Problems connecting reliably using HC-05 (as bluetooth master)
I am using a "BIND" between the PAIR and LINK:

AT+PAIR=98D3,31,FC2D54,5
AT+BIND=98D3,31,FC2D54
AT+LINK=98D3,31,FC2D54


That seems to work for me.

See the docs here:

ftp://imall.iteadstudio.com/Modules/IM120723009/DS_IM120723009.pdf