Chase Ink Plus Application Experience
My wife and I have a long history with the Chase Ink line of credit cards. Way back in time when there used to be both the Ink Plus & Bold, my wife and I both opened up those cards for our separate businesses. Over the years we have cancelled some, downgraded one and even signed up again during the switch from Mastercard to Visa.
Those Were the Days
As most of you know by now Chase isn’t being so generous with credit card approvals anymore. Last year they instituted the so called “5/24 rule” which limits approvals on their Freedom, Slate & Sapphire Preferred cards for people who have opened five or new credit card accounts across all banks within the past 24 months.
Doctor of Credit recently reported that the Chase Ink cards will be subject to this same rule sometime in March and we will eventually see it extended to their co-branded credit cards in April as well. This means that a lot of people are scrambling to get their “final” Chase applications in.
Why I Applied For the Chase Ink
Up until now my Chase Ink cards have been applied for with my social security number. My business recently incorporated and thus I now have a new name and EIN that I can use to apply. I really do need a credit card in the name of my new business, so I thought why not take a shot at my favorite overall business card, especially since it has a 60K offer right now.
There are numerous data points saying that it is best to let your application process naturally instead of calling into the reconsideration line. Since it often takes 2-3 weeks for this processing to happen, I figured it would be good to apply before the end of February. My speculative belief is that I need my application processed before their new rules go into effect sometime in March. Of course I have no proof of this and it is just a theory, but I gave it a shot.
My Application Experience
Chase’s Ink application is among the most complicated since you need to dig down through their categories to find your business type and subtype. After doing that and inputting all of the relevant information, I hit submit and the page refreshed for over a minute while it processed my app. Once it was done I got the dreaded “need more time to process” message.
What to Do Now
Now all I can do is wait for my application to be processed. I have a stellar history with the bank, a 780+ FICO score and I spend a lot of money with their products, but that might not be enough to overcome my recent applications. Even though the 5/24 rule isn’t officially in place yet, Chase has still been denying quite a few people for “too many applications” or “too many new accounts”. I probably give myself a 30% chance of approval, but I thought it was worth applying given the 60,000 point bonus and my actual need for a business card.
I know a lot of you have decisions to make as to which Chase card/cards you want (if you want any) to apply for before these changes happen. (Frequent Miler has a great post to help with that.) For me, getting an Ink card is the best move since I have all of the co-branded cards I want and this card fills a need I have, has awesome bonus categories and an amazing sign-up bonus. I’ll follow up in a couple of weeks when my application is processed, but for now I’m keeping my fingers crossed.