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Seeking Advice On Plan For Amex/Chase Biz Card

Established Contributor

Seeking Advice On Plan For Amex/Chase Biz Card

Hello,

 

I am a very new personal card holder of amex (BCE - 2K & Gold Rewards) as well as Chase (Disney $10k).  I Have a few questions for those who have had a personal relationship with Amex/Chase before receiving any of their business cards. 

 

A.) Did you have to build a 6+ month relationship before approval or did you apply beorehand and receive an approval? 

 

B.) Do you feel that it is pointless to apply through EIN (I set up a new LLC) or do they still require that/verification docs during submission? (which is fine with me)

 

C.) Do you know if Amex has a history of approving applications for business based on amex relationship (aka no hard pull) ? I feel I have read about this but I am not sure if that is a YMMV kind of thing or how they operate. I know with Chase this will not be the case.

 

DATA:

 

Curren Scores: Due to new accounts dropped under 700, but I figure they will rebound in 3-6 months. Lowest score is 678 highest is 694 a week after 3 new accounts (2 loans) posted. This is why I will wait before I apply. I also have zero interest in more personal accounts long term. Can provide a more complete picture if it's relevant to gauge best way for me to move forward long term for business relationship with these two lenders.

 

Income: 90K

 

So basically just trying to learn more from those starting a business who are in my shoes; those who realize the potential to work with 2 great lenders and were able to experience working with them in both a personal and business nature. Thank you.

Message 1 of 10
9 REPLIES
Super Contributor

Re: Seeking Advice On Plan For Amex/Chase Biz Card


jbh wrote:

Hello,

 

I am a very new personal card holder of amex (BCE - 2K & Gold Rewards) as well as Chase (Disney $10k).  I Have a few questions for those who have had a personal relationship with Amex/Chase before receiving any of their business cards. 

 

A.) Did you have to build a 6+ month relationship before approval or did you apply beorehand and receive an approval? 

 

No

 

B.) Do you feel that it is pointless to apply through EIN (I set up a new LLC) or do they still require that/verification docs during submission? (which is fine with me)

 

I don't know what you mean. When you apply for a business card you're supposed to have a business. And if you have a business you should have an EIN. Yes they might require verification documents.

 

C.) Do you know if Amex has a history of approving applications for business based on amex relationship (aka no hard pull) ? I feel I have read about this but I am not sure if that is a YMMV kind of thing or how they operate. I know with Chase this will not be the case.

 

You will get a hard pull on your personal credit. With Chase you might even get pulls on 2 bureaus.

 

DATA:

 

Curren Scores: Due to new accounts dropped under 700, but I figure they will rebound in 3-6 months. Lowest score is 678 highest is 694 a week after 3 new accounts (2 loans) posted. This is why I will wait before I apply. I also have zero interest in more personal accounts long term. Can provide a more complete picture if it's relevant to gauge best way for me to move forward long term for business relationship with these two lenders.

 

Income: 90K

 

So basically just trying to learn more from those starting a business who are in my shoes; those who realize the potential to work with 2 great lenders and were able to experience working with them in both a personal and business nature. Thank you.

 

I don't know what makes them "great". Their products basically suck in terms of interest rates and fees.

BTW it's not hard to get an Amex charge card, even the business platinum card. My FICO 8 was probably in the neighborhood of 650

when I got mine.

 

I haven't gotten a Chase business card yet. I wouldn't qualify due to the 5/24 rule. So I have no personal experience on that score.

 


 

FICO8 EQ 721 TU 772 EX 769 Total revolving credit 500k
Message 2 of 10
New Member

Re: Seeking Advice On Plan For Amex/Chase Biz Card

I'm in a similar situation so I'll shed some light- I have the Amex PRG and the BCE 26k limit as well as the Chase Ink cash 3k limit. The ink is for my single member LLC formed in July 2017. 

 



A.) Did you have to build a 6+ month relationship before approval or did you apply beorehand and receive an approval?
No relationship at all with chase for ink card
B.) Do you feel that it is pointless to apply through EIN (I set up a new LLC) or do they still require that/verification docs during submission? (which is fine with me)
I applied thru EIN of LLC and was required to give SSN. Chase also sent s letter to my business address requesting verification. They wanted articles of formation from the Secretary of State, SS-4 from the IRS, proof of my personal address and proof of my business address.   I sent the LLC certificate from Texas, SS-4 from when I got the EIN, the phone bill for my LLC and a lease for the apartment I live in. 
C.) Do you know if Amex has a history of approving applications for business based on amex relationship (aka no hard pull) ? I feel I have read about this but I am not sure if that is a YMMV kind of thing or how they operate. I know with Chase this will not be the case.
For my personal Amex it was Experian. Chase only pulled Experian as well. All were HPs
DATA:

Curren Scores: Due to new accounts dropped under 700, but I figure they will rebound in 3-6 months. Lowest score is 678 highest is 694 a week after 3 new accounts (2 loans) posted. This is why I will wait before I apply. I also have zero interest in more personal accounts long term. Can provide a more complete picture if it's relevant to gauge best way for me to move forward long term for business relationship with these two lenders.
For a data point I was in the 760s for the Ink card
Income: 90K

I reported 60k

So basically just trying to learn more from those starting a business who are in my shoes; those who realize the potential to work with 2 great lenders and were able to experience working with them in both a personal and business nature. Thank you.18% interest on the ink but it doesn't report to personal file.

 

Message 3 of 10
Valued Contributor

Re: Seeking Advice On Plan For Amex/Chase Biz Card

We have two main biz cards. 1)  Cap 1 Spark limit of around $16K  2) got Chase Ink 2 months ago limit $12K   scores 740- 760     Chase asked for all kinds of documents for our LLP     We  still use Cap 1 for the 2% on a lot of stuff that Chase only covers 1%.     Shop  with Chase also has some neat stores for 5%  to 15% so we may also get a Freedom card. 

Message 4 of 10
Highlighted
Regular Contributor

Re: Seeking Advice On Plan For Amex/Chase Biz Card


jbh wrote:

Hello,

 

I am a very new personal card holder of amex (BCE - 2K & Gold Rewards) as well as Chase (Disney $10k).  I Have a few questions for those who have had a personal relationship with Amex/Chase before receiving any of their business cards. 

 

A.) Did you have to build a 6+ month relationship before approval or did you apply beorehand and receive an approval? 

 

B.) Do you feel that it is pointless to apply through EIN (I set up a new LLC) or do they still require that/verification docs during submission? (which is fine with me)

 

C.) Do you know if Amex has a history of approving applications for business based on amex relationship (aka no hard pull) ? I feel I have read about this but I am not sure if that is a YMMV kind of thing or how they operate. I know with Chase this will not be the case.

 

DATA:

 

Curren Scores: Due to new accounts dropped under 700, but I figure they will rebound in 3-6 months. Lowest score is 678 highest is 694 a week after 3 new accounts (2 loans) posted. This is why I will wait before I apply. I also have zero interest in more personal accounts long term. Can provide a more complete picture if it's relevant to gauge best way for me to move forward long term for business relationship with these two lenders.

 

Income: 90K

 

So basically just trying to learn more from those starting a business who are in my shoes; those who realize the potential to work with 2 great lenders and were able to experience working with them in both a personal and business nature. Thank you.


I have 4 business Amex cards, the Platinum, 2 BGRs and the Blue Plus. I have had the Platinum for two years, and just recently got the Business Plus and another BGR (1st was for my s-corp - see below). 

 

I have been an Amex cardmember for 5+yrs with both a charge and credit card. I do think my perfect history and proven abilty to pay helped my application be approved.  

I am a consultant and operate my consultancy under my name as an Sole Proprietor so these cards use my SS in the ein field. But, I am also a member of an S-Corp and over there, we have Amex BGRs for the members, that account was setup and verified by providing LOI, revenue verification, and ID verification for both the company and the members.

I think it truly depends on your business structure as to how apply for the business card(s). If the primary business is conducted under an LLC, INC, etc, then that is how you  should be applying for the card, and thus use your EIN issued to organization. 

 

To your 1st question, I am of the beleif that my most recent applications were because of my existing relationship both with personal and business cards had everything to do with them being approved, and now 21 days later, still no HPs on my personal profile. 

 

I have not considered Chase cards for business because while I love my CSR, nothing about thier business products are attractive enough to app for them (for me).

I have yet to encounter a vendor that didnt take Amex for my business needs so my current carry is suffiecient. Plus, most of my spend falls into the 3x catagory from amex so most of my expenses earn extra rewards. win-win 

 

 

 

Amex Biz Plat | Amex Biz Gold | Amex Biz Plus | Amex BCP | Amex PRG | Chase Sapphire Reserve | Chase Freedom Unl | BoA 123 Sig | Delta Biz Gold | Discover IT | Macy's Amex | PayPal Extras MC | and a couple store cards | Starting Score 618 EX (2/2014) - Today All 3 above 815 | MyFico Rocks |
Message 5 of 10
Established Contributor

Re: Seeking Advice On Plan For Amex/Chase Biz Card

I want to thank you all for the replies. I am now incorporated, have the EIN and just wanted to ask one last question related to this. Will provide some backstory to hopefully make it clear. 

 

Goal: Obtain amex revolver first, before holiday season, to handle at most $1k in inventory. Will worry about the ink card/other cards later on. I want to start out simple.

 

Concern: After getting new accounts including auto and personal loans, scores dropped to 677 (experian) to 700 (Equifax).

My original personal loan was a high apr, so the new loan helps with that and I paid $16 of $18k of the old one, so it should help install util, boost score when it posts, but it has not posted and I cannot predict if it will shoot experian past 700 or not.

 

The Question:

 

Have you had any success just 'getting in the door' at high 600's or just a month or two after multiple personal accounts/inquiries? Worst case I'll wait, just curious if there is hope I can snag one good revolver and then hold off for 3-6 months and build off that and apply for Ink later on.

 

Thank you for your time.

Message 6 of 10
Member

Re: Seeking Advice On Plan For Amex/Chase Biz Card

If you don't have apply for a EIN, you're LLC basically doesn't exist. (According to the IRS) you won't be able to open a bank account or other credit accounts. Unless you out you're SS # instead, but I would think the banks would catch that.
Message 7 of 10
Established Contributor

Re: Seeking Advice On Plan For Amex/Chase Biz Card

I have an EIN. 

Message 8 of 10
Member

Re: Seeking Advice On Plan For Amex/Chase Biz Card

One last comment about Chase, if you have opened more than 5 or 6 major cards in the last two years (that appear on your credit report) Chase will deny you. Their is no way to get thru the back door as I'm told their is nothing anyone can do. I have been told that it's a automatic no. I don't recall if it was 5 or 6 new majors. I confirmed that store cards do not count toward this rule. This rule sucks and was told their is no way to override it. 😰 This rule is in effect for both personal & busines products.
Message 9 of 10
Member

Re: Seeking Advice On Plan For Amex/Chase Biz Card

Amex doesn't really care about inquires on business products. I have tons of inquires because of the 6 businesses I own. They have never had a issue with 30+ inquires on a single CR. I am not sure about utilization. I believe Amex looks hard at balances. Same goes for balance vs Credit Limit. This is my opinion anyways.
Message 10 of 10