Schnit

Just chose to pay a different amount and you can over pay.

When I had a trip canceled and large negative balance, it showed my credit available go above my credit limit

flew-d-coop

Just got access to biz account online. First billing cycle is 48 days which will make my last statement only 2 weeks -- guess i will be pushing it a little that month

daslax

Just got under 5/24 and looking to get 2 new Chase cards, one business (Ink Preferred) and one personal (Bonvoy Boundless). I know I need to get the business card first as it will not increase 5/24 and allow me to get the second, but are there any other considerations on timing? I already have 5 Chase personal cards and 1 Ink card. I also plan on opening a Chase Business checking account (for the $750 bonus), so thinking I should open that first and hope for a pre-approved offer at the bank.

Given number of cards and CLs with Chase, I assume they will want me to consolidate/re-allocate - is there any logic in applying for both at the same time, or do I need for the Ink to get fully approved before adding a personal?

RNE

To be safe, apply and get approved for the business card before applying for the personal card. Leave several days/weeks in between; the exact wait-time advice varies from guru to guru.

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Given number of cards and CLs with Chase, I assume they will want me to consolidate/re-allocate

To increase your odds of getting an automatic approval, you may want to proactively decrease your CLs to "make room" for the new cards. I'd do that lowering via a secure message to avoid questions.

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I already have 5 Chase personal cards and 1 Ink card.

I have five personal cards and three business. So, you're not an outlier.

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I also plan on opening a Chase Business checking account (for the $750 bonus), so thinking I should open that first and hope for a pre-approved offer at the bank.

I cannot advise you on this point. I avoid banking with Chase for fear some errant transaction could adversely affect my Chase cards, which, as I mentioned above, are many. But most FlyerTalkers pooh-pooh my caution in this regard.

Schnit

In my experience, open the account first. Once everything had been verified and confirmed by chase you are more likely to get an auto approval once you have a bank account thats been verified and funded.

As for the number of cards, I have 6 business and 5 personal, so you are good.

Just be prepared with a good answer as to why you need another card should they ask. For example, if they say you already have 5 business cards, why do you need the IHG Business card, you should have an answer to tell them.

Dr Jabadski

With all due respect to the esteemed RNE, just as some have a minority opinion about poo-pooing where one eats (banking with credit card issuer) I have a minority opinion about proactively lowering credit limits. (I also think that banking with Chase, specifically Private Client, which years ago was a documented way around 5/24, still helps significantly for credit card applications, both biz and personal but that’s a separate discussion which is well documented on the Chase Private Client thread.)

I keep all credit limits and prior to closing an account I consolidate that credit limit to other open accounts. I’ve focused on biz cards since 5/24 so now only have 2 open Chase personal cards with total CL well into 6 figures, even though monthly balances rarely exceed a few hundred dollars. (Actually makes it tough to consistently have 1-2% usage.)

My last 3-4 Chase personal applications (over past ~2 years) have gone pending, each time a preemptive recon call (my stating I know I have large open credit limits and I don’t want any MORE credit and I’m happy to move credit limits to open this account) has gone quickly and successfully.

I’ve done the same thing with Chase biz cards, fewer biz card closures recently, now have 5-6 open biz cards with total CL almost 6 figures. I’ve expected my last 3-4 biz applications to go pending for the same reason, planning the same type of recon calls, but each of those applications has been an instant approval other than one “modified” instant approval (pending online at end of application, seen in online profile 2 minutes later and automated phone system stated “approved” 2 minutes later).

Consolidating and maintaining credit limits, instead of decreasing, probably increases the likelihood of a recon call but also may increase the likelihood of (ultimate) account approval. To paraphrase Herm Edwards “you play to win the game”, we play to get approvals, no one keeps score of recon calls.

(Of course us long time Jets fans masochists know what he really meant was “you play to perhaps make it almost look like there’s a remote possibility you might actually be competitive and conceivably pull off a possible upset and maybe win the game”. )

Schnit

I believe Chase now allows you to reallocate credit between cards when applying if thats the issue, so not sure lowering CL will help.

As an aside, I have found that if you have cash on hand, transfer it into the business account a couple days before applying. I recently sold a rental property to buy another, so I have the 200,000 in cash sitting in the account while waiting to close on the new property. In the last 6 months I have applied for 3 business cards, each one automatically approved with a 20,000 CL. Also applied for 3 under my wife's name, all automatically approved with 15,000 CL (not really sure why the difference).

theplayer

Chase allocates total credit limit as a % of income. So it totally makes sense to lower credit limits before applying, especially for those that have no need for huge credit limits on any single card. I do it all the time and have always been auto approved. Don't know why anyone would want to have to call recon line if you don't have to,

daslax

Thanks for the advice above. It’s going to take a couple of weeks before I’m ready to open the business checking account, but I think I’m going to start there. I previously had a CPC account, but never ended up fully funding it and closed it once they cracked down on the balance requirements. The new business account will be my only non-credit account. If I don’t get a pre-approval offer at the branch, I’ll go for the Ink signup regardless. Based on how that goes and whether recon or other hassles are involved, I’ll take a look at CL allocations before moving on to the personal account. I have one personal card with a high balance that I’ll also pay down well in advance of the apps.

Appreciate the feedback!

RNE

You're welcome.

SPN Lifer

It is eminently sensible and wise to have one's primary checking account at a separate institution from any credit cards. That way, whatever misunderstandings, dissatisfaction, issues, disputes, or financial adversity may occur with respect to the cards will not affect the core of one's economic livelihood.

schistosomiasis

Apologies if I sound disagreeable, but when I started my (legit) business (which is my main source of income) I purposely opened my business account with Chase because I felt it would increase my odds for credit card approvals (it also doesn’t hurt that there’s a Chase branch on both main roads either side of me).

I haven’t gottten rejected for a SINGLE chase card since then (I did get a rejection letter for chase sapphire last year but phoned in to recon to get it approved). My personal opinion is chase considers me low risk because they know exactly what’s going in and out of my accounts, and what my balances are. I signed up for CPC last year to get a bonus but took the $ out once the holding period was over.

I now hold four personal chase cards, and six business cards, and have been able to churn ink cards/ personal Hyatt, will work on other cards. I apply for about 4-5 Chase cards/ year as pigs get fat and hogs get slaughtered. Most of my organic business spending is meeting multiple AMEX plat/ gold NLL offers, but I do use the 5X categories on ink cash.

fredc84

On the other hand, I tried to open a Business checking account last year before I started applying for any cards and was turned down for an account.
I've since applied for 5 CC's and was auto approved for every one.

RNE

I respect your opinion, but I don't share it. To me, one has nothing to do with the other.

RNE, glad it's working for you.

rapatelrocky

Not sure about the risk level, however whenever I call the credit card support number on back of the card, they first thank me for being a CPC client - indicating it shows up immediately on their screen when they open the credit card account info.