Chase Ink Business Card approved. My experience for others....
03-05-2012 07:16 AM
I was approved for a Chase Ink Cash this morning. SO happy! It's my first "excellent credit" credit card.
I live in PA. They pulled Transunion which happens to be my highest score at 712 as of 2/28/12. My EQ is about 688. I received the pending notice as I fully expected. I immediately called 888-245-0625 and spoke to an analyst for reconsideration. He asked me questions about business....sales, length of years in business, basic description etc. He then turned to my credit report where he asked a few questions pertaining to things in my credit that seemed odd for someone applying for a business card....namely that I haven't had a card in about 6 years prior to my two from 10/11 and 11/11.
I explained that my credit score had been awful due to a student loan default that came off over the summer of 2011 and that I then began to seek credit cards to improve my scores. I then took it upon myself to explain why score wasn't higher at this moment (namely because of my Verizon charge off of $155 that was done in my name but not by ME...probably costing me about 50 points). I highlighted all the paid accounts that were business related even though they weren't listed as such. So, basically, he saw no delinquencies since 2006 aside from the Verizon charge off but he also saw weak open CC history. My explanations were satisfactory and I got approved for $3500....more than I need for the intended use of transferring my 5% eligible cash back expenses to the card from my checking account.
Worth the ding! I'm so thrilled. 4-5 months ago, such an approval would have been unthinkable.
Starting Scores (Sept 2011): All lower-mid 600s. CURRENTLY: TU FICO: 793 (8/27/13), EQ FICO 792 (8/27/13), EX FICO 798 (9/4/13) (PSECU). Goal: Achieved! Now Maintain!