On August 15th I applied for the Chase Ink Business Preferred card to support my growing consulting business. Although I only recently incorporated, I've been consulting for a couple of years.
My Chase Private Client banker encouraged me to apply through her colleague in Chase's Business Lending division. She said by going that route I could get the 100,000 UR point bonus rather than the 80,000 point bonus available to the public. As I'm far over 5/24 in personal cards, I was happy to have this option. My CPC banker filled out the application and submitted it on my behalf.
On August 22nd, I received a letter from Chase denying my application, citing that my business was "too new". The letter also stated that I had "Too many recent requests for credit or reviews of your credit."
On September 4th, I sent a note to my CPC banker requesting reconsideration of this decision. I explained that while my business is relatively new, it's growing fast and I need the Chase Ink card to manage its expenses and help it grow. On September 7th, a Chase business lending specialist called and asked me some questions about my business as part of their reconsideration of the decision to deny me the card.
Today, I received a phone message from my CPC banker, letting me know the good news that I was approved for the Ink Business Preferred card with an initial SL of $5,000. That and the 100,000 UR point bonus should be quite helpful to my efforts to expand my consulting work!
