topic Chase Ink Business Cash Approval: 4K (HARD MODE) in Business Credit

Chase Ink Business Cash Approval: 4K (HARD MODE)

Zolomon — Sat, 12 Oct 2019 20:59:17 GMT

Chase's business card application process was... something else.

Applying for a Chase Business Credit Card

Man, that was rough.

I applied on September 18th, was approved on October 4th, and received the card October 11th.

They pulled Experian (806, AAoA 4y 7m) and Equifax (797, AAoA 3y 11m). The issue was they needed to verify my "business entity", but they hadn't told me this until TWO WEEKS LATER on October 2nd when I decided to call them about my application status. I told them I was a sole proprietor, but that wasn't enough for them. Chase needed me to register a trade name with my state. I told them my state doesn't require me to register a trade name as a sole proprietor (Maryland), but they insisted. I spent $120 to not waste this inquiry. Submitted the document online the next day and called back again October 9th to find out it was approved 5 days earlier on October 4th. The card finally arrived yesterday on the 11th.

My reward: a 4k limit.

Today I called the number on the back of the card, asked if I could get that SL bumped up a bit. Nope. They said they would "have to pull another hard inquiry" - those exact words. For some reason they can't use the same inquiry from the application. If anyone knows a direct number to bump my SL without a HP, I would greatly appreciate your help.

So my experience with Chase's business side has not been the best.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Aim_High — Sat, 12 Oct 2019 19:48:58 GMT

@Zolomon wrote:
Chase's business card application process was... something else ... I applied on September 18th, was approved on October 4th, and received the card October 11th ... My reward: a 4k limit ... So my experience with Chase's business side has not been the best.

Congrats on the approval!

Dang, I'm glad they didn't ask me for a state trademark or to spend $120 when I got my Ink Business Preferred (now an INK Cash) for a small sole proprietorship. However, I had gotten an IRS EIN number (for free, easy and instant online) to make mine look more official.

Just an FYI also: I'm careful not to mix my personal and business expenses with Chase. It's against the terms and conditions of all banks to use business cards for personal expenses but I know some people push that policy, especially with AMEX it appears. I feel Chase might not be so tolerant and could use it for AA against my personal accounts.

I can offer no help or encouragement on increasing CLs with Chase. In my experience, they are pretty difficult about that. I've allowed HPs before and gotten nothing for it. On the other hand, they will gladly open new accounts for you and will also allow moving CLs (within personal to personal or business to business but not between P/B.) So I have used that to bump my total credit lines up with them. I would give it some time, though.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Aim_High — Sat, 12 Oct 2019 20:34:05 GMT

By the way, in what state are you located? I wonder if there is some state regulation they were trying to ensure compliance with when they asked you for the state trademark?? This would be a good Data Point to add to the forums.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Zolomon — Sat, 12 Oct 2019 21:02:38 GMT

Maryland.

Or as we say, Meryl - lund.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

credit_is_crack — Sat, 12 Oct 2019 21:20:21 GMT

Congrats on the approval. I had the same thing happened when I was living in FL, but it didn't cost $120, it was like $30 bucks and got it online. The SL CLI request is pretty firm, they'll definitely hit you again. I'd wait at least 6 months before asking for one, but if you abuse it in the first few months you'll likely get an auto-CLI after 3 months, of course YMMV.

Still a great card to have in the wallet!

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

randomguy1 — Sat, 12 Oct 2019 23:41:48 GMT

Trade name? Did you not specify your business name as your own name?

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Zolomon — Sun, 13 Oct 2019 01:24:00 GMT

@randomguy1 wrote:
Trade name? Did you not specify your business name as your own name?

Trade Name: "My name" Consulting.

Maryland doesn't require you to apply for a trade name / DBA if you're using your name in the likes of "Your Name" Photography or "Your Name" House Keeping. A DBA is only required when a sole proprietor uses a fictitious name, ie. Caliber Group, Golden Circle, etc.

When Patel told me I required a DBA / Trade name because I was using "My Name" Consulting, I tried to explain I was just a sole proprietor using my name. He wasn't having it. His accent only got thicker and more upset. I didn't even attempt to ask if I could change the application to "My Name" period. I wasn't about to lose an inquiry and a bonus so I went ahead and took that $120 loss. If Patel wanted me to do 100 jumping jacks to get that approval, I would've.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Anonymous — Sun, 13 Oct 2019 02:57:39 GMT

Congratz on the seamingly difficult approval.

However, $120 not to waste a HP? I'm no fan of unnecessary HPs, but I'm not about to justify it with $120 when they simply fall off in 2 years. lol

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

FieryDance — Mon, 14 Oct 2019 01:11:26 GMT

Congrats!

I have this one too and it took over one month from app to approval! Chase sure likes to make it complicated!

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Anonymous — Mon, 14 Oct 2019 17:24:54 GMT

Wow, Zolomon and others, you guys got put through the wringer. I had an EIN from my LLC, so they didn't give me NEARLY as hard a time, just a lot of fill-in-the-blank. I hope your SL grows nicely, though!

@Aim_High wrote:

"However, I had gotten an IRS EIN number (for free, easy and instant online) to make mine look more official."

Hm, I didn't know this. I think that could be valuable bit of info here, for small sole props. I have a few friends who do online sales, etc, and are branching out, that I will pass this on to.

Re: Chase Ink Business Cash Approval: 4K (HARD MODE)

Aim_High — Mon, 14 Oct 2019 20:51:35 GMT

@BlueOak wrote:
@Aim_High wrote:
"However, I had gotten an IRS EIN number (for free, easy and instant online) to make mine look more official."

Hm, I didn't know this. I think that could be valuable bit of info here, for small sole props. I have a few friends who do online sales, etc, and are branching out, that I will pass this on to.

Awesome, glad it was helpful! Yes, it was pretty simple, quick, & easy. Emailed it to me right away.