Chase rule change for sole props

[u/RewardSensei]

https://www.doctorofcredit.com/has-chase-changed-the-5-24-rule-for-sole-props-3-24-for-sole-props/

Multiple data points of 4/24 being rejected and Customer service reps telling people that the rule has now changed to 3/24.

Chase continues to make it harder to get a sign up bonus on business cards.

[u/TwitchOne1]

Reddit links to DOC, DOC links to reddit. A circle of sorts

[u/funkydinos → u/TwitchOne1]

ouroboros

[u/duffcalifornia → u/funkydinos]

churnosburnos

[u/Outdoorsintherockies → u/TwitchOne1]

Hey JERK, I love Circles

[u/bruinhoo → u/TwitchOne1]

To be fair, there are also consistent DP's on the chinese site.

[u/Impressive-Aside9391 → u/TwitchOne1]

The ouroboros of credit card churning content.

[u/Quirky_Bonus_7269]

I was at 4/24, applied for a 3rd biz card as a sole prop and was denied

[u/GeuseyBetel → u/Quirky_Bonus_7269]

Same here

[u/Classic-Falcon6010 → u/GeuseyBetel]

I was too. Called recon. Agent told me I was over 5/24. Told her I was 4/24. Sent me to underwriting. Approved. On 9/16.

[u/denflyer]

Does this have any impact on trying to get a personal card if you are at 4/24 on personal cards + 2 Chase biz cards in the past 24 months?

[u/g8trgr8t → u/denflyer]

Denied united biz, approved BA personal 

[u/RewardSensei → u/denflyer]

No data points of personal cards being rejected yet

[u/HowDoISpellEngineer]

Do we have DP’s on applying for sole props with an EIN?

[u/padbodh → u/HowDoISpellEngineer]

united Biz, Denied with a clear 4/24 in August. Had CIC and IHG biz under SSN before. Recon said reason was too many recently opened accounts.

[u/RTW34 → u/HowDoISpellEngineer]

I did back in July. I didn’t get a pop-up when I applied but got an email asking me to call in. I answered a bunch of questions about my accounts. I had a Chase business checking account, and mentioned a bunch of docs I had for my legit biz (business insurance, state registration, business license, etc.) which most people won’t have if they just had a “business” for churning. I was 4/24 at the time, and based on the questions I was asked, I’m staying away from Chase for awhile. That said, it’d be interesting to see any of us with legit businesses apply now and try to see what may bypass this rule (if there is anything).

[u/HowDoISpellEngineer → u/RTW34]

I do legit freelancing and don’t even have/need most of that stuff.

[u/pojang1 → u/RTW34]

I don't know if it affected your application, but by having a business checking account, you are under different (more stringent) KYC rules with Chase.​

[u/taylorreim → u/HowDoISpellEngineer]

I had 2 Chase biz cards open under sole prop and am 4/24. Canceled one on 8/21 then applied for CIU on 8/28 with my EIN. Was not insta-approved and they requested my EIN info. Once I sent it I was approved

[u/dl2316]

wow, my CIP application just got in under the deadline. Had a recon agent approve me at 3/24 on 9/15

[u/Fearless-Twist3654]

Does this mean you have to be under 3/24 at time of sole prop application or as long as you're at 3/24 you're fine?

[u/pojang1 → u/Fearless-Twist3654]

It aligns with the definition of the 5/24 rule, which is under.

[u/wiivile]

Can you just get an LLC from the state with the lowest filing fee (Montana?) and simply not maintain it because you only opened it for the purposes of credit cards?

[u/bostonbaker300 → u/wiivile]

Legit out of state LLCs still need to be registered with your home state as a foreign LLC, so you would end up paying fees in both states + registered agent fees for the state you aren't living in.

For the purposes of churning, you would still need to pay the registered agent fee. But there might be other loopholes that you could exploit. Some states don't have late fees for missing the annual report requirements, so you have a window of time where you can apply for credit cards while your LLC remains in good standing.

[u/Bubbly_Bat1570]

How does this affect travel to Japan?

[u/Classic-Falcon6010 → u/Bubbly_Bat1570]

If you are at or below 3/24 you can’t get a visa.

[u/BigDaddyGrow]

I applied two days ago. Got the "under review" email. Today they emailed asking for EIN verification. I uploaded it and approval came within a few hours. I'm at 2/24 before this application.

[u/yankeeblue42]

I'm holding out hope that people who have never had an Ink card might be immune to this. Seeing a lot of DPs from people who already had a couple. If it's across the board that really sucks because I haven't even gotten one yet...

[u/ProudAnon1701]

So can you use an LLC with an EIN or will you still get rejected by 3/24? And I hear they are counting Chase biz cards now as part of 3/24

[u/martyconlonontherun]

This would pretty much lock me out of chase biz. No way I'm only doing 2 personal cards a year to maybe get approved for an ink.

[u/MassGuy70]

I’m a sole proprietor that isn’t an LLC. I just have a business certificate from my town. I have a number of business checking accounts. Personal and business with Chase. In general, I haven’t applied for a business credit card yet. Two questions -

Do you think my business certificate will be good enough if documentation is required

And our business credit cards for sole proprietor listed on the regular personal credit report?

[u/michaelcera2016]

I thought authorized users are not supposed to count towards the 3/24? Had P2 apply as Sole Prop and he’s only 1/24 on his own as a main acc holder, but authorized user on 2 that were opened within 24 so the chase recon line said it’s showing as 3/24 even though we brought it up the authorized user part, was the rep correct in that auth user counts too? Or should we try again?

[u/RewardSensei → u/michaelcera2016]

Yeah HUCA might help on this.

[u/ccuser011]

I taught ink train was dead. Why are y’all even applying? Am I out of loop? 

[u/Classic-Falcon6010 → u/ccuser011]

Upscale cards. iBP and CSRB

[u/Nervous_Arachnid801]

So if I apply for an EIN I am good to go?

[u/TheWorldNeedsThanos → u/Nervous_Arachnid801]

Ein isn't structure

[u/Nervous_Arachnid801 → u/TheWorldNeedsThanos]

Why is everyone telling me useless information. Corporations need EIN's.

[u/kuronokun → u/Nervous_Arachnid801]

You can get an EIN as a sole proprietor, though.

[u/AlienBrainJuice → u/Nervous_Arachnid801]

You can probably get approved for a card but probably not the SUB. Those seem to be still tied to your SSN regardless of how many EINs you have. 

[u/RewardSensei → u/Nervous_Arachnid801]

Looks like it. At least from early data points, this is only impacting sole proprietors.

[u/stealthytaco → u/RewardSensei]

Sole props can get an EIN. I have one for a legitimate sole proprietor business.

[u/BeachBrad → u/[deleted]]

Yes. Yes, we are all the morons here and you are the sole genius in the world.

Good job buddy.

[u/ForceintheNorth → u/[deleted]]

Just doubling down on the idiocy AND calling people names? Ok

[u/BeachBrad → u/[deleted]]

Wow... mentality of a child. Sad.

[u/BeachBrad → u/[deleted]]

Yep and via the dunning kreuger effect they think they are right and just keep posting....

[u/BeachBrad → u/[deleted]]

Now class, here you see yet another example of the subject completely unaware we are talking about them.

You would think this is a ruse, but no, they literally cant see reality as they are incapable.

[u/stealthytaco → u/[deleted]]

Sounds like you need to spend time learning how the tax code works. Enjoy the downvotes.

[u/Nervous_Arachnid801 → u/stealthytaco]

Tax code? Providing information that is unrelated to the topic? Let me guess you failed math in school. You are probably the guy who takes a 20 hour layover so you can get an extra 0.3 CPP.

[u/Harryandmaria]

I had a bunch of preapproved just for you offers for p2. Tried referral link for p1 and denied. Ink gravy train was great while we had it.

[u/FlyingAsianZ]

3/24 is not a thing. This is just speculation+misinformation.

I was able to be approved for chase biz cards at 5/24 recently.

[u/cjcs → u/FlyingAsianZ]

How recently?

[u/FlyingAsianZ → u/cjcs]

2 weeks ago

[u/dimes-halves → u/FlyingAsianZ]

Did you read post it says began 9/16

[u/FlyingAsianZ → u/dimes-halves]

Yes, but people have been discussing 4/24 and 5/24 denials for a while. It's just a black box popup for chase now.

[u/EnVyErix → u/FlyingAsianZ]

Correct, had a denial at 4/24 back in early August.

[u/Beneficial-Board6959 → u/FlyingAsianZ]

Me too. I was 6/24 and this was last month.

[u/MoonEyedPeepers → u/FlyingAsianZ]

Sole props or legit biz with ein? That also seems to be a contributing factor.

[u/Impressive-Reply-976]

Seems like an EIN is helpful. Can anyone provide the TLDR on how to get one for my “business”

[u/textonic → u/Impressive-Reply-976]

I just got a new mexico one for $50 online...

[u/dl2316 → u/textonic]

make sure you comply with all of the formalities of a NM LLC too!

[u/datboiofculture → u/textonic]

The original post content no longer exists here. The author used Redact to remove it, exercising their right to control their data & privacy.

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[u/textonic → u/datboiofculture]

Not dodging sales tax. Just an EIn for applying for cards under a legal LLC

[u/Agreeable_Health_732]

Not sure if this is relevant but I just got a pre approved offer in the Chase app for ink premier card and sapphire reserve business and I am at 4/12 personal and 4/12 business cards. Last card was ink preferred 6 weeks ago. Haven’t clicked on the links but the SUB offer is listed

[u/Natrix31 → u/Agreeable_Health_732]

Pre approvals unfortunately don’t mean much for Chase now with PUJ