topic Re: Apply for Chase Ink Preferred?? in Business Credit

Apply for Chase Ink Preferred??

Jaylima91 — Thu, 14 Jun 2018 13:12:38 GMT

Hello everyone,

Currently I am looking to apply for the Chase Ink Preferred credit card but want to get the opinion of others with more experience.

This would be my first business credit card but I have four products with Chase with a total credit line of around 60k. I have a total credit-to-debt ratio of about 35% with chase. I am not sure if this would influence in the decision chase will make for the Chase ink application.

My question is, should I apply? What are some experiences with chase business applications with existing personal products with chase? Can I allocate credit line from my personal to my business in the initial application in case I am at max credit exposure with chase? What kind of initial credit limits has chase been giving lately, etc.

Any tips would help.

Thank you all!

Re: Apply for Chase Ink Preferred??

yowhatimean — Thu, 14 Jun 2018 08:03:04 GMT

@Jaylima91 wrote:
Hello everyone,

Currently I am looking to apply for the Chase Ink Preferred credit card but want to get the opinion of others with more experience.

This would be my first business credit card but I have four products with Chase with a total credit line of around 60k. I have a total credit-to-debt ratio of about 35% with chase. I am not sure if this would influence in the decision chase will make for the Chase ink application.

My question is, should I apply? What are some experiences with chase business applications with existing personal products with chase? Can I allocate from my personal to my business in the initial application if necessary?

Any tips would help.

Thank you all!

I started with a CSP, CFU and personal SW card and then applied for the SW business card. I initially got the 30 day notice. I then called status line and it changed to a 7-10 notice in writing. I received the letter and it wanted proof of identity and EIN. I got a fax number from them and faxed it in. Within a week, I got the SW business card in the mail.

I also just applied for the IBP last week and got another 30 day notice. Called status line and it went to a 7-10 day writing in the mail notice again. So now I'm waiting for the mail to show up about what they need from me this time.

Best of luck to you.

Re: Apply for Chase Ink Preferred??

Anonymous — Thu, 14 Jun 2018 18:40:21 GMT

I'm confused-- are you literally carrying a balance of $20,000 every month? If so, that's $300 in interest a month that you should be reducing before doing anything. If you are carrying a balance you should not apply for cards other than balance transfers.

If you are able to pay off the balances, why not just do that instead? Also call and get your credit limit lowered by 5-10k before applying. This improves the odds that credit is available for your app. You should be at a very low credit utilization before doing the app.

Re: Apply for Chase Ink Preferred??

Jaylima91 — Thu, 14 Jun 2018 20:27:01 GMT

The balance is new and it was for a business transaction with 0% apr. I intend to have that lowered. I like the idea of having my credit limit decreased to increase chances of higher credit line with the Ink card. I’ve been holding off on the app for months now and plan to hold off for another 6 months until I am ready.

I was just gathering insight on the matter. Thank you!

Re: Apply for Chase Ink Preferred??

yowhatimean — Thu, 14 Jun 2018 21:22:49 GMT

@Jaylima91 wrote:
The balance is new and it was for a business transaction with 0% apr. I intend to have that lowered. I like the idea of having my credit limit decreased to increase chances of higher credit line with the Ink card. I’ve been holding off on the app for months now and plan to hold off for another 6 months until I am ready.

I was just gathering insight on the matter. Thank you!

So just to update you, I got a letter in the mail today about my application and it basically told me that I have too much credit out for my amount of income to apply for a second business card. I called the recon line and asked them about moving credit lines. They put me on hold and then asked me a series of questions regarding my business (revenue, profit, years in business, # of employees, type of business, etc.). After answering the questions I got placed on hold and then they were able to transfer some of my existing CL from my other business card to open the new card up.