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Credit Cards Just applied for Ink Cash but...

Discussion in 'questions. answers. conversations.' started by MMM, Apr 10, 2018.

  1. MMM

    MMM Member

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    I got a message saying it needs to be reviewed & will get back to me by mail within 30 days. Should I call them to be proactive? I currently have the Ink Plus & should be under 5/24.

    I recall I got a similar message for the Reserve but they approved it on the phone right away after we moved my credit around. So I’m wondering if it’s just that? With business credit lines, does it stay separate from personal credit lines? Thanks!
     
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  2. Gia

    Gia Well-Known Member

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    This is my understanding: American Express and Capital One report business credit card activity to both personal and business credit bureaus. Chase reports only to business credit bureaus, in most cases.

    You might want to call. It can’t hurt.
     
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  3. MMM

    MMM Member

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    Has anyone had similar issues with Case before? So I called Chase & they asked me a bunch of questions about my business (projected gross, profits, etc.) and said the reason it was pending was because they feel I’m at the top amount of credit they want to extend to me across all my cards. I proactively said I’m willing to move my business credit line around to accommodate the new card. She then put me on hold & when she came back said if I’m willing to move credit around then it’s no problem & it’ll be approved. But based on how she asked me (question rather than matter of fact), I decided to try my luck & ask why they can’t just give me more credit...and it worked rather quickly. So I’m guessing they were really willing to give me more credit but didn’t want to proactively? Is this common? Wondering how this will effect my next new Chase card application in the future. Happened to my Reserve card too but I didn’t know what was possible and just moved credit around then.
     
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    Last edited: Apr 11, 2018
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  4. MidSouth Skier

    MidSouth Skier Well-Known Member

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    They do reach a limit of how much credit they're willing to extend. I'm now at the point where if I wanted an additional Chase card I'm not sure they'd give me one because several of the cards require a minium $5000 or $10K limit and I'm spread pretty thin as it is. Unlike Citi who seems to give me more credit each year even though I don't apply for their cards nearly as often.
     
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  5. Gia

    Gia Well-Known Member

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    I have 12 credit cards and about $150K in available credit. Last year, I was sitting on about $225K in available credit and I proactively cancelled two cards and asked for credit limits to be drawn down on cards I had at the same banks. I have three Chase and two Barclay accounts and those limits were reduced. I’ve never had any delays in getting cards approved but I don’t want to miss out on something special because I’ve crossed over some bank available credit threshold. My advice is to keep the credit limits as low as possible if you hold lots of cards.
     
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  6. MMM

    MMM Member

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    Thanks for your insight. Hmm, wondering what if anything I should do? Or just leave it for now? So you just called Chase & said asked them to take back some credit? I’m just worried by doing that, it still won’t necessarily guarantee me an automatic online approval for the next cc sign up? I really don’t know what info they have in front of them when they determine all this.
     
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  7. Gia

    Gia Well-Known Member

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    I would wait until after you’ve made your minimum spend and have had the card for a while. I made adjustments while nothing was either new or on the immediate horizon. I normally try to limit my new card applications to two a year. Even with a business, it’s hard to use all of them. I’ve found the best approach to be constant vigilance of new card opportunities which work for many spend categories in an effort to reduce or limit the actual total. In addition, since I find the Chase cards so appealing I make sure I’m never sitting at 5/24. I just crossed under 4/24 in March and am now 3/24, so I’m well positioned in the event of the next best card signups and opportunities.
     
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  8. Dave - Canada

    Dave - Canada New Member

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    Not directly related to the original post, but I am thinking of what my long term credit card strategy should be. Despite my user name, I am based in the US and only have one Canadian credit card.

    I recently was turned down for a Chase card but called them to appeal and was granted it. The reason was that I had too many credit card applications within the past 2 years (5). The stupid thing was only 1 had a sign-up bonus. I know, poor strategy.

    My new strategy is to not apply for any credit cards for the rest of 2018. Starting mid 2019, I will apply for a maximum of 2 cards per year.
     
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  9. MidSouth Skier

    MidSouth Skier Well-Known Member

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    What mix of cards do you have now and what are your travel goals?
     
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