Business Credit

[Chris1]

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Creditaddict wrote:

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Creditaddict wrote:

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Chris1 wrote:

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myjourney wrote:

Drum roll please........I think approved

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He said he won't be able to extend any business credit at this time due to the young age of my accounts.

Also he said they pulled the EX report twice, so two inquires. I definitely don't want to waste both those inquires. Is it possible to call again and have them reconsider??

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YES... Let a change in staff happen.... so tomorrow morning.

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I might also add, I would lead with okay if you can't extend credit, can you extend the Bold and set the internal limit low until my accounts age and I prove myself... I would be happy to build my internal limit over time... Sometimes Chase Reps understand that concept and some do not!

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Thanks, Creditaddict for the suggestion. 

Alright I'm going to try tomorrow morning (or should I try now)?

I should have just went with the Bold as you said and not tried my luck with both. 

Will they ask all the questions again?

Also he said I'll recieve denial letter in the mail, will that affect the decision of the next business rep that looks over my profile?

[Chris1]

Do you think Chase will approve me for sure for at least one of the Business cards?

I really don't want to have wasted those two inquires for sqwat. 

[myjourney]

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Creditaddict wrote:

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Creditaddict wrote:

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Chris1 wrote:

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myjourney wrote:

Drum roll please........I think approved

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He said he won't be able to extend any business credit at this time due to the young age of my accounts.

Also he said they pulled the EX report twice, so two inquires. I definitely don't want to waste both those inquires. Is it possible to call again and have them reconsider??

---

YES... Let a change in staff happen.... so tomorrow morning.

---

I might also add, I would lead with okay if you can't extend credit, can you extend the Bold and set the internal limit low until my accounts age and I prove myself... I would be happy to build my internal limit over time... Sometimes Chase Reps understand that concept and some do not!

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Yes, another call in the morning and sounds like a good case for bold...I'll keep my fingers crossed for you

[Chris1]

Thank you so much all of you! I really appreciate all your help! I really hope I get approved

[scenery_guy]

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Chris1 wrote:

Thank you so much all of you! I really appreciate all your help! I really hope I get approved

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Sorry but I don't think this is going to go your way. Not sure how long you have had the other Chase cards or what the limits might be but Chase seems to have an overall limit they feel comfortable to extend to people based on internal stuff. You might be at that limit or just as the analyst said your young age of accounts are a detriment. Don't feel bad, I went to them (with established personal and business banking accounts, 2 personal cards with 5+ years and investments) and it took a while to get my first Ink card. My second card was the Bold and it also required a lengthy call in to discuss my sales figures again. 

It's worth calling to press the case for the Bold but if you get a no I would recommend letting it go for now and circling back in 6 months. Take the time to get an EIN as I suggested and build your sales so you have more to show them. You have to remember this is a business card and typically has a more difficult underwriting requirements. If it didn't it would just be another Chase card and everyone would have one. 

I know losing the HPs for the cards suck but don't add too much weight to that as I have 14 in the past year and had no issue with Chase. They don't seem to be bothered by heavy inquiry. 

Good luck and please keep us posted. I'm pulling for you. 

[Chris1]

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scenery_guy wrote:

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Chris1 wrote:

Thank you so much all of you! I really appreciate all your help! I really hope I get approved

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Sorry but I don't think this is going to go your way. Not sure how long you have had the other Chase cards or what the limits might be but Chase seems to have an overall limit they feel comfortable to extend to people based on internal stuff. You might be at that limit or just as the analyst said your young age of accounts are a detriment. Don't feel bad, I went to them (with established personal and business banking accounts, 2 personal cards with 5+ years and investments) and it took a while to get my first Ink card. My second card was the Bold and it also required a lengthy call in to discuss my sales figures again. 

It's worth calling to press the case for the Bold but if you get a no I would recommend letting it go for now and circling back in 6 months. Take the time to get an EIN as I suggested and build your sales so you have more to show them. You have to remember this is a business card and typically has a more difficult underwriting requirements. If it didn't it would just be another Chase card and everyone would have one. 

I know losing the HPs for the cards suck but don't add too much weight to that as I have 14 in the past year and had no issue with Chase. They don't seem to be bothered by heavy inquiry. 

Good luck and please keep us posted. I'm pulling for you. 

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I'm going to try later today when I get out of work. Hopefully keeping my fingers crossed that they'll approve it.

It seems Chase did a triple pull as my TU (Credit Karma) this morning shows an inquiry from Chase from yesterday. Haven't checked EQ yet.

And in regards to the accounts. I have been with Chase (had the Slate and they automatically upgraded to the Freedom) since April. 1996. I opened second Chase account this month with the Sapphire Preferred 5K Limit)

The only new account is that one and Macy's from early august 2012. my AAoA is 3.3 years after the CSP reported. I even offered the Chase Business anaylst to move some of my credit from my Freedom ($12K Limit) (since he pointed out I wasn't using it much), but he kept saying "At this time we can not extend any business credit".

[Chris1]

Just saw they triple pulled, EQ, TU, and EX. So three inquires. 

Would it be more beneficial if I used my other business (I have a website/blog for iPhone/Android phones) when I talk to the new business rep, or will he already have my prior info I gave to the business anaylst before?

[Chris1]

They wouldn't do it. 

Tried an additional two times and same response (I think because they saw what the other reps said). 

So I pulled all three credit reports today and it seems Chase only pulled one Experian, one Transunion, and one Equifax for both business applications. 

She told me that once the CSP account ages to about 7-9 months to apply again and I should be able to get approved. Oh well no use in crying over spilled milk. 

I'm gonna let my new relationship with AMEX age for about a year and same thing with the CSP age for a year and then try. 

[scenery_guy]

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Chris1 wrote:

They wouldn't do it. 

Tried an additional two times and same response (I think because they saw what the other reps said). 

So I pulled all three credit reports today and it seems Chase only pulled one Experian, one Transunion, and one Equifax for both business applications. 

She told me that once the CSP account ages to about 7-9 months to apply again and I should be able to get approved. Oh well no use in crying over spilled milk. 

I'm gonna let my new relationship with AMEX age for about a year and same thing with the CSP age for a year and then try. 

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Sorry but at least you have a solid goal now.