I love credit cards so much! v3.0 (see first page for add'l details)

[SouthFayetteFan]

Wise words as usual. Yes, the game is ever changing - but I am optimistic that there will be some great opportunities ahead. Chase/Amex/Citi have surprised me with some of their efforts to retain cardholders over recent weeks. We also know they have spent millions buying up discounted points from AA/Marriott/Hilton etc. So I think there is going to be some lucrative SUB's to be taken advantage of when this Covid thing has subsided enough that banks can focus on cardholder acquistion rather than retention.

In the meantime, it is a great time to do some credit card housekeeping to make sure you are in great shape to take advantage of any offers that roll around.

I would agree wholeheartedly that card issuers will be looking to acquire new customers in the future. I love the idea of doing some housekeeping to clean things up where possible during this time period. Managing CLs is good, possibly canceling some cards (but exercise caution to not cancel any you might want in the future).

On a related note for planning purposes, I would not set my expectations that sole prop restrictions will ease with Chase. I think this might be the new reality, as this seems to be more about focusing on approving profitable customers and weeding out unprofitable ones. There is no way that a sole prop with <$5k in annual revenue and no checking relationship is profitable for these banks. They appear to have found an avenue to close a loophole on approving unprofitable businesses, and I'm not sure it will ease when this is all over (if this new norm with Chase is even related to the pandemic, which honestly I'm not sure it is). I'd be pretty confident that if I had a sole prop, with 3 years of schedule Cs showing strong revenue and profitability that I could get a Chase biz card right now. Unfortunately, those are the types of businesses they should be focusing on. Time will tell if there is any easing up here or if Chase has simply had enough with these unprofitable applications. I'd love to be wrong...but if I were in Chase's shoes here, I wouldn't revert back.

 

[SouthFayetteFan]

I appreciate your thoughful chat I was going to cancel my CIP but will probably PC it to a CIU now (I already have a CIC). I can always cancel it in the future.

I added this in the fireside but I'll say it again here:
You can cancel tomorrow, or next month, or next year!
I've regretted closing cards MANY times in this game. Honestly I regret some cards I closed to this day...like literally right now! I've never regretted leaving one open, because I can simply call back in a minute and change my mind if I want to. Once it's canceled...it's gone man...just like if you throw your keys in lava.

 

[snugglebug]

Well this seems juicy if you can get it to pull up:

https://www.doctorofcredit.com/amex...e-125000-points-on-american-express-platinum/

I doubt I'm targeted, but can anyone share a how-to in regards to MR and Schwab, kind of a "ELI5" over on Dischurners? Please. I put a post over in Dischurners Advanced Strategies.

Thinking I could "invest" my stimulus into the AF maybe lol

 

[StephPlum]

Did anyone else who already has a SW CP get an email today congratulating them on earning a CP? I am assuming it has something to do with their extending to June 2021 but not sure. Weird

 

[elgerber]

Did anyone else who already has a SW CP get an email today congratulating them on earning a CP? I am assuming it has something to do with their extending to June 2021 but not sure. Weird

I did, got a good giggle out of it.

 

[SouthFayetteFan]

Did anyone else who already has a SW CP get an email today congratulating them on earning a CP? I am assuming it has something to do with their extending to June 2021 but not sure. Weird

I think I saw some reports of this in other forums.

 

[havaneselover]

Did anyone else who already has a SW CP get an email today congratulating them on earning a CP? I am assuming it has something to do with their extending to June 2021 but not sure. Weird

Me!

 

[SouthFayetteFan]

And I have funded my last PPP loan. 53 small businesses assisted - close to $15 million in funding. 100% success... now I just want to sleep, for a week or a month

 

[afan]

I've only seen chatter about sole props being denied for a CIP. Have their been any dps on the ciu or cic? Curious since it's kind of the dif of getting a csr or cf.

 

[magickingdomprincess]

Well, I went ahead and tried for a CIP (knowing it would probably be declined) and it was. I figured why not at least try while the referral links were still around. I'm 2/24 and currently without an MSR, and I don't have a CSR or CSP, and was thinking I would like to try for a CSP. Do I just need to wait a day apply or should I actually wait longer? The other card I was considering was a Citi Premier, but figured I should go for a Chase product since it's been three months since my last Chase card. I know with the changes of Chase biz approvals that might not be as big of a concern going forward (meaning I might run out of Chase products I actually want to get), and also that I might not always be able to be MSR'ing going forward, but for now I think it still makes since to go ahead and use a 5/24 spot for either the CSP or Citi Premier. Thanks for any thoughts or answer to the Chase app question!

 

[Albort]

I've only seen chatter about sole props being denied for a CIP. Have their been any dps on the ciu or cic? Curious since it's kind of the dif of getting a csr or cf.

saw a CIU denial yesterday. Sole Prop.

 

[*WDW*Groupie*]

@SouthFayetteFan I have a quick question. I have to dispute a large charge on my biz Plat. I have made up the spend (so the MRs don't get clawed back), but not all of the charges have posted. Should I wait until all the recent charges post to dispute the charge?

 

[*WDW*Groupie*]

saw a CIU denial yesterday. Sole Prop.

When I applied for my first CIP I put it in the name of my business (which is first name, last name, business name). I had to provide Chase with business documents. I have been consistently putting money in the account. Would this be enough to qualify for another biz card (maybe the CIU)?

 

[SouthFayetteFan]

Well, I went ahead and tried for a CIP (knowing it would probably be declined) and it was. I figured why not at least try while the referral links were still around. I'm 2/24 and currently without an MSR, and I don't have a CSR or CSP, and was thinking I would like to try for a CSP. Do I just need to wait a day apply or should I actually wait longer? The other card I was considering was a Citi Premier, but figured I should go for a Chase product since it's been three months since my last Chase card. I know with the changes of Chase biz approvals that might not be as big of a concern going forward (meaning I might run out of Chase products I actually want to get), and also that I might not always be able to be MSR'ing going forward, but for now I think it still makes since to go ahead and use a 5/24 spot for either the CSP or Citi Premier. Thanks for any thoughts or answer to the Chase app question!

You could probably do it today - if you want to be ultra safe, wait a day. That denial should not affect your CSP app. You should briefly consider MDD although at 2/24 I’m not sure I’d want to do that - and it seems CSP is honestly a better bet than CSR right now if you’re only doing one. Do you have a P2 support link to use, if not, consider DISchurners.

Also - have you previously had a CSR or CSP? Keep in mind that if you earned a bonus on one of those cards in the last 48 months you are not eligible for one currently.

 

[SouthFayetteFan]

When I applied for my first CIP I put it in the name of my business (which is first name, last name, business name). I had to provide Chase with business documents. I have been consistently putting money in the account. Would this be enough to qualify for another biz card (maybe the CIU)?

You might be in business there... (pun intended )

I think it’s worth a try...

 

[SouthFayetteFan]

@SouthFayetteFan I have a quick question. I have to dispute a large charge on my biz Plat. I have made up the spend (so the MRs don't get clawed back), but not all of the charges have posted. Should I wait until all the recent charges post to dispute the charge?

that’s a tough one. The RAT can be so weird and unforgiving. I’d play it safe if you can - is there harm in waiting a couple of days? It probably means nothing but still... I’m ultra conservative with this stuff.

 

[SouthFayetteFan]

I've only seen chatter about sole props being denied for a CIP. Have their been any dps on the ciu or cic? Curious since it's kind of the dif of getting a csr or cf.

I agree with @Albort - it’s all Chase biz cards (even SW biz seems to be subject to this scrutiny).

 

[palhockeymomof2]

And I have funded my last PPP loan. 53 small businesses assisted - close to $15 million in funding. 100% success... now I just want to sleep, for a week or a month

Congrats

 

[Albort]

When I applied for my first CIP I put it in the name of my business (which is first name, last name, business name). I had to provide Chase with business documents. I have been consistently putting money in the account. Would this be enough to qualify for another biz card (maybe the CIU)?

if u have a business name, im gonna guess u app with an EIN? we dont see much denials with EIN, only with Sole Prop.

 

[palhockeymomof2]

if u have a business name, im gonna guess u app with an EIN? we dont see much denials with EIN, only with Sole Prop.

Any info on applying with an EIN as Sole Proprietor?