freedom $5000
Chase Sapphire Preferred (recently opened) $12000
Chase Ink Cash $10000
Newegg Card $5000

I applied online for the Ink Plus and was initially denied so I called up retention the following day to ask why. Although they didn't give me a reason, the lady was very nice and simply asked me a few questions such as why I needed the card, how much money my business was making, and what kind of business it was. Within 10 minutes of friendly conversation, she was able to split the Ink Cash in half to $5000 CL and give the other $5000 to the Ink Plus. Additionally, I called in the following day and they changed the ratio even more for me to $1500 for Ink Cash, $8500 Ink Plus.

Gr8 buddy

 

[Lappie]

Applied for a Business Ink and a personal Southwest before the holidays. Got pending on both. Decided to call last night, against my better judgement.

Applied same day, one pull from Exp and the other Equ. I had frozen Exp for 6 months, so last pull was 5/2015 and it was a Chase pull. Equ had 4 pulls from various companies, none from Chase.

First, personal Southwest was approved with a cancellation of another card, I chose Disney @ $13k and that line was moved to the SW. Easy. I have $72k in personal lines, so I expected something like this.

Second, business. I currently have a SW $10k card with this business. I was asked how long I've been in business, and its 4 years, I do have a EIN. Was asked if I've ever filed a tax return, its an LLC so its through my return. Was asked what kind of business, IT Consulting. I usually do some "side work" and run it through this business to look halfway legit.

I was asked for net profit, to which I said, there is none, and she asked net loss. I told her $6500 net loss for 2014. I expect a net loss of $2450 for 2015 and a net profit for 2016. None of these is accurate, I actually have no idea really. I opted for loss, because I figured they wouldn't ask for proof of that, but knowing I may have just slain myself for the card.

She came back and denied the additional line. I said, a net loss does not equal a failing business and I already have an excellent record with the SW card. I also mentioned I have a Chase checking, with $2k and a savings with $15k. She split the $10k between SW and Ink. That's actually good for me so if I cancel one, its only a $5k line.

50K SW Points and 60K UR Points. Good way to start 2016.

FWIW.

 

[jlang]

wow, kudos on convincing them to give you a card after disclosing a loss.

a buddy of mine applied for the ink a few months ago (and called in). the grilled him about his business - he resells sporting event tickets in our local market (has a bunch of season tickets to an NHL team). has been doing if for 10 years - and gave them 5 years of profits and revenue data. Of the last 5 years, he lost about ~$1k the year prior, but made money every year before. He explained how its cylical, and the team was terrible, and this coming year he expects to make a profit.

anyhow, they denied him and the rep said it was because he had a loss the previous year and therefore was too risky. he had chase history in personal cards, and data of a profit for all other years, but that one small loss sunk him... so food for thought I suppose

Applied for a Business Ink and a personal Southwest before the holidays. Got pending on both. Decided to call last night, against my better judgement.

Applied same day, one pull from Exp and the other Equ. I had frozen Exp for 6 months, so last pull was 5/2015 and it was a Chase pull. Equ had 4 pulls from various companies, none from Chase.

First, personal Southwest was approved with a cancellation of another card, I chose Disney @ $13k and that line was moved to the SW. Easy. I have $72k in personal lines, so I expected something like this.

Second, business. I currently have a SW $10k card with this business. I was asked how long I've been in business, and its 4 years, I do have a EIN. Was asked if I've ever filed a tax return, its an LLC so its through my return. Was asked what kind of business, IT Consulting. I usually do some "side work" and run it through this business to look halfway legit.

I was asked for net profit, to which I said, there is none, and she asked net loss. I told her $6500 net loss for 2014. I expect a net loss of $2450 for 2015 and a net profit for 2016. None of these is accurate, I actually have no idea really. I opted for loss, because I figured they wouldn't ask for proof of that, but knowing I may have just slain myself for the card.

She came back and denied the additional line. I said, a net loss does not equal a failing business and I already have an excellent record with the SW card. I also mentioned I have a Chase checking, with $2k and a savings with $15k. She split the $10k between SW and Ink. That's actually good for me so if I cancel one, its only a $5k line.

50K SW Points and 60K UR Points. Good way to start 2016.

FWIW.

 

[DanT]

I am not sure if the Chase reps even know what they are talking about when it comes to asking how much profit a business had. If it is a one member LLC or sole proprietor then sure it matters but I got the same question with my last application for a regular C corporation. Generally, small businesses using a regular C corporation do not show a profit on the corporate level because otherwise all that ends up happening is that money ends up getting double taxed. It took a little bit of explaining for me to get that point across. Next time I do not get an auto approval for a business CC I think I will be patient and wait to see if I get approved before calling the reconsideration line.