Sharing my experience applying for the SW Business Performance Visa, which resulted in an initial denial followed by approval upon recon. I had applied for a SW Personal Priority on 12/5/22 and was instantly approved. In addition, I have 4 other personal Chase cards open (Freedom from 2012, Freedom Unlimited from 2014, a 2nd Freedom from 2016, and Sapphire Preferred from 2021). I have a Chase Ink Cash opened in January 2021. I’ve had several other personal and business Chase cards opened and closed along the way since 2011.
After submitting the application for the SW Biz card on 1/7/22, the response was “We need to review your request a little longer. We will let you know of our decision as soon as possible.” I immediately called the phone status line and got the 7-10 day message. A few hours later, I received an email from Chase telling me to read the letter they posted in my online Chase account. It was a denial letter stating “You have too many active accounts or too much available credit” as the only reason.
I called the business recon line today, initially spoke to a CSR who restated the reason for denial. I asked to speak with a credit analyst for reconsideration, and he transferred me to a business lending specialist. The specialist was friendly and asked me to tell him about my business, asked about my business expenses (told him $3000 last month but average around $500-1000 per month), asked how my revenue was year-over-year (good: six-figure revenue doubled in 2022, expect to level off in 2023). Looking over my account he noted that I don't have any checking/savings with Chase (I did a few years ago but since closed). He put me on hold to finish reviewing and came back and said he was recommending a $5000 credit line and would submit it to the system. After a few moments it came back approved, whew!
I wish I had thought to ask him if he had more insight into my original denial. Still not sure if it’s the number of active accounts and available credit with Chase only, or across all issuers. I had reduced the credit line on my newest card by $7,900 the day before the application, to make sure I had room in Chase’s limit for me, so unless their system didn’t yet recognize the reduction then there should have been enough room for what they historically are willing to extend to me. The other unusual thing is Chase closed my Ink Unlimited due to inactivity in 2022; I wondered if that could have been a mark against me.