Would I get approved for Ink Bold?

[webhopper]

There have been a lot of folks applying for these cards. I hope they all have legit businesses.

I like the way navy fed does it... you have to send a copy of you business liscense and articles of organization to open an account. Come to think of it; I had to have that stuff with me when I opened business checking with chase. What has changed?

[enharu]

I guess they just dont want to get drowned in paperwork, so they took the easy way out in "trusting" customers. The assumption I am guessing is that customers are as trustworthy as what their credit scores are. It's a lot easier to approve first, and then review a select group of people at a time, and ask for papers one group at a time, rather than getting bombarded all at once with paperwork.

For people who applied for this w/o a real business, it's pretty much the same thing as fudging about their income on applications. They're all happy until the day they get reviewed.

[cottontop]

Make sure you have a legit business.  There will be an extensive phone interview, my Ink Bold was probably 20 min.  It will double back over same questions, ask them different ways, it will be a pleasant conversation, but a grilling none the less.

I was approved for a Bank of America business card Friday, took a 29 minutes of questions.  These banks aren't stupid, they will know if you are blowing smoke.

[Open123]

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@webhopper wrote:
There have been a lot of folks applying for these cards. I hope they all have legit businesses.

I like the way navy fed does it... you have to send a copy of you business liscense and articles of organization to open an account. Come to think of it; I had to have that stuff with me when I opened business checking with chase. What has changed?

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Chase requires documentation, at least for our firm.  

[enharu]

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@Open123 wrote:

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@webhopper wrote:
There have been a lot of folks applying for these cards. I hope they all have legit businesses.

I like the way navy fed does it... you have to send a copy of you business liscense and articles of organization to open an account. Come to think of it; I had to have that stuff with me when I opened business checking with chase. What has changed?

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Chase requires documentation, at least for our firm.  

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I think it kinda depends and might be luck of the draw.

My friend is a consultant for Accenture. Applied for the card, had to call in, and was approved. Had to explain everything over the phone and somehow still got approved. I was surprised since he doesnt have a business EIN. Some banks allow consultants to apply for business cards. I am guessing maybe Chase is one of them.

[mikey4833]

I have a internet based business and have had a Capital One business spark card for over a year. My business sales for a drop ship company so I stock no products nore do I need a business license which in PA is a Sales Tax license and in my state if you used your name as the business name (yourlast name ) in the business name you don't have to file for fictious name filing. I have no way to prove existance of business.  Mine is a Sole Prorietorship. Chase I had business card with them along time ago but back then I called in to close it and the rep said you know lots people keeps these cards for personal use for the rewards are you sure you want to close your account? I don't have a business checking either. I use a personal for everything and my merchant account is hooked up to it.

[scenery_guy]

Do you file a schedule C? Do you file a schedule SE? Those forms can answer the question if you have a business or not if claiming "sole proprietorship". In the eyes of the IRS it's really that simple. State, County and City requirements can vary but in the end we all answer to the IRS. 

I went thru two interviews (business recons) to get both my Ink cards. No big deal as I love to chat up my business. I know my financial numbers like the back of my hand. I never thought the annalists were being tough or pressing too hard. It's worth noting I did not need to remit any proof of my business BUT I did have business checking, savings and investment accounts with them at the time. I DID have to provide proof to open those accounts. Those accounts illustrate my sales in the form of deposits and spending on materials and labor. 

I think eventually Chase will begin to operate like AMEX. The typical FR by AMEX answers the schedule C and SE questions (and more that I don't want to discuss here). If Chase begins to get uncomfortable with the non business exposure they will react like all banks do and make it much harder to get the product and look closer at the current users spending habits. We are all fools if we think Chase has no idea what's going on with Ink cards. To me it's not a matter of if, it's when. 

[mikey4833]

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@scenery_guy wrote:

Do you file a schedule C? Do you file a schedule SE? Those forms can answer the question if you have a business or not if claiming "sole proprietorship". In the eyes of the IRS it's really that simple. State, County and City requirements can vary but in the end we all answer to the IRS. 

I went thru two interviews (business recons) to get both my Ink cards. No big deal as I love to chat up my business. I know my financial numbers like the back of my hand. I never thought the annalists were being tough or pressing too hard. It's worth noting I did not need to remit any proof of my business BUT I did have business checking, savings and investment accounts with them at the time. I DID have to provide proof to open those accounts. Those accounts illustrate my sales in the form of deposits and spending on materials and labor. 

I think eventually Chase will begin to operate like AMEX. The typical FR by AMEX answers the schedule C and SE questions (and more that I don't want to discuss here). If Chase begins to get uncomfortable with the non business exposure they will react like all banks do and make it much harder to get the product and look closer at the current users spending habits. We are all fools if we think Chase has no idea what's going on with Ink cards. To me it's not a matter of if, it's when. 

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Schedule C. I've been in business since 2004 but in 2009 I declared personal chapter 7 bk. Chase gave me a Chase Slate card after a harsh reconsideration they really questioned me about my current business how its going and I faxed in pay stubs from my regular job and my wife's disabilty check from social security and tax return from last year and personal checking account statement showing business deposits. They wouldn't accept my business checking account for income documentation from business they wanted personal checking account. They gave me a $700 limit. I have no other banking relationships with Chase. I filed bk chap 7 and they were included 27k. So I best not rock the boat with them with this card I guess I'll try and get my Cap 1 Platinum spark card visa credit limit increased.

[enharu]

how long did you have the slate for?
you burned them during your BK but you're not blacklisted, and they even offered you a slate card. That's a VERY good sign. 

If you have the slate for a while, and since you can prove you're a real business, I would say go for it. Worst case scenario it is just a wasted inquiry. 

But if they're willing to give you the slate I am guessing you're gonna have a fair shake at getting the ink.

[scenery_guy]

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@mikey4833 wrote:

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@scenery_guy wrote:

Do you file a schedule C? Do you file a schedule SE? Those forms can answer the question if you have a business or not if claiming "sole proprietorship". In the eyes of the IRS it's really that simple. State, County and City requirements can vary but in the end we all answer to the IRS. 

I went thru two interviews (business recons) to get both my Ink cards. No big deal as I love to chat up my business. I know my financial numbers like the back of my hand. I never thought the annalists were being tough or pressing too hard. It's worth noting I did not need to remit any proof of my business BUT I did have business checking, savings and investment accounts with them at the time. I DID have to provide proof to open those accounts. Those accounts illustrate my sales in the form of deposits and spending on materials and labor. 

I think eventually Chase will begin to operate like AMEX. The typical FR by AMEX answers the schedule C and SE questions (and more that I don't want to discuss here). If Chase begins to get uncomfortable with the non business exposure they will react like all banks do and make it much harder to get the product and look closer at the current users spending habits. We are all fools if we think Chase has no idea what's going on with Ink cards. To me it's not a matter of if, it's when. 

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Schedule C. I've been in business since 2004 but in 2009 I declared personal chapter 7 bk. Chase gave me a Chase Slate card after a harsh reconsideration they really questioned me about my current business how its going and I faxed in pay stubs from my regular job and my wife's disabilty check from social security and tax return from last year and personal checking account statement showing business deposits. They wouldn't accept my business checking account for income documentation from business they wanted personal checking account. They gave me a $700 limit. I have no other banking relationships with Chase. I filed bk chap 7 and they were included 27k. So I best not rock the boat with them with this card I guess I'll try and get my Cap 1 Platinum spark card visa credit limit increased.

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Sorry, was a general post not targeting your post. BTW if you file a C then you file a SE if you made more than $400 as that's the bottom threshold for self employment taxes. 

Feel free to drop in at the Business Credit area. Lots of posts about business cards. If you have questions about building business credit post a question.