Business Credit

[ztnjpv]

I was approved for a Chase Ink Cash this morning. SO happy!  It's my first "excellent credit" credit card.

I live in PA. They pulled Transunion which happens to be my highest score at 712 as of 2/28/12. My EQ is about 688. I received the pending notice as I fully expected. I immediately called 888-245-0625 and spoke to an analyst for reconsideration. He asked me questions about business....sales, length of years in business, basic description etc. He then turned to my credit report where he asked a few questions pertaining to things in my credit that seemed odd for someone applying for a business card....namely that I haven't had a card in about 6 years prior to my two from 10/11 and 11/11.

I explained that my credit score had been awful due to a student loan default that came off over the summer of 2011 and that I then began to seek credit cards to improve my scores. I then took it upon myself to explain why score wasn't higher at this moment (namely because of my Verizon charge off of $155 that was done in my name but not by ME...probably costing me about 50 points). I highlighted all the paid accounts that were business related even though they weren't listed as such. So, basically, he saw no delinquencies since 2006 aside from the Verizon charge off but he also saw weak open CC history. My explanations were satisfactory and I got approved for $3500....more than I need for the intended use of transferring my 5% eligible cash back expenses to the card from my checking account. 

Worth the ding! I'm so thrilled. 4-5 months ago, such an approval would have been unthinkable. 

[Skinnyminnie]

It's a good morning indeed, congrats to you!  

[LadyRover]

Congratulations to you!

[Open123]

Congrats!

The Chase Ink series are excellent cards.  I've found my interaction with them always a pleasant and professional experience.

[PapasWifey]

Congratulations! Many people seem to be getting approved lately for the cards they're apping for.  In a few months I hope to be one of those people LOL.

[timkrof]

Congrats!  I just got denied today for the Chase Ink Cash business credit card.  I was approved for the Chase Freedom card last week for 4 k.

I live in PA and they pulled Experian for both the Freedom and Ink Cash applications.

I've tried recon'ing today with no luck.  The reasons they gave me were that I have a charge off account with them from 2004.  I paid the collection agency off for the charge off account and Chase has removed the account from my credit reports. They said it was that combined with last week's application for the Freedom card.

I'm a joint account holder on a Chase Slate card with my fiance that has a $16,750 limit, no balance, no lates.  I thought it would help me.  But they said they want to see how I do with the new Freedom card account before they will approve me for the Ink Cash card.  I've read similar stories from others in this community.  

So I'm giving up for now on the Ink Cash card.....  

FICO Scores: TU - 707 | EQ - 660 | EX - 680

[dmbtay]

congrats!  we just received our new version of the Ink card (old expired) with a pleasant CLI to $24.5k!  Good B-card!

[jonmartin]

I just got Approved today also my story is similar to the OP but I have a 600 personal score. My business was started in December 2011 I called in today to check app status after my banker submitted last week. After calling I was told I was denied. I called the same number the OP called and asked for a recon she put me on hold and when I got her back she asked me the same questions as the OP and approved me for $2,500! I really took a long shot on that one but I assume I was approved since they are my bank for both Business and Personal and I also have an Auto loan with them. I'm pretty excited now small limit but I'm sure with time I can get a CLI. I also was approved for a Capital One Spark card as well but not sure if I should keep it now the rep wasn't able to give me the CL I was approved for but I highly doubt it's as much as the Chase Ink I just got.

[shane82388]

Can anyone elaborate on the specific questions they ask you about the business?

[jonmartin]

They asked me

-How long I've been in business.

-How many employees I had

- and how much I expected to make this year

There might have been others but those stood out the most.