New Chase WN Performance business credit card with 80k bonus
Oct 22, 2019, 8:04 pm
#151
Join Date: Jul 2012
Posts: 205
Interesting data points here. Applied for my wife on Thursday of last week and got the lowest credit limit we've ever gotten ($9,000). I'm quite pissed because we have a $14,000 charge I was planning on putting on it, but now I'll have to split the transaction and use two separate cards. Something is up with Chase because we always get anywhere from $20K-$35K credit limits and have one card with a $75,000 limit (another issuer).
In response to one of the poster's up a bit, being that it's a business card isn't the reason for the lower limit as we've had numerous business cards with chase, all with higher limits. Again, something has changed with Chase, either with this particular card or their underwriting in general. Anyway, hopefully the card will arrive later this week. Their loss on the ~$5,000 spend, which would have resulted in a few bucks worth of merchant fees for them. That money will now go to Citi (AA Executive Card).
Cheers,
In response to one of the poster's up a bit, being that it's a business card isn't the reason for the lower limit as we've had numerous business cards with chase, all with higher limits. Again, something has changed with Chase, either with this particular card or their underwriting in general. Anyway, hopefully the card will arrive later this week. Their loss on the ~$5,000 spend, which would have resulted in a few bucks worth of merchant fees for them. That money will now go to Citi (AA Executive Card).
Cheers,
Oct 23, 2019, 6:19 am
#152
Suspended
Join Date: Feb 2008
Posts: 836
Did you lower the limits on any of your other Chase cards before applying? It's quite possible Chase has reached the maximum limit of credit they'll issue you based on your income. I always request one of my limits to be lowered by 10-15k on a less-utilized card just in case before applying.
Oct 23, 2019, 7:49 am
#153
Join Date: Oct 2013
Posts: 182
No, we did not. However, the 1 existing Chase card I have (wife is an AU and shows up on credit report) has been in place for probably 10 years. In that time, we've churned probably 15-20 cards between us. So no, that's not it, as nothing has changed. In fact, we cancelled another Chase card probably 6 months ago, so our exposure with them is lower than it's been in at least 10 years.
Oct 23, 2019, 8:39 am
#154
Suspended
Join Date: Feb 2008
Posts: 836
Did you try calling after the card was activated to move credit lines around? They may move personal lines to business. When I asked the rep on the phone in fraud department about this she said i should call the number on the back of the card about this after i get it. I have moved lines around with Chase in the past (a while back). Her personal card currently has a 35k limit.
I have not because it's not possible in this case. This is my wife's only Chase card, so there is nothing to move around. In year's past, when we each had multiple Chase cards, we very easily moved credit around. At this point, it doesn't really matter, as it will only cost me about 5,000 Southwest Points (which will now to go American Airlines), so it's not a big deal. As soon as the bonus posts, I'll be cancelling the card anyway.
The point is, something in their approach/algorithm has changed.
Oct 23, 2019, 6:16 pm
#155
Join Date: Jul 2012
Posts: 205
I mean, maybe? It's really impossible to come to that conclusion with 1 datapoint. There could be several other factors that led to Chase's decision, and there's really no way to really know, especially again with just 1 DP.
Oct 23, 2019, 6:18 pm
#156
FlyerTalk Evangelist
Join Date: Nov 2000
Location: Nashville -Past DL Plat, FO, WN-CP, various hotel programs
Programs: DL-MM, AA, SW w/companion,HiltonDiamond, Hyatt PLat, IHF Plat, Miles and Points Seeker
Posts: 11,073
And would add that underwriting levels surely must go through changes often based on bank financials, credit card loss rates, and various other market focus decisions.
Oct 23, 2019, 7:47 pm
#157
Suspended
Join Date: Feb 2008
Posts: 836
There have been multiple data points coming from this topic. Numerous people have reported lower than normal credit lines. So no, it’s not just one data point.
Oct 27, 2019, 7:21 pm
#159
Join Date: Jul 2012
Posts: 205
And multiple counter DP's. Point being, nowhere near any sort of significant amount of available information to come to any real conclusion.
Oct 28, 2019, 9:09 am
#160
Suspended
Join Date: Feb 2008
Posts: 836
Anyway, I got the card in and made the necessary purchase for the bonus. All is good in Texas.
Oct 28, 2019, 10:06 am
#161
FlyerTalk Evangelist
Join Date: Nov 2000
Location: Nashville -Past DL Plat, FO, WN-CP, various hotel programs
Programs: DL-MM, AA, SW w/companion,HiltonDiamond, Hyatt PLat, IHF Plat, Miles and Points Seeker
Posts: 11,073
If someone wants to argue this foolish theory of credit limits - maybe another thread. This is nuts!
Oct 28, 2019, 4:55 pm
#162
FlyerTalk Evangelist
Original Poster
Join Date: Sep 2002
Location: Chicagoland, IL, USA
Programs: WN CP, Hilton Diamond
Posts: 14,192
I applied and Chase sent me some huge long list of requirements to prove I have a business.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
Oct 28, 2019, 5:38 pm
#163
Join Date: Jul 2012
Posts: 205
Moving on...
Oct 29, 2019, 12:21 pm
#164
Join Date: Oct 2013
Posts: 182
I applied and Chase sent me some huge long list of requirements to prove I have a business.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
You have a similar history that I have. I’m addition to your personal income did you put in any revenue for the business? I put in 350k in gross revenue for my sole proprietorship (because that’s what it is). I never get asked about it because if I did I can just show them my tax return.
Maybe putting in money in the revenue makes a difference to avoid the questions?
Oct 29, 2019, 3:08 pm
#165
Join Date: Feb 2009
Posts: 6,607
I applied and Chase sent me some huge long list of requirements to prove I have a business.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
Have had same IL resale number for 25 years. Had 2 Chase business cards (both now Plus) since they came out what, 8-10 years ago? Bank account statement, utility bill, etc. Had to send in passport/ DL and proof of S/S number. Found the original S/S card from 1959. Hahahahaha
Had my Chase bank FAX it all in today.
Not that big a deal on the delay, as I spend it all for the SUB 1/1/20.
You have a similar history that I have. I’m addition to your personal income did you put in any revenue for the business? I put in 350k in gross revenue for my sole proprietorship (because that’s what it is). I never get asked about it because if I did I can just show them my tax return.
Maybe putting in money in the revenue makes a difference to avoid the questions?
Maybe putting in money in the revenue makes a difference to avoid the questions?
Going forward I'm using all startups for bus apps.