@anotherannabanana wrote:
1) I've had a personal account with Chase for over 10 years, and a business account for 5 years. I do all my credit card processing for my business with them, too. I've never had any issues with them. After receiving a gazillion offers for a Chase Ink card, I applied for one because I finally NEED one since we're expanding our business and I want to cover any unforeseen costs in a pinch. They based this on my Transunion credit score of 702 (my other scores are higher). I'm not sure what to do, I've paid off a bunch of loans, on track with my mortgage, my student loans will be paid off on time this year, never been late with ANYTHING, and I have such a long history with Chase and give them so much money through my accounts and my shop's credit card processing.
The letter from them says "Not enough accounts open long enough to establish a credit history." - Then why was I able to get a really good mortgage rate?
And "Too little bankcard balance information to establish a history." - Well, that's why I'm APPLYING for a bankcard!
A little more about my credit history:
0 potentially negative items
9 accounts in good standing
Since when is 9 accounts not enough to get a measly credit card? My oldest account is from 2004, so, 10 years old.
2) One thing that DOESN'T show up on my credit reports is the $50,000 business loan I took out with my partner in 2009, which will be paid off in August, always on time. I wish there was a way to get this ON my credit report, because that seems like a really good thing to have on there. That's a pretty large amount paid off on time every month, which seems like it has to count for something.
So I thought, "maybe I can apply for a line of credit for the business instead." And I checked my business credit, and here's the weird thing: the business loan is not on our business credit report EITHER. Where the heck is it? Why isn't it being reported to any credit agencies? Another weird thing is that there's NOTHING on our business credit reports. None of our vendors have been reporting anything, nor has PG&E, phone company, FedEx, NOBODY. So the business credit score is 27 at Experian. WHAT THE HECK IS GOING ON HERE? We do have an active DUNS number. Why do we not have ANYONE reporting on us, even our bank?? The business is a general partnership in California, if that helps.
What can I do to get a business credit card?? I need it to be in the name of my new business, an LLC (so I need to keep those funds separate from my personal account legally). Chase rep said it doesn't matter that the new business has no history, since it's based purely on my personal credit. Which is no good at 702 with 10-year-old lines of credit, apparently. What the heck is going on here?
Don't understand it......
