Yesterday was an exciting day for me, as I finally fell under Chase’s 5/24 limit (meaning there were fewer than five new card accounts showing on my report as having been opened in the past 24 months). Technically I fell under the limit in mid-September, but generally it makes sense to wait until the first day of the following month to apply, to be sure all three credit bureaus correctly reflect this info.
If you haven’t been following the series of posts I’ve written about this, see these posts, as they explain my strategy:
- Deciding On A 5/24 Credit Card Strategy
- My Post-5/24 Credit Card Application Strategy
- Less Than A Week Until It’s 5/24 Application Time!
The reason I’ve been waiting to get under the 5/24 limit is so that I can get the following two Chase small business cards, which would greatly complement my existing portfolio of cards:
- The Ink Business Preferred℠ Credit Card offers a welcome bonus of 80,000 Ultimate Rewards points after spending $5,000 within three months, offers excellent bonus categories, and has a great cell phone protection plan (more details here)
- The Ink Business Unlimited℠ Credit Card offers a welcome bonus of 50,000 points after spending $3,000 within three months, and offers 1.5x points on all purchases, so will be one of my go-to cards for business spend (more details here)
The strategy I decided on
There are mixed reports as to whether or not you can be approved for two Chase cards the same day. I want to be conservative here, especially since I’m getting these cards for the long-term value they’ll provide me with. So I decided I’d apply for the Ink Business Preferred℠ Credit Card, which is the card that I want most.
Then I decided I’ll wait a month, and then apply for the Ink Business Unlimited℠ Credit Card. Then I’ll get the other cards I’ve been interested in (which have nothing to do with 5/24).
How did my Chase Ink Preferred application go?
First thing yesterday morning I woke up and applied for the Ink Business Preferred℠ Credit Card. Chase is one of the tougher issuers when it comes to getting approved for business cards, or at a minimum, they typically don’t approve people instantly.
So I wasn’t surprised to find that when I applied I received a message thanking me for my request, and telling me that they needed longer to review my application.
My dad had a similar experience when he applied for this card a few months ago, and he got approved without doing anything. However, I decided to phone up Chase and speak to a credit analyst to move things along.
The analyst took a few minutes to review my application, and then asked me a few questions:
- I was asked about the nature of my business
- I was asked about my gross business revenue and income in 2016, 2017, and projected income for 2018
- I was asked why I wanted this card
Based on the information provided she said that she was recommending my application for approval, and that a senior credit analyst would just need to sign off on it (which is quite normal, in my experience). So that means I’m now conditionally approved, and I was told I should receive the Ink Business Preferred℠ Credit Card within a week. That’s fantastic news. The entire call took about 12 minutes.
Mainly I was just happy to find out that I didn’t screw up my math when determining my 5/24 status, and that I indeed seem to be correct.
While there are lots of other credit cards I want, now I just have to wait and be patient. I’ll wait for the approval to formally come through on the Ink Business Preferred℠ Credit Card, and then I’ll wait 30 days from that day until I apply for the Ink Business Unlimited℠ Credit Card. After that I’ll consider the other cards I’ve been waiting for.