gnomey

ok thanks very much. got it.

to increase success of auto-approval, is it usually better to pre-emptively reduce credit line in preparation for a chase credit card application, or better to just leave it as it is then shift them around later?

aradisc

I will refer you to the section entitled I already have several Chase cards with a substantial aggregate line of credit. Will it improve my odds if I close an existing account (or lower its credit line) before applying for another? in the wiki for Applying for Chase Credit Cards- May 2015-Present

In my experience, Chase reconsideration reps have gotten more surly and hostile over the years, so it's always a good idea to try for auto approval. If pending and not denied, wait a few weeks to see if it goes through anyways.

DnvTrvlr

Applied for the Marriott Biz card three weeks ago, went pending. Took 2 1/2 weeks to get the denial in the mail ("too many recent requests for credit or reviews of your credit" and "you have too many active accounts or too much available credit"). I have four cards currently with Chase - personal Marriott and Fairmont with 10K limits each, Ink and United Biz cards at 12K and 13K. Around 18/24 counting all cards.

Called recon and had to go through income, employment, etc again. Rep asked why so many inquiries and accounts in the last year. Ultimately shifted 5K each from the two biz cards to the new Marriott biz card and was approved.

Another data point that the Marriott biz card isn't under the 5/24 rule.

phranticaw

Do department/discount store cards count in the 5/24 calc?

Checking my stats and I picked up a Best Buy and Macy's card back in fall 2014 (non-visa...store only cards). Wondering if those will push me over... (I'm at 4 without them).

bobert24

Any idea what the current processing time is for business cards (Ink Plus) that go pending? Specifically with the message "We need to review your application a little longer", if that makes any difference.

bobert24

I'm guessing the Asia search trick is something that I happened to see mentioned in another thread a few days ago. The public IHG signup bonus is 60k right now. Doing a dummy ihg.com booking for any(?) hotel in Asia (when logged in to your account) gives you a pretty good chance of getting an 80k offer on one of the final screens.

dlesin

Deleted

highops

Probably 100%. Why both? Ritz Gold plus Ultimate Rewards Points? The benefits and insurances overlap a lot.

Long Islander

I thought it was recommended that you wait at least 30 days between Chase applications.

hiima

You can apply for 2 on the same day. I have. Approved for both.

highops

The lounge benefits and travel insurances overlap. If you need gold status at a Marriott, or have a Ritz stay planned and also need say United mikes you might have an excellent plan.

If on the other hand you have a trip planned at a Hyatt you can earn more Uktimate Rewards points by pairing the Reserve with a Freedom, Freedom Ultimate, or Ink since you can move points between cards and each has a different earn rate on different purchase categories.

It all depends on your goals.

gnomey

thanks for the link. agree, some of chase's csr has gotten a bit grumpy lately

in the wiki content,
(Q1) does the CL of $45-60K refers to only personal cards or personal + business cards?
(Q2) what does 'reducing CL unilaterally' mean?




WIKI Q&A
"I already have several Chase cards with a substantial aggregate line of credit. Will it improve my odds if I close an existing account (or lower its credit line) before applying for another?
Yes.

In the past, the conventional wisdom among FTers was that you were more likely to hurt your chances by closing an account or reducing CL unilaterally. However, substantial evidence from 2014 onward strongly indicates that Chase is increasingly likely to reject applications (or at least not auto-approve them) where an applicant has an existing total credit line that is high compared to his/her income & spending patterns. (For many members, the threshold appears to be in the $45K-60K range, but that is highly speculative.)

Recent reports suggest that closing accounts and/or voluntarily reducing credit lines increases the odds of auto-approval. (You can do either by calling or simply sending a secure message through your Chase online account. You do not need to provide a reason for the request.) For best results, keep at least $5K-10K in excess credit; if your application is not approved, you can always contact the reconsideration department and offer to reallocate that portion of your existing credit line. Note: despite allowing credit line to be moved between personal and business accounts in the past, Chase is no longer permitting such reallocation in either direction.

With respect to timing, it is better to reduce any CL as soon as you can conveniently do so, e.g., after meeting the bonus spend on a card you do not plan to use regularly thereafter. (Do not reduce CL on a given card if it would increase your "credit utiilization"--that is, the ratio of outstanding balance to CL--above ~30%. A high credit utilization number is a red flag for banks and can adversely affect your credit score.) Waiting until one's next application to lower a CL is less than optimal.

There is no known minimum wait between lowering a CL and having the freed-up amount become available for purposes of a new application. A prudent applicant will, as recommended above, plan well in advance; failing that, an applicant would be wise to wait at least 24 hours between lowering a CL and applying for a new card."

medellinfein

Ditto here

smurov

Is this for Chase cards only or for cards from any bank?

mia

This means you should contact Chase to request a credit line reduction now, rather than waiting until you have an application pending.