topic Re: Question for Business Credit Card experts (Chase ink) in Business Credit

Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Wed, 13 Oct 2021 06:15:55 GMT

About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023.

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score).

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify.

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application.

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans.

Re: Question for Business Credit Card experts (Chase ink)

SouthJamaica — Wed, 13 Oct 2021 06:16:48 GMT

@Jedibarber007 wrote:
About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023.

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score).

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify.

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application.

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans.

Probably you're right to wait, but since the Business Relationship Manager and the banker are pushing so hard, maybe they know something.

What do you have to lose? An inquiry or two isn't the end of the world. If you apply and get denied, it won't mean a thing to your applying 6 months down the road. And if you are initially denied, maybe the BRM can help you get reconsideration.

If it were me, I would think that maybe the Business Relationship Manager's help can push me through the door, so why not take a shot at it? The Chase Ink cards are, IMHO, the top of the line.

Re: Question for Business Credit Card experts (Chase ink)

Curious_George2 — Wed, 13 Oct 2021 06:02:33 GMT

@SouthJamaica makes great points. I'm the opposite of an expert on this topic, but I will just add a different perspective...

I don't assume the bankers are motivated by what is best for you; I assume they are motivated by what is best for them. I don't know how their compensation works, but their pressure tactics suggest they get paid more if you apply. It seems like Chase is marketing the Ink cards extra hard right now. I recently got black star offers for all three of them, and I don't even have a business!

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Wed, 13 Oct 2021 17:36:48 GMT

@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2 point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one?

Does anyone know what Chase pulls from?

Re: Question for Business Credit Card experts (Chase ink)

ScorpioRising — Wed, 13 Oct 2021 20:46:58 GMT

@Jedibarber007 wrote:
@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2 point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one?

Does anyone know what Chase pulls from?

Chase pulls exclusively from Experian. I live on the West Coast.

Re: Question for Business Credit Card experts (Chase ink)

SouthJamaica — Wed, 13 Oct 2021 20:49:31 GMT

@Jedibarber007 wrote:
@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2 point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one?

Does anyone know what Chase pulls from?

You don't have to guess about the preapproval. You can ask your banker or the BRM; they can find out.

Chase pulls from multiple bureaus. My impression is that they almost always pull EX, and often pull a second one from EQ.

But like I said, if I were in your position I would take a shot at it, with so many Chase bankers in my corner. No one from Chase ever approaches me about a Chase Ink card. I'm not good enough for them

Re: Question for Business Credit Card experts (Chase ink)

ScorpioRising — Thu, 21 Oct 2021 16:22:33 GMT

@SouthJamaica

"No one from Chase ever approaches me about a Chase Ink card. I'm not good enough for them"

😂 😂 😂 You're funny!

Re: Question for Business Credit Card experts (Chase ink)

credit8502020 — Fri, 22 Oct 2021 05:08:54 GMT

@Jedibarber007 wrote:
About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023.

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score).

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify.

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application.

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans.

@Jedibarber007 Have you already technically started your business or only opened the business account to separate it from your personal funds? If you don't mind sharing, what is your personal credit snapshot? Number of cards, balances, credit scores? I'm really big on optimizing your personal credit before applying for business credit so you can put your best foot forward in the beginning especially if you don't "need" the credit card.

I agree that you would need to should work on buiilding your business credit to help with your future plans and in doing so you want to make sure you apply for certain credit cards in a specific order to help get the best funding for your business.

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Thu, 21 Oct 2021 23:20:49 GMT

I've been in business for 4 years but I've been running stuff off a personal account and decided to formally desperate things:

I have 3 cards if my own and 2 Authorized user cards.

1. (2 quicksilver one Cap one cards) with $0 balances (300/500 limit)

2. NFCU more rewards (7,100 limit) just opened the card two weeks ago and it hasn't reported to my profile just yet. $0 balance

the 2 authorized user card is a discover it secured $2500 limit with $0 balance

and a target red card with $1100 limit and $0 balance. Been trying to pay off everything every month. Been rebuilding this year personal scores are on my signature @credit8502020

Re: Question for Business Credit Card experts (Chase ink)

credit8502020 — Fri, 22 Oct 2021 04:49:39 GMT

@Jedibarber007 wrote:
I've been in business for 4 years but I've been running stuff off a personal account and decided to formally desperate things:

I have 3 cards if my own and 2 Authorized user cards.

1. (2 quicksilver one Cap one cards) with $0 balances (300/500 limit)

2. NFCU more rewards (7,100 limit) just opened the card two weeks ago and it hasn't reported to my profile just yet. $0 balance

the 2 authorized user card is a discover it secured $2500 limit with $0 balance

and a target red card with $1100 limit and $0 balance. Been trying to pay off everything every month. Been rebuilding this year personal scores are on my signature @credit8502020

@Jedibarber007 Thank you for these details. If you haven't yet, I would look into utilizing AZEO (All Zero Except One). In addition to other things, this strategy may help you get the most points possible. You want to let a specific balance report on your credit card and then pay it off. You'll hear different numbers, but the percentage I suggest leaving on the card you utilize for AZEO is 4%. Definitely look into AZEO because there are variables that exist when you have primary and AU accounts.

I would definitely suggest meeting with a knowledgeable business credit coach to help you strategically set up your funding plan. With a strong plan in place, you can use your personal credit to help build your business credit and build great relationships with financial institutions that will not only issue credit cards, but also help you gain access to other great funding options.

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Sat, 23 Oct 2021 02:33:03 GMT

So based on your experience, would you recommend me applying now? @credit8502020

Re: Question for Business Credit Card experts (Chase ink)

credit8502020 — Sat, 23 Oct 2021 03:09:57 GMT

@Jedibarber007 wrote:
So based on your experience, would you recommend me applying now? @credit8502020

I wouldn't apply until you have outlined a plan that includes your funding goals, financial institutions you want to build a relationship with, a timeline and what the funding is for or could be for even if you don't have exact numbers.

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Sun, 07 Nov 2021 05:22:29 GMT

Sooooo I have still been waiting on if I should apply or not, and the BRM has been emailing me every other day for the past 3 weeks with the application. I wanted to share the following...you think this is a good indication of approval since it only shows 13.24% rate? This came off the application which i have not submitted.

Re: Question for Business Credit Card experts (Chase ink)

SouthJamaica — Mon, 08 Nov 2021 08:02:17 GMT

@Jedibarber007 wrote:
Sooooo I have still been waiting on if I should apply or not, and the BRM has been emailing me every other day for the past 3 weeks with the application. I wanted to share the following...you think this is a good indication of approval since it only shows 13.24% rate? This came off the application which i have not submitted.

I think it might be a good sign.

But it has always been my understanding that your chances are improved when you submit a paper application through the Business Relationship Manager.

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Mon, 08 Nov 2021 08:02:49 GMT

@SouthJamaica wrote:
@Jedibarber007 wrote:
Sooooo I have still been waiting on if I should apply or not, and the BRM has been emailing me every other day for the past 3 weeks with the application. I wanted to share the following...you think this is a good indication of approval since it only shows 13.24% rate? This came off the application which i have not submitted.

I think it might be a good sign.

But it has always been my understanding that your chances are improved when you submit a paper application through the Business Relationship Manager.

Hope so...they are still offering the 100k bonus for the personal CSP and trying to figure out if I should attemp to apply for the chase ink first or the sapphire .either or I want both lol

Re: Question for Business Credit Card experts (Chase ink)

Jordan23ww — Sun, 07 Nov 2021 15:51:45 GMT

@Jedibarber007 wrote:
@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2 point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one?

Does anyone know what Chase pulls from?

When my wife and I got our Chase cards they pulled both Experian and Equifax. For some they may only pull 1 bureau which usually I believe is Experian.

Re: Question for Business Credit Card experts (Chase ink)

GApeachy — Sun, 07 Nov 2021 16:16:14 GMT

@Jedibarber007 (such a cool name)

It seems like your banker is almost handing this card to you. "Seems"...such a fun gamble.

Like @SouthJamaica stated, what would a hp or two hurt? (remembering the 5/24 rule of course) Even if you were shot down, you'd get a gist of why from them, where you stand, and could work on any issue(s) for a future app.

Being you're receiving multiple offers and with a solid apr.....I'd go for it. However, if you could go in branch and ask these questions (even again) before app'ing, I'd do that first. Perhaps sitting down and discussing it with your banker would help you decide if now is truely the right time. Helping you to make an informed decision.

Isn't your main goal business credit? ....before adding more personal credit? Which do you desire most and which would benefit you and your long term goals the most?

Good Luck, I wish I had this (seemingly positive) dilemma

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Mon, 08 Nov 2021 16:55:24 GMT

@Jordan23ww @GApeachy I just finished the application and submitted...we shall see what will be the outcome. SOOO NERVEWRECKING LOL

Re: Question for Business Credit Card experts (Chase ink)

GApeachy — Mon, 08 Nov 2021 17:23:15 GMT

@Jedibarber007 wrote:
@Jordan23ww @GApeachy I just finished the application and submitted...we shall see what will be the outcome. SOOO NERVEWRECKING LOL

Did you go in branch?

Re: Question for Business Credit Card experts (Chase ink)

Jedibarber007 — Mon, 08 Nov 2021 17:56:45 GMT

@GApeachy

@GApeachy wrote:
@Jedibarber007 wrote:
@Jordan23ww @GApeachy I just finished the application and submitted...we shall see what will be the outcome. SOOO NERVEWRECKING LOL
Did you go in branch?

I did not, so the business relationship manager has been calling me every other week about filling out the application. The application he emailed me was not from the chase website. But it was secured docusign application which had all my information prefilled. I asked him I could go to the branch but he said that this process via email was better since he has more control and ability to persuade back office about it.

So I filled out the app he sent this morning. It wasnt auto decline nor approval which I have see with Chase business cards its not an instant decision....so we shall see.