Author Topic: Recommendations for 4BM.  (Read 2228 times)

Offline shnozolla

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Recommendations for 4BM.
« on: November 04, 2012, 11:39:48 AM »
Hi,

I have been carrying over $25k on my personal credit cards for a local company for a while.
(they charge my card every ~55 days and pay a week before the cycle ends...they get a loan for 3% [what it costs to process the credit card] I get tons of points :)

I have read here http://www.dansdeals.com/archives/24840/  that it's better not to have such large balances on your personal card.

The company I have been spending for is currently looking to spend even more (like 300k)...so I was thinking to open up some business cards.

Any advice on trying to open the following 4 cards using the 4bm?
(has anyone done this successfully?)

-Chase Ink Bold Charge Card
-Chase Ink Plus Credit Card.
-Chase Ink Classic
-Chase Ink Cash

Notes:
I have been a chase customer (sapphire preferred) since June 2011.

I was denied credit for a business card in December 2011 (after only 5-6 months of having an account with Chase - the two reasons on the rejection letter were 1) not enough accounts open and 2) not enough time has passed since opening first account)

I was denied credit increase for my sapphire preferred in February 2012 (after about 8 months of account opening)

When I plan to apply in a month or two from now, approximately 10 months will have gone by since I placed any applications with chase.
I have very good credit and got accepted instantly to other cards (delta amex etc.)

Thanks for any help.


Thanks.

Offline MEIR613

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Recommendations for 4BM.
« Reply #1 on: November 04, 2012, 11:47:48 AM »
Why not some biz cards from amex?


Offline shnozolla

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Re: Recommendations for 4BM.
« Reply #2 on: November 04, 2012, 12:37:43 PM »
Aren't UR points are more valuable? (e.g. cash value of 1.825 cents/per mile vs. amex 1.5 cents/per mile)
I guess I could look into it amex though.


Offline jj1000

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Re: Recommendations for 4BM.
« Reply #3 on: November 04, 2012, 12:39:05 PM »
Aren't UR points are more valuable? (e.g. cash value of 1.825 cents/per mile vs. amex 1.5 cents/per mile)
I guess I could look into it amex though.


starwood business card.
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Offline MEIR613

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Re: Recommendations for 4BM.
« Reply #4 on: November 04, 2012, 12:44:53 PM »
Aren't UR points are more valuable? (e.g. cash value of 1.825 cents/per mile vs. amex 1.5 cents/per mile)
I guess I could look into it amex though.

Depends what you want to do with the points

Offline sruly101

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Re: Recommendations for 4BM.
« Reply #5 on: November 04, 2012, 01:20:10 PM »
Why not some biz cards from amex?
Well i also use my cards like him!! most suppliers dont take Amex!!

Offline mmermss

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Re: Recommendations for 4BM.
« Reply #6 on: November 04, 2012, 04:04:05 PM »
starwood business card.

But thats only one card...he wants to do a 4BM
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Offline jj1000

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Re: Recommendations for 4BM.
« Reply #7 on: November 04, 2012, 04:07:51 PM »
But thats only one card...he wants to do a 4BM
From my understanding he mainly wants good cards to use for large spending. Hence starwood would be a great card so would the united club card if you can spend enough on it. I'd suggest transferring all your chase credit limit to that card. and any Amex credit to a starwood card if they allow...
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Re: Recommendations for 4BM.
« Reply #8 on: November 04, 2012, 04:51:54 PM »
Your Chase plan is good, play the recon game and hopefully you'll get somewhere, though 4 cards will be hard to push through with your credit history.

Make sure you aren't showing high balances on any of your existing cards when you apply. Find some daily credit monitoring website that'll keep you abreast of this.
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Offline shnozolla

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Re: Recommendations for 4BM.
« Reply #9 on: November 05, 2012, 03:20:49 PM »
Thanks jj, that's exactly what I am looking for (large spending on any card) the chase option was the best I came up with, but I am now looking into the other cards you mentioned (the starwoods business card and united club card look amazing)

Thanks AsherO.
I figured the 4bm was a way to get around opening multiple cards, but I take it the only real advantage is that only one hard credit pull is done. The 4 credit cards will still have to be reviewed and accepted by chase isit?

How long should I wait once I pay off my balance in full before applying?

Do the daily credit monitoring sites affect your credit score negatively?

Thanks guys.

Online AsherO

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Re: Recommendations for 4BM.
« Reply #10 on: November 05, 2012, 05:30:16 PM »
Thanks AsherO.
I figured the 4bm was a way to get around opening multiple cards, but I take it the only real advantage is that only one hard credit pull is done. The 4 credit cards will still have to be reviewed and accepted by chase isit?

YW.

You'll probably avoid multiple pulls using this method, and in theory you might also get 4 auto-approvals. But if you go to recon and they see four apps, they might not like seeing four apps (if they notice).
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