FlyerTalk Forums - View Single Post - Applying for Chase BUSINESS Cards (2023-24)

Jan 26, 2024 | 10:08 am

#737

hurnik

Join Date: Mar 2008

Posts: 2,013

Quote:

Originally Posted by SailorJoe

~ 740 Experian
2/24 Personal Credit Cards
1 Ink card opened early October '23
1 HELOC in November '23
High Income
RE D2I ratio: Unfortunately, I'm currently carrying a balance of about 27% of my available credit. I had planned to put off applying for any more cards until I had this balance paid off (next month) but the Ink card 900 SUB set to expire, so I went for it.

Applied 1/17 - Initial App pending. Called Recon a few times but not transferred to any specialists. Just told to check back later.
10/25 - Recon connected me to an "account specialist".
She asked about the business:

"What is your business, it just says your name on the app?" I told her it's consulting in the software engineering field
"When did you go into this business?" I told her it's new, all I have is estimated income
"Have you earned any money yet?" I said I've been paid for one gig, about $2000 at a rate of $250/hr.
"How much do you plan to spend on the card each month?" I probably messed up here. I said "Not much more than a few thousand". Don't know if it would have been better to go lower, few hundred? Be more specific? Don't know.

She put me on hold for a few, then comes back Denied due to:

Too much available credit
Business too new
"We just opened a business card for you."

On the last point I responded "Yes, in October right? This is a different business, I'm just trying to keep my expenses separate". But it she didn't seem impressed so I didn't want to push the issue. Another hard inquiry and nothing to show for it #sigh

First point is weird. Too much available credit? I have one CSP, one Ink and one card from Citi. However, Experian shows my HELOC as available credit too. Could I have offered to transfer available credit from my CSR? I've heard they can't transfer credit from personal to business. My Ink is the only business card I have, and it has a 4k line. Not much room to wiggle there. What do y'all think here?

Any other feedback? Anything I could have / should have done differently? Bear in mind, this isn't a card for a valid business, I just want a business card so it doesn't go on my personal credit report (and I like the Ink bonus categories)

Also, any advice on next steps? Should I try again with a different agent, or is her decision pretty final? Should I go ahead and apply for a Chase personal card, since this means I haven't gotten a Chase card in 90 days? (I would wait until next month, when my current balances are paid down of course). I'd love to hear your thoughts!

IMO, if Chase denied you for the business card, they'd probably deny you for the personal one.
"too much credit" means just that. Your CL on your cards (chase and otherwise) is "too much" for whatever threshold Chase wants. Typically though, if that were the SOLE reason for denying you, Chase would've offered to re-allocate your credit line from one of their other cards to the new one. Unless you have no other Chase cards to draw from. You could try lowering your CL on the other cards (but, IMO, that'll increase your utilization at this point). So I'd probably wait until you've paid down/off the credit cards to get the util significantly lower, wait for it to hit the actual credit bureaus (may be a month or two after you do it) and then apply with Chase again, although you may still need to proactively reduce your CL on the other cards (after you pay it off).