Chase INK PLUS

Discussion in 'General Discussion | Credit Cards' started by weevinweaver, Apr 23, 2013.  |  Print Topic

  1. weevinweaver

    weevinweaver Silver Member

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    I thought I would share my experience as I am not a risk taker and think that having good credit is a very valuable thing.
    I really like Chase Ultimate Rewards. The fact that I can transfer them to any rewards program makes them valuable. I want as many as possible. The only problem is that I don't really have a business and the INK Plus is a business card.
    The sign up offer is 50,000 UR points which is a lot.
    I applied online and it said we need more time to process your application. So, I called the reconsideration line an hour later and wasn't really prepared for the amount of questions they were about to ask me.
    It started with what is your business name and what do you sell?
    I came up with some horrible name and said I sell things on ebay.
    Then she asked what do you sell?
    I didn't think this far in advance. Off the top of my head I said sports memorabilia.
    Then she asked what kind of sports memorabilia?
    Now I was getting nervous...I said like signed jerseys and baseball cards.
    Then she asked what was my revenue and profits for last year.
    This is where I really screwed up... What I said made no sense. How on earth could my profits be higher than my revenue for the year. (fyi I said its a small business and my revenue was 15k and profits were 20k) It would be a lot better if you said a complex number like $15,963.24
    She also asked if this was my full time job which its not, so I told her that I am making a salary with my full time job and this is a business on the side.
    Also, she asked what I wanted my credit limit to be?
    I said between 3k-5k
    Anyways, She asked a few more questions and said she needed a few minutes to go over everything.
    I was really worried and totally convinced I was going to be denied for the first time.
    She came back on and said that she is approving me because I am in good standing with Chase and pay all Chase CC's on time.
    I would have a 5k limit.
    Then she came back on and said due to the number of cc's that I have applied to recently she was going to have to get a managers approval.
    I started freaking out again. (fyi, I applied to 3 cc's maybe 2 months ago)
    She came back on and said everything is okay.
    I asked to have the card expedited.
    Everything Worked!!!!!
    I am pretty happy and that much closer to having a free vacation! Woo Hoo!
    fyi- I am not going to be applying to any more cc's this year due to wanting to have a high credit score as I am planning to buy a house within 2 years. It needs to be above 750.
    Thanks, for reading and Good Luck and Safe Travels!
     
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  2. harvson3

    harvson3 Silver Member

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    Good story.
    Question for the hive mind: should the OP worry about http://www.law.cornell.edu/uscode/text/18/1014 ? IANAL.
     
  3. mommypoints

    mommypoints Gold Member

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    Congrats and good luck with your new business! ;)
     
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  4. edekba

    edekba Gold Member

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    Applying for Business cards, you should really be prepared. At the minimum.
    1. Type of business
    2. Sales/profit of last year
    3. expected revenue this year

    But glad you got your card
     
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  5. Jett Rink
    Original Member

    Jett Rink Silver Member

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    It's been all the rage, fer years, promoted by the bloogers, to apply for Biz credit cards. Watch where you step.

    And, whatever you do, don't make up stuff in your credit card apps, telling little white lies, or worse, calling in for a reconsideration due to a rejection and making up an even bigger fairy tale.

    That is all.

    :)

    Jett Rink
     
  6. Ed Chandler
    Original Member

    Ed Chandler Silver Member

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    Yep, you definitely want to be honest and have your story straight. Nevertheless, if you DO find yourself backed into a corner like that, don't forget that your phone call can "accidentally" get cut off. Call back when you're ready.
     
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  7. boondr

    boondr Gold Member

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    Especially when Chase will give you a Business card after telling the truth. I told them my Sole Proprietorship made ~$500 which is a little less what I made for selling my wife's used purses and making a raised garden bed for my neighbor last year.

    Just tell the truth people, it is far easier than remembering your lies.
     
  8. Traveling Momma

    Traveling Momma Silver Member

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    Always tell the truth. Lying can, and likely will, get you in trouble. If you don't make any revenue whatsoever from a business, don't apply for a business card. However, if you make even $.01 net profit, you do have a business. Build a truthful narrative that supports this truth. You are arguing a case.

    Others may feel differently, but I want to play the game fairly and truthfully.
     
  9. traveler
    Original Member

    traveler Gold Member

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    I got the INKBOLD nearly a year ago, told them in 2011 I had a $7000 loss. So I don't think you have to show a profit!
     
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  10. Kalboz
    Original Member

    Kalboz Gold Member

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    PhlyingRPh, satman40 and iolaire like this.
  11. othermike27

    othermike27 Silver Member

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    My favorite line is: "I have to go now. The building is on fire." Haven't used this in personal dealings, but works great to get out of tiresome business conference calls...
     
  12. satman40

    satman40 Gold Member

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    Most small businesses do not make money, it is a hobby.
    Many lose money.
    If you own rentals, see on ebay, trade cars you have a business.

    Banks make money when they issue credit cards, make loans.

    Did I need 5 AA X cards, 4 INK Cards no,

    Keep your Credit score high, they are doing it because you pay you bills, and you kind sir are giving them a job and a chance to make a profit..

    You are a nice guy...:D
     
  13. lapointdm

    lapointdm Silver Member

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    or a nice gal :)
     
  14. satman40

    satman40 Gold Member

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    We can never forget the gals, They are what makes the world go around...
     

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