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Bad Credit

Contributor

Bad Credit

I remember a few years back in order to even get a business credit card, ones CR needed to be free of blemishes....spotless and have a score above 720.

Is this still the case? Is there a score threshold and does the report need to have no lates, charge offs, collections, bankruptcies, etc?
6 REPLIES
Frequent Contributor

Re: Bad Credit

I don't think that's necessarily the case.  I got invited to apply for Chase Ink Cash when my score was hovering around 600 and was instantly approved for $2000 CL.  I had business banking with them for 2.5 years prior to the invite and think this might have played into it.

 

Capital One approved me for Spark Classic with a score around 650.  It's high interest and 1% rewards, but still nice to have.

 

and BofA countered offered me a secured business card when i applied for their card with a score between 620-650 (I don't remember exactly what it was at the time.)

 

So there are options out there for less than perfect credit scores.

Contributor

Re: Bad Credit


ForMyBiz wrote:

I don't think that's necessarily the case.  I got invited to apply for Chase Ink Cash when my score was hovering around 600 and was instantly approved for $2000 CL.  I had business banking with them for 2.5 years prior to the invite and think this might have played into it.

 

Capital One approved me for Spark Classic with a score around 650.  It's high interest and 1% rewards, but still nice to have.

 

and BofA countered offered me a secured business card when i applied for their card with a score between 620-650 (I don't remember exactly what it was at the time.)

 

So there are options out there for less than perfect credit scores.


This is awesome. Thank you for your response. It's very good to know, gives me some hope as well. 

Highlighted
Super Contributor

Re: Bad Credit

Business cards are not hard to get at all 

Just have a decent score and CR's old baddies if small ok

Proof of a legit business because most will check now a days 

1 year in business YMMV

 

Sole P

SS#

 

LLC & CORP

Ein#

Before you app think...
Have you done your research of the CC?
Does it fit your spending?
Do you have a plan for the bonus w/o going into debt?
Can you afford the AF?
Do you know the cards benefits? Is it worth the HP?
New Contributor

Re: Bad Credit

BofA has some sort of secret Secured Business Card?


ForMyBiz wrote:

I don't think that's necessarily the case.  I got invited to apply for Chase Ink Cash when my score was hovering around 600 and was instantly approved for $2000 CL.  I had business banking with them for 2.5 years prior to the invite and think this might have played into it.

 

Capital One approved me for Spark Classic with a score around 650.  It's high interest and 1% rewards, but still nice to have.

 

and BofA countered offered me a secured business card when i applied for their card with a score between 620-650 (I don't remember exactly what it was at the time.)

 

So there are options out there for less than perfect credit scores.


 

JUL 2015 FICO: EX 705 | EQ 694 | TU 692
APR 2014 FICO: EX 651 | EQ 635 | TU 671
DEC 2013 FICO: EX 628 | EQ 559 | TU 655
Epic Contributor

Re: Bad Credit

Capital One Approved my Spark Classic with under a 590 credit score... I have since had EO office upgrade the rewards program to the Cash 2% (I still have the Gold spark card but reward program is of the green cash card!)

 

Bank of America has a business Secured Card that if you don't qualify for unsecured they will offer you secured and it can unsecure like the personal card. Probably the best option if you really can't get approved but want to build business credit with a great bank and decent rewards.

 

Wells Fargo also now has a business secured card.

Frequent Contributor

Re: Bad Credit

My experience in the last week was having a unpaid medical baddie resulted in an automated 30 day message (instant decline) for a Chase Ink Plus. However, the recon was so easy it makes me think Chase will approve a very, very large majority of those that recon.

 

On the phone: "Looks like you have a small collection for $1500..." Smiley Surprised

FICO June '15: EX 800, EQ 822, TU 823