I love credit cards so much!

[wisconsinmom]

I got my letter from Chase regarding my denial for the CIP. I've never been denied for a card, it really stings!!

The reasons are:
Too many credit or loan accounts opened recently
Too many recent requests for credit or reviews of your credit
You have too many active accounts or too much available credit
Your current amount of credit is enough in relation to your income

I'd love to know your thoughts on what to do, maybe I just need to take time and lower some of my credit limits.

I'm currently 4/24

AU on DH's CSP which 4/16
CSR 1/17
CSP 4/17
Freedom 1/18

I have 5 Chase cards, including a Disney Visa (have had for a long time) and a SW Preferred that I've had for 4 ish years.

Credit limits are:

Disney- 7,600
SW-7,500
CSP 13,900
CSR 34,000
Freedom 4,000

I'm thinking the credit limits were part of the problem. I requested that the CSR be lowered and they said they did but that isn't showing up yet.

My credit score is over 800 so that shouldn't be an issue!

Thoughts? Advice? Thanks in advance.

I'm planning to either cancel or PC the CSP as soon as the 1 year mark hits which should be within the week.

 

[jujubiee4]

If you can afford to pay ahead for groceries, you could buy gift cards now and use them later. We do that with gas stations. Restaurants is the only category I really dislike, because it conflicts with my goal of eating out less.

I'm with you. Looking at Discover's calendar bonus categories. Restaurants and Gas are going to be the only ones i can not max out.
I get my gas at Costco or Sam's Club and well restaurants....we are trying to save money.

 

[jujubiee4]

I got my letter from Chase regarding my denial for the CIP. I've never been denied for a card, it really stings!!

The reasons are:
Too many credit or loan accounts opened recently
Too many recent requests for credit or reviews of your credit
You have too many active accounts or too much available credit
Your current amount of credit is enough in relation to your income

I'd love to know your thoughts on what to do, maybe I just need to take time and lower some of my credit limits.

I'm currently 4/24

AU on DH's CSP which 4/16
CSR 1/17
CSP 4/17
Freedom 1/18

I have 5 Chase cards, including a Disney Visa (have had for a long time) and a SW Preferred that I've had for 4 ish years.

Credit limits are:

Disney- 7,600
SW-7,500
CSP 13,900
CSR 34,000
Freedom 4,000

I'm thinking the credit limits were part of the problem. I requested that the CSR be lowered and they said they did but that isn't showing up yet.

My credit score is over 800 so that shouldn't be an issue!



Thoughts? Advice? Thanks in advance.

I'm planning to either cancel or PC the CSP as soon as the 1 year mark hits which should be within the week.

Chase seems to be really tightening the screws lately. Last card i got from them was the Hyatt almost a year ago. Even then
i had to call as it went to pending. I can't remember if i had to move credit around or
they just had to verify things. After that episode i knew i should cool it with them for
awhile.

 

[SouthFayetteFan]

I got my letter from Chase regarding my denial for the CIP. I've never been denied for a card, it really stings!!

The reasons are:
Too many credit or loan accounts opened recently
Too many recent requests for credit or reviews of your credit
You have too many active accounts or too much available credit
Your current amount of credit is enough in relation to your income

I'd love to know your thoughts on what to do, maybe I just need to take time and lower some of my credit limits.

I'm currently 4/24

AU on DH's CSP which 4/16
CSR 1/17
CSP 4/17
Freedom 1/18

I have 5 Chase cards, including a Disney Visa (have had for a long time) and a SW Preferred that I've had for 4 ish years.

Credit limits are:

Disney- 7,600
SW-7,500
CSP 13,900
CSR 34,000
Freedom 4,000

I'm thinking the credit limits were part of the problem. I requested that the CSR be lowered and they said they did but that isn't showing up yet.

My credit score is over 800 so that shouldn't be an issue!

Thoughts? Advice? Thanks in advance.

I'm planning to either cancel or PC the CSP as soon as the 1 year mark hits which should be within the week.

Seems like a credit limit problem. You can’t move credit limit from a personal card to open a Biz card. I’d reduce those credit limits significantly and then try again. You can try to recon but I’m not sure if that’ll work or if you’ll have to reapply.

How many inquiries do you have? Do you have any cards from issuers other than Chase (that report on your personal credit report)?

 

[AmyAnne]

I got my letter from Chase regarding my denial for the CIP. I've never been denied for a card, it really stings!!

The reasons are:
Too many credit or loan accounts opened recently
Too many recent requests for credit or reviews of your credit
You have too many active accounts or too much available credit
Your current amount of credit is enough in relation to your income

I'd love to know your thoughts on what to do, maybe I just need to take time and lower some of my credit limits.

I'm currently 4/24

AU on DH's CSP which 4/16
CSR 1/17
CSP 4/17
Freedom 1/18

I have 5 Chase cards, including a Disney Visa (have had for a long time) and a SW Preferred that I've had for 4 ish years.

Credit limits are:

Disney- 7,600
SW-7,500
CSP 13,900
CSR 34,000
Freedom 4,000

I'm thinking the credit limits were part of the problem. I requested that the CSR be lowered and they said they did but that isn't showing up yet.

My credit score is over 800 so that shouldn't be an issue!

Thoughts? Advice? Thanks in advance.

I'm planning to either cancel or PC the CSP as soon as the 1 year mark hits which should be within the week.

Are these all of your cards or only your Chase cards? This does seem like an odd denial.

 

[AmyAnne]

I'm with you. Looking at Discover's calendar bonus categories. Restaurants and Gas are going to be the only ones i can not max out.
I get my gas at Costco or Sam's Club and well restaurants....we are trying to save money.

The line to get gas at our Costco is always crazy long, and Costco is kind of out of the way. I stock up on Shell gift cards when gas is the 5x bonus category because I drive right by three Shell stations on my way to work every day. I figure I come out about the same, over the course of a year. I agree regarding restaurants -- we are trying to save money and eat healthier, so I only buy a few restaurant gift cards, to places I know we will eat when all the kids are back.

 

[CyndiLouWho]

I got my letter from Chase regarding my denial for the CIP. I've never been denied for a card, it really stings!!

The reasons are:
Too many credit or loan accounts opened recently
Too many recent requests for credit or reviews of your credit
You have too many active accounts or too much available credit
Your current amount of credit is enough in relation to your income

I'd love to know your thoughts on what to do, maybe I just need to take time and lower some of my credit limits.

I'm currently 4/24

AU on DH's CSP which 4/16
CSR 1/17
CSP 4/17
Freedom 1/18

I have 5 Chase cards, including a Disney Visa (have had for a long time) and a SW Preferred that I've had for 4 ish years.

Credit limits are:

Disney- 7,600
SW-7,500
CSP 13,900
CSR 34,000
Freedom 4,000

I'm thinking the credit limits were part of the problem. I requested that the CSR be lowered and they said they did but that isn't showing up yet.

My credit score is over 800 so that shouldn't be an issue!

Thoughts? Advice? Thanks in advance.

I'm planning to either cancel or PC the CSP as soon as the 1 year mark hits which should be within the week.

I would pull your credit reports and double check to make sure you’re not missing any accounts. Chase counts all accounts, not just Chase, and AU on all. They even count some store accounts you wouldn’t think matter.

 

[AmyAnne]

I would pull your credit reports and double check to make sure you’re not missing any accounts. Chase counts all accounts, not just Chase, and AU on all. They even count some store accounts you wouldn’t think matter.

You can also (indirectly) ask Chase. I called about a denial a year or so ago, and discovered that I had miscalculated when a fifth card would be +24 months. I was off by two weeks. When the Chase rep said that I had opened too many accounts recently, I said something like, I didn't think four cards was a lot in two years. That's when she said that Chase was counting five. I had my credit report in front of me, and told her the four cards I thought should count. She told me the fifth. I applied a month or so later and was approved.

 

[SouthFayetteFan]

You can also (indirectly) ask Chase. I called about a denial a year or so ago, and discovered that I had miscalculated when a fifth card would be +24 months. I was off by two weeks. When the Chase rep said that I had opened too many accounts recently, I said something like, I didn't think four cards was a lot in two years. That's when she said that Chase was counting five. I had my credit report in front of me, and told her the four cards I thought should count. She told me the fifth. I applied a month or so later and was approved.

While this is true and possible - this denial isn’t for 5/24. This is for too many recent account/inquiries and sufficient credit limits.

 

[wisconsinmom]

I would pull your credit reports and double check to make sure you’re not missing any accounts. Chase counts all accounts, not just Chase, and AU on all. They even count some store accounts you wouldn’t think matter.

Great idea, any advice on the best way to go about that?

Chase seems to be really tightening the screws lately. Last card i got from them was the Hyatt almost a year ago. Even then
i had to call as it went to pending. I can't remember if i had to move credit around or
they just had to verify things. After that episode i knew i should cool it with them for
awhile.

I might take a Chase break! It is making me nervous.

Seems like a credit limit problem. You can’t move credit limit from a personal card to open a Biz card. I’d reduce those credit limits significantly and then try again. You can try to recon but I’m not sure if that’ll work or if you’ll have to reapply.

How many inquiries do you have? Do you have any cards from issuers other than Chase (that report on your personal credit report)?

I have a Gap Visa that I've had for 10 years or more. Other than that the only card I have is a Target Debit card.

I'm not sure about inquries, how would I find that out?

I will definitely plan to lower credit limits. I would like to close the Southwest card but I don't know the best time to do it.

DH is probably a better candidate right now for the CIP, I messed up on his first application by adding a business name. I'm going to try again after 30 days has passed. He's 2/24 but will go to 1/24 after this month. He just got the SPG personal a few weeks ago.

 

[SouthFayetteFan]

Great idea, any advice on the best way to go about that?



I might take a Chase break! It is making me nervous.



I have a Gap Visa that I've had for 10 years or more. Other than that the only card I have is a Target Debit card.

I'm not sure about inquries, how would I find that out?

I will definitely plan to lower credit limits. I would like to close the Southwest card but I don't know the best time to do it.

DH is probably a better candidate right now for the CIP, I messed up on his first application by adding a business name. I'm going to try again after 30 days has passed. He's 2/24 but will go to 1/24 after this month. He just got the SPG personal a few weeks ago.

A lot of times Chase will list numerous reasons on a denial but one thing is actually the primary reason. For you it’s probably the credit limit thing. You haven’t been hitting new cards hard and therefore probably don’t have a lot inquiries.

If you wait out the husband thing and have him apply again then after 3 months have him refer you to CIP you’ll be in great shape In the meantime maybe cut down that $67k on combined credit limit to prepare for your next app. You don’t need to be extreme about it but I’d try to get it under 30% of your income to give plenty of space to be approved for a new card. I don’t really know where I’m pulling 30% from - it just seems reasonable to me LOL.

 

[wisconsinmom]

A lot of times Chase will list numerous reasons on a denial but one thing is actually the primary reason. For you it’s probably the credit limit thing. You haven’t been hitting new cards hard and therefore probably don’t have a lot inquiries.

If you wait out the husband thing and have him apply again then after 3 months have him refer you to CIP you’ll be in great shape In the meantime maybe cut down that $67k on combined credit limit to prepare for your next app. You don’t need to be extreme about it but I’d try to get it under 30% of your income to give plenty of space to be approved for a new card. I don’t really know where I’m pulling 30% from - it just seems reasonable to me LOL.

Thanks!! Yes, I'll cut it down. If I ever charged up 67K then I'd be in big trouble!

 

[Ava]

Well for the Marriott/SPG cards, the new Marriott Plus card has the same fee of $95 and that card has the same 35k limit. The current Premier card has an $85 AF, so I can see having a lower points limit. However, I didn't realize the Biz card was $99 and that only gets the 25k as well. They had a call out that new benefits were coming in Aug but not having the card don't know if that's still TBD or it's included in the details already. I hope it's TBD.
If you've got 2 SPG, the only redeeming value the current Marriott cards have is the elite night credit for every 3k in spend. And I still think that's not a make or break for the card so yeah, agreed, not seeing a good reason for you to keep one.
I was excited when my SPG got a free night but seeing the difference in points, I'd either be stuck with 25k for $95 if we want to use it together with hubby's Marriott. Or be back to using single nights. Or back to figuring out which one to cancel if we don't want 3 single night cards (or paying $10 more for the same room).

You're right, I forgot that the current Marriott Premier card is only an $85 AF, not $95 like the SPGs. It would be nice if the free cert from the Marriott Biz was increased to the 35K value since that card has a $99 AF. If it stays at 25K I definitely won't be keeping the card after the free night posts. I may or may not even be able to use it next year, depending on how hotels are placed into the new categories. I don't even know if/when we'd use 2 free nights at a 35K property, but since those were an unexpected bonus and not why I signed up for either of the SPG cards I won't be too bothered if we don't end up using them. Free nights are nice in theory, but I don't want to be planning all my trips around where we can use the free nights.

 

[miztressuz]

If you just recently got the card, it will take a little while to be active within the app. I believe it is 10 days. When I got my CSR it was when the Best Buy Chase pay promotion was going on and I swear I checked 5 times a day to see if it was active yet!

Thanks! I wondered if it might be something like that and didn't see anywhere in the Chase app/site about having to wait so, combination nervous nelly and curious cat, thought I'd check with you good folks. When I did a search online about it I just kept getting sites that wanted to sell you on the card, or what Chase Pay offers the card was eligible for (all expired) but not what happens after you get the card and you can't use it

We did break it in tonight (or as hubby said, we eased it in ) with our whopping ~$40 restaurant charge for dinner. It was just such a bit of dissonance using the expensive card on a comparatively cheap charge. But hubby said we were just warming it up so it doesn't go in cold on the 4 digit charge coming up

I do have to share what I thought was funny, as it relates back to what I mentioned the other day about AmEx and their fees. We tried out a new-to-us restaurant tonight and had to laugh that they took the AmEx "Shop Small" embossed check portfolios but at the same time highly discouraged the use of AmEx cards by requiring a $100 minimum charge only for AmEx. I was thinking AmEx just forgot to tell us the rest of their slogan: Shop Small but Spend Large

 

[DrFacilier]

Hey - glad you jumped over! So this is definitely the spot to earn "free money" It might make sense to peruse the last 250 pages or so (but even that can be daunting, and we're going to use A LOT of acronyms that might go over your head - don't worry we'll help you understand them).

If you have a good credit score and pay your cards off each month this is a pretty easy game to play. Can you answer some questions so we can give some more guided advice:

1) What cards have you applied for in the past 24 months (give us the month and year you applied or approx. if unsure)

2) Do you have any other credit cards that you didn't apply for in the past 24 months?

3) Do you have a spouse or significant other who is also interested in this game? (Maybe is an ok answer here)

4) What are your travel goals - are you looking to cover Disney trips, or do you have more extravagant plans in mind, or a little of both?

Also - if you are on Reddit we have a private group setup there where we log some of the best advice and tips. You're also able to support other DISers there by using their links or share links of your own. If you aren't on reddit it's easy to join at reddit.com. Just send me a PM here on the DIS with your reddit username I'll get you access.

Ok: credit score is excellent and i can pay off monthly.

1) opened in the last 24 months
Chase Slate 11/15/16
Disney Chase Visa 7/6/17
Amazon Prime Store Card 10/13/17

2) other open cards
Synchrony Cardis (local furniture store)
Synchrony retail card Home Design/ Apple (another online retailer card can't remember)
Kohls Store Card
Citi Simplicity
Chase Freedom
Capital One Quicksilver

3) Yes. She's fine with it and I pretty much handle all the financial stuff for both of our accounts.

4) Definitely Disney but interested in other possibilities as well

5) I am a sole proprietor of a small business so should be able to get into business cards as well

Not on Reddit but I will join.

 

[miztressuz]

I'm with you. Looking at Discover's calendar bonus categories. Restaurants and Gas are going to be the only ones i can not max out.
I get my gas at Costco or Sam's Club and well restaurants....we are trying to save money.

Restaurants are hard but do you have any gas stations that sell 3rd party gift cards? Might not be able to max it out but at least you'd get something if they sell stores you'd shop at anyway.
I did that this quarter but at Best Buy. I wanted to buy stuff at Bed Bath and Beyond but I went to Best Buy to buy a gift card to BB&B first so I could use Chase Pay and get 5% back on that purchase. Little round about but not terribly inconvenient, so it seemed worth it.​

 

[SouthFayetteFan]

Ok: credit score is excellent and i can pay off monthly.

1) opened in the last 24 months
Chase Slate 11/15/16
Disney Chase Visa 7/6/17
Amazon Prime Store Card 10/13/17

2) other open cards
Synchrony Cardis (local furniture store)
Synchrony retail card Home Design/ Apple (another online retailer card can't remember)
Kohls Store Card
Citi Simplicity
Chase Freedom
Capital One Quicksilver

3) Yes. She's fine with it and I pretty much handle all the financial stuff for both of our accounts.

4) Definitely Disney but interested in other possibilities as well

5) I am a sole proprietor of a small business so should be able to get into business cards as well

Not on Reddit but I will join.

You are in an AWESOME position!! You are at what we'd call 3/24 (meaning you have gotten 3 cards in the past 24 months). With a wife who is interested you are in 2 player mode which means you can each apply for cards and earn even MORE points! The best starting place for you is to focus on Chase Ultimate Rewards (URs). This is a super versatile point that can be cashed out at 1 cent per point OR redeemed for travel at 1.25 cents or 1.5 cents per point. This includes booking On-Site stays at Disney and can also include tickets and dining plan if interested.

There are 6 cards that earn URs: Chase Ink Preferred (CIP)*; Chase Ink Cash* (CIC); Chase Sapphire Reserve (CSR); Chase Sapphire Preferred (CSP); Chase Freedom (CF); Chase Freedom Unlimited (CFU). *=Business Cards

Since you are a sole proprietor of a business I would recommend you start by looking into the CIP card. Here's a quick rundown of how that signup works:

Chase Ink Preferred (CIP)

• Best Online Offer = 80,000 Ultimate Rewards (URs) for $5k spend in 90 days (there is an in branch offer for 100k - it requires some additional work to apply in branch to with a BRM).
• Annual fee = $95 (not waived)
• Points are worth = 1.25 cents each through the travel portal OR transfer 1:1 to numerous partners
• Assuming you'd use the 1.25 travel option here's what you get:
• 80,000 bonus URs + 5,000 base URs (from min spend) = 85,000 URs worth $1,062.50 LESS $95 annual fee = $967.50
• Also of note - you could hold these points, get a CSR after and then you can redeem these points at 1.50 via the CSR making it worth $1,180

After that we probably would recommend you look at Chase Sapphire Reserve and/or Chase Sapphire Preferred. An important note is you can only apply for one of these cards every 24 months BUT there is a loophole that if you apply for both at the same time you can earn the bonus on both. CSR is a great card to have because it makes ALL your URs worth more.

Chase Sapphire Reserve (CSR)

• Best Offer = 50,000 Ultimate Rewards (URs) for $4k spend in 90 days
• Annual fee = $450 (not waived)
• Add'l perk = $300 travel credit that you can get 2 times in the first year
• Points are worth = 1.50 cents each through the travel portal OR transfer 1:1 to numerous partners
• Assuming you'd use the 1.50 travel option here's what you get:
• 50,000 bonus URs + 4,000 base URs (from min spend) = 54,000 URs worth $810.00 PLUS $600 in travel credits LESS $450 annual fee = $960.00
• (I'm NOT including the benefit of free TSA Precheck or Global Entry but you could attribute another $100 in value to that).

Chase Sapphire Preferred (CSP)

• Best Offer = 50,000 Ultimate Rewards (URs) for $4k spend in 90 days
• Annual fee = $95 (waived year 1)
• Add'l bonus = add an authorized user (AU) and get 5,000 more URs (don't just add your spouse, let's talk about this one before you do it).
• Points are worth = 1.25 cents each through the travel portal OR transfer 1:1 to numerous partners
• Assuming you'd use the 1.25 travel option here's what you get:
• 50,000 bonus URs + 5,000 AU URs + 4,000 base URs (from min spend) = 59,000 URs worth $737.50 less NO annual fee = $737.50
• Also of note - If you apply for a CSR AND CSP at the SAME TIME you can earn both bonuses and then redeem these CSP points at 1.50 via the CSR making it worth $885

After these 2 or 3 cards then we can start to help you with a long-term strategy. It is possible to completely offset a $4,000+ Disney vacation with the right strategy

I know I've thrown a TON out there now...So the last thing I'll say is once you have one (or multiple) of these cards you can then refer your spouse and earn the signup bonus with them AND earn referral points on top of it. I'll stop now and let you ask some questions (if you have any) before I go too far down the rabbit hole, LOL!

 

[kmc8826]

Ok: credit score is excellent and i can pay off monthly.

1) opened in the last 24 months
Chase Slate 11/15/16
Disney Chase Visa 7/6/17
Amazon Prime Store Card 10/13/17

2) other open cards
Synchrony Cardis (local furniture store)
Synchrony retail card Home Design/ Apple (another online retailer card can't remember)
Kohls Store Card
Citi Simplicity
Chase Freedom
Capital One Quicksilver

3) Yes. She's fine with it and I pretty much handle all the financial stuff for both of our accounts.

4) Definitely Disney but interested in other possibilities as well

5) I am a sole proprietor of a small business so should be able to get into business cards as well

Not on Reddit but I will join.

Since you have a Capital One you might have already checked, but if not join Credit Wise. I like it because it shows clearly on the account where you are on counting cards last 2 years. Maybe just to double check.

Assuming you are under 5/24 then and also don’t have a crazy amount of credit on your other 4 Chase cards I would definitely apply for the CIP. Then you can refer your wife and end up 180 UR’s! Whole thread on using UR’s for Disney. I did my January WDW trip using UR’s and an end of February trip to Maui with UR’s. They are so versatile.

 

[SouthFayetteFan]

Ok: credit score is excellent and i can pay off monthly.

1) opened in the last 24 months
Chase Slate 11/15/16
Disney Chase Visa 7/6/17
Amazon Prime Store Card 10/13/17

2) other open cards
Synchrony Cardis (local furniture store)
Synchrony retail card Home Design/ Apple (another online retailer card can't remember)
Kohls Store Card
Citi Simplicity
Chase Freedom
Capital One Quicksilver

3) Yes. She's fine with it and I pretty much handle all the financial stuff for both of our accounts.

4) Definitely Disney but interested in other possibilities as well

5) I am a sole proprietor of a small business so should be able to get into business cards as well

Not on Reddit but I will join.

I'll add one other thing - you'll hear us largely recommend CHASE cards right now. That's because once you hit "5/24" you'll be locked out of a lot of the best Chase cards. AMEX has a lot of great cards too but it can be better to wait on them initially.

 

[Albort]

Restaurants are hard but do you have any gas stations that sell 3rd party gift cards? Might not be able to max it out but at least you'd get something if they sell stores you'd shop at anyway.
I did that this quarter but at Best Buy. I wanted to buy stuff at Bed Bath and Beyond but I went to Best Buy to buy a gift card to BB&B first so I could use Chase Pay and get 5% back on that purchase. Little round about but not terribly inconvenient, so it seemed worth it.​

Some 7-11 codes as gas stations. My local 7-11 does have an actual gas station, but some of them that dont sometimes code as gas stations. worth a test run.
also, u would need to test to see if they would let u buy gift cards on CC or not.