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scenery_guy
Posts: 951
Registered: ‎07-24-2012

Re: Simple What to Know about Business Credit Cards and Best Choices...


infoseek2012 wrote:

What type of credit score is needed?  Mine is 690.   I have two long term tradelines reporting on my personal, and just got a Cap One Spark Business two months ago.  Only issue on the old cards is util.  One is at 90%, (1800 of 2K limit) and the other, which is a Chase card, is at around 40% (2300 of 5300 limit), but this account is CLOSED.  I'm not sure if the Cap One business reports to my personal.

 

I was kind of surprised I was approved for the Cap One card - it has been a LONG time since I apped for a credit card.

 

Last baddie was 6 months ago (had mortgage issues but they have been fixed since September of last year). 

Auto loans are in good shape.  Paid off one last August, one active is several years old, and have a new one since January 2013.  No issues there.

 

I have regular income ($85k) from one job, and I have had my business for 10 years as well.  Brought in $100K in gross revenue for the business.

 

Looking to app for a Chase Ink business card.  Anyone know what kind of business docs they might want?  I understand they might want to speak by phone, and I want to make sure I have the right information when I make the call.

 

Any insight would be appreciated!

 

Looking to app for a Chase ink card.


They might be sensitive about the high UTL and the closed Chase account. Your income looks good and your revenue looks fine as well. TIme in business very good. 690 should be high enough but I am just guessing. I have applied and received the cards with mid 700 scores. 

 

No doubt you will be calling them to review stuff, it seems they do a manual review with all business cards. They don't want any documents in particular, just be ready to discuss revenue, type of business, time in business, employees etc. It's really a casual conversation so if you have that stuff on hand you will do well. Be aware they do pull personal for the card but after that it's all on your business report. 

 

Don't worry about your starting line either. If it's low use it hard for a couple of months then call in and ask for a CLI. They gave me a 5x increase on on Ink card after a call and even commented on the heavy usage. 


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