I received my first full credit card decline tonight. I applied for four credit cards today. Three were automatically approved. The fourth was marked pending. That was Ink Plus – Visa. As many readers know, this business credit card, issued by Chase, was a MasterCard and is now switching over to Visa. Since this can be considered a “new” or “different” card, this may be an opportunity to apply for the “new” Visa version and receive the 50,000 Ultimate Reward point bonus that comes with the Ink Plus. I already had the Ink Plus MasterCard, but decided to throw in an application for the new Visa version of this card. Why? For the 50,000 Ultimate Reward sign-on bonus, of course.
Not willing to wait for a decision, I called the reconsideration line tonight. I was transferred to an analyst who asked a lot of questions about my “business” including income, anticipated income, expenditures, etc. etc. Despite my rosy demeanor, the analyst (who was very nice and thorough) announced that he was not able to recommend my application. He noted that I had a lot of cards, that my business was relatively new, and not really profitable yet (an understatement if ever I’ve heard one!). Under these circumstances, he concluded that it was better to watch and wait rather than approve.
This isn’t an ego thing. I’ll admit it: I want the benefits of this card. I tried all of the dances that I knew. I explained why I wanted a Visa in addition to a MasterCard, and suggested that Chase move around my credit between the cards. The analyst wasn’t convinced. He said “no, not yet.”
Was he wrong? Yes, in the sense that I know that I’m not a credit risk. I know I won’t default. But, other than that.. he was right. Do I really NEED all of these cards? No, of course not. Most people have 2 or 3 cards. We have 20 or 30. We find loopholes and work-arounds. Do the credit card issuers need us? Do they want us? My guess is no.
That doesn’t mean I’ll lay down and accept the decline. Maybe I’ll call back after I get the formal declination letter, and request reconsideration, or even ask that they sacrifice my dear MasterCard so I can get the Visa. I’m not sure yet (and I’m certainly open to suggestions). But the point here is…. what is the point? Perhaps just a little reflection …
A New York frequent flyer who elegantly combines her passions for worldwide travel, running a gazillion marathons all over the globe and staying fit ... without sacrificing her fancy for good wine and food.
Not gonna lie, my ego was hurt a little the first time I was declined, but I think i’ll get over it within two years. If I were you, I’d sacrifice the Master Card for the Visa, unless you actually need it for its benefits. Otherwise, it’s an inquiry for nothing.
I was declined last week by Barclays (I’ve been churning US Airways cards since forever). It was weird and awkward. The motive? Too many credit applications. At a quarterly rate of 3-4 cards, this was never an issue, But, I get it. I’m going to chill with Barclays for a bit. AmEx, Chase and others keep opening their doors for me. Three out of three approvals yesterday (AmEx + Chase). Keep on churning 😉
It took 4 separate phone calls and a manager to get me approved for Ink back in April, but I got it. In the end I had to give up another card’s line to get it. I like your argument and the way you look at the issue. Was he right? Yes and no, like you said. Of course the banks don’t want us. Although I don’t think they lose money on us with all the swipe fees we give them.
I think Chase is getting stricter… Had the same problem with a business card last week. They wouldn’t even let me transfer credit or sacrifice a card..
Well, it seems, according to people’s reactions that I’m not alone, and that I should try one more time and offer up the current Ink Plus….
I had only one declined and that was the United Explorer Biz card in July 2013. Had the ink bold MC which I cancelled 11 months out, then applied for the the Ink Plus MC and still have it from december 2013. Perhaps it would be easier to be approved for the INK bold VISA since it is a charge card and does not go towards the credit limit.
Chase reconsideration used to be a cake-walk, but is no more.
I got declined trying to get 2 Barclays card at once. They gave me 1 out of 2, reason being they didn’t think I needed two cards. I got the US Airways card but was declined for VX, which doesn’t exist any more. *sad face* I had big plans for those Virgin miles too!
I was denied for the ink bold card initially after having the ink Plus card. It took a second call and moving of 5k from one to open another. So don’t give up just yet.