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 …