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Chase Ink Plus Application Roller Coaster
If you read this site often then you know that Chase has really started tightening their approval process for all cards. They have even implemented a semi-firm policy called by us miles & points crazies the “5/24 rule”. Basically they will deny almost everyone who applies for Ultimate Rewards earning cards (Sapphire Preferred, Freedom, Slate) if they have opened up five or more cards in the past 24 months. Raise your hand if that is you!
Thankfully for now that rule only applies to a few cards, but Doctor of Credit has reported that there is a strong rumor the Chase Ink business cards will be subject to this rule beginning sometime in March and all of Chase’s co-branded travel cards will be subject to the rule some time in April. This isn’t 100% confirmed, but it seems to come from a reliable source and makes perfect sense given the direction they have been moving in.
My Chase Ink Plus Application
A little over a month ago I applied for the Chase Ink Plus 60K offer which has been around for a few months. The standard offer has been 50K for quite some time, so I view 60K as very good considering it can be worth about $1,000 worth of travel. (It isn’t clear to me if the 60K is here to stay or will go back down to 50K eventually.) More importantly, getting another Ink unlocks even more 5X earning opportunities since each Ink Plus is limited to $50K in spend in the 5X categories (office supply, internet and cell phone) and I spend a lot of money.
For a little background, I currently have two Chase Ink cards. One is an Ink Plus and the other I downgraded from an Ink Plus to the no annual fee Ink Cash. Recently I formed a new LLC and decided it would be nice to have a business card for it. Naturally I decided to apply for my overall favorite business card. Would Chase give me a 3rd Ink card?
As I covered last month, my Ink application immediately went to pending status. A number of people have reported it is best to wait for the application to process instead of calling in. Since I am not a huge fan of getting grilled over the phone (which seems to be Chase’s procedure when you call in), I waited. After a couple of weeks a letter came in the mail.
Thankfully the letter wasn’t a denial, but a request. Since my LLC was so new, they weren’t able to verify it was real and asked me to send in proof of the LLC along with proof of the EIN I used to apply for the card. While the letter asked me to mail in this information, I called Chase and asked if there was a way to fax it. There indeed was and I sent it off right away.
Getting A Decision
I faxed in the information about two weeks ago and every day the application status line said the same thing. “Your application is under review.” Thankfully that changed yesterday. After calling in yesterday morning, I was delighted when the cheerful computer voice said, “You have been approved”. Unfortunately it doesn’t say for how much and the card isn’t showing online since I don’t have a login for this new business, but I don’t care. I got the card and it is on the way.
Combined with the good news that Frequent Miler shared yesterday, I think it is safe to say that people who apply for a lot of credit cards can still be approved for some Chase cards. While some commenters take issue with this, I am the first to point out that I am a good customer to Chase. I spend a lot of money on their cards and have a long history with the bank. I only mention this because it could have something to do with the approval.
One other lesson learned here is that persistence pays off. Even though it took a month to get an approval, I was approved. Of course I don’t know if calling right away would have earned me an approval sooner, but that doesn’t matter. Time and time again I have found that persistence pays off whether in this case or when I had to write for reconsideration via mail or secure message. If they run my credit I don’t take no for an answer unless all options have been exhausted.
At this point it is unclear whether or not Chase will begin enforcing the 5/24 rule on Chase Ink business cards or co-branded cards, but I suspect they will. Hopefully my experience will encourage some of you who are worried about a denial. As always, I suggest only applying for cards if and when you are ready, but for many a decision will need to be made soon if the 5/24 rumors are correct.
Have you recently been approved by Chase with more than five new accounts on your credit in the past two years? Please share your experience in the comments!