Chase Triple Pulled ME ... GRRR

[09Lexie]

Certainly does...but that does sum it up.

[enharu]

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@bribro wrote:

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@enharu wrote:

were you the one who said you don't have any kind of business at all?

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Wait... so the OP has no business, fraudulently applied for a business card, defaulted on the same lender from which he is seeking credit for $150,000 just a few years ago... and he/she is upset because the approval resulted in having one inquiry on each of his credit reports? Wow.

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Went through his posts, and yup it's the same person. Pretty much what I understood from this post below:

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@kromix wrote:

For what its worth, none of the things mentioned here applied to me, but of course always YMMV.....


1) I have zero accounts with chase, only 1 ever and it was a Chase mortgage which I defaulted, short sold and Chase took a $160k loss, 6 years ago still on my reports.

2) Their Business ID procedure was basically non-existant, I don't have a business.

3) I have zero business established history

I was approved today for $3k. My lowest CL by $6k yet.

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To be honest, this is a bad idea. Chase has already been reviewing business accounts by asking for TIN/EIN numbers and verifying existence of business

[kromix]

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To be honest, this is a bad idea. Chase has already been reviewing business accounts by asking for TIN/EIN numbers and verifying existence of business

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Yea when you guys put it that way it does sound bad

Anyhow, When you say Chase is reviewing business accounts and asking for info what do you mean? I don't see how they would verify, a Sole Proprietorship is a valid business which would use a Social Security, not a TIN/EIN, so then what? 

If they didn't want people to apply with it that have such small "businesses" they wouldn't allow Sole Props with no Business IDs to even apply let alone get approved??

[FutureBillionaire]

I was triple pulled for the Freedom and CSP in February.  I want to app for the Chase biz cards during the promo they are running next week.  Do you all think I should go for this?  Or, should I just fall back and wait until next time?  I've started a finance and movie review blog...

[bribro]

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@kromix wrote:

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To be honest, this is a bad idea. Chase has already been reviewing business accounts by asking for TIN/EIN numbers and verifying existence of business

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Yea when you guys put it that way it does sound bad

Anyhow, When you say Chase is reviewing business accounts and asking for info what do you mean? I don't see how they would verify, a Sole Proprietorship is a valid business which would use a Social Security, not a TIN/EIN, so then what? 

If they didn't want people to apply with it that have such small "businesses" they wouldn't allow Sole Props with no Business IDs to even apply let alone get approved??

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They can ask for a P&L statement or your personal tax returns to verify your status as a sole proprietorship. If you don't show any 1099s or a Schedule C, they are well within their rights to shut down all of your Chase credit cards (personal and business) and confiscate any points you may have accumulated. Some people have also had checking/savings accounts closed, thus terminating their entire Chase relationship, for committing fraud similar to what you did. So beware.

[kromix]

I do show 1099c, so that should be enough

What promo are they having next week??

[enharu]

Like bibro said, even as a sole proprietorship, you ought to have documents to back it up. Any CPA can help you with the accounting/auditing if you don't know how.

Recently, chase has been very strict about this. People have had accounts closed and possibly even blacklisted by chase. It honestly depends on whether you think it is worth risking your relationship with chase. If it isn't, you could close the account before they close it for you. Or you could choose to take the risk and see jf you could sneak past the cracks. It's really up to you.

[kromix]

I read alot of people having it, I haven't really read anything of people being closed down, let me research more I guess.... have any links?

[enharu]

I'm on mobile now so its a bit hard but I can try to dig up some links when I get home in the evening. You probably will find a lot more people crying about account closures on other boards and discount/referral sites than here though.

[navigatethis12]

For what it's worth, I was able to get the Chase Ink Classic with no business history.

I applied before I had even bought any inventory so I put 0 for years in business and revenue. The first analyst declined, saying they like to see two years of established business documentation to approve a business card. She wished me luck and I accepted the denial. One or two days later, I figured no harm in trying again. The second representative did another inuiry and took a very short time to approve it (only for 2000). She didn't ask any questions or anything, but I reckon she was able to see what the last analyst had entered into the system when she asked me questions. A few months later with not many sales or purchases I was able to get it to 5000, again without many questions being asked.

I know some lenders send offers to people who do not have business, so do not care if someone lies. I'm not saying to lie to Chase, but you don't need to have documentation to get approved. Someone like me who is just starting out won't have much to offer up to verify a business.