topic Re: Chase Business Credit Card in Business Credit

Chase Business Credit Card

sihmud — Fri, 14 Oct 2022 01:30:00 GMT

hello all had a few questions.

my wife is looking to apply for a chase ink business card but we had some concerns.

1. she has opened 5 Credit cards and 2 installment loans in the past 13 months. ive read that chase has a 5/24 rule. how dead set are they on that?

2. wifes fico is good (720) but credit is thin. revolving accounts for a only 13 months. AU has history of a few years but doubt they count that.

what are oyour guyses inputs or data points on this?

Re: Chase Business Credit Card

SouthJamaica — Fri, 14 Oct 2022 03:16:22 GMT

@sihmud wrote:
hello all had a few questions.

my wife is looking to apply for a chase ink business card but we had some concerns.

1. she has opened 5 Credit cards and 2 installment loans in the past 13 months. ive read that chase has a 5/24 rule. how dead set are they on that?

2. wifes fico is good (720) but credit is thin. revolving accounts for a only 13 months. AU has history of a few years but doubt they count that.

what are oyour guyses inputs or data points on this?

They're pretty dead set on it.

Re: Chase Business Credit Card

805orbust — Fri, 14 Oct 2022 04:04:57 GMT

Totally agree with @SouthJamaica ... got my Chase masters degree thanks to him. I'll be honest, in my opinion/experience, the best way to app with Chase is to be over 740 and under 5/24, the more you are under, the better. Approvals and increases are magical with them when you're in that range. I would wait till under 5/24, drop that utilization so you can bump up to 740-760, and then go for it. Imho of course, ymmv.

Re: Chase Business Credit Card

805orbust — Fri, 14 Oct 2022 04:08:27 GMT

@sihmud The reason I lay it out like that is I think you've GOT to get the best SL you can muster with Chase because increases take alot more thought/pain to get

Re: Chase Business Credit Card

sihmud — Fri, 14 Oct 2022 04:13:16 GMT

@805orbust yea it makes sense. I would want her to have a decent SL makes no sense to have a business credit card for 1k. So at this point she would have to wait at least 2 years right?

Re: Chase Business Credit Card

805orbust — Fri, 14 Oct 2022 04:16:10 GMT

@sihmud not necessarily for the wait. In theory she'd be at 4/24 in 9 months, as her other new accounts age, they'd drop her even further under 5/24.

Re: Chase Business Credit Card

sihmud — Fri, 14 Oct 2022 04:18:49 GMT

@805orbust ahh makes sense. Math was never my strong suit hahaha. Does the same rule apply for chase personal cards. Also what business CC do you recommend or think she'll get the best SL based in her info (thin file)

Re: Chase Business Credit Card

805orbust — Fri, 14 Oct 2022 04:46:44 GMT

@sihmud it is definitely hard to keep,track of all this at times. I believe the underwriting is similar on them all, however I personally prefer the Ink Cash preferred for the simplicity of rewards redemption.

Re: Chase Business Credit Card

SouthJamaica — Fri, 14 Oct 2022 11:34:23 GMT

@sihmud wrote:
@805orbust ahh makes sense. Math was never my strong suit hahaha. Does the same rule apply for chase personal cards. Also what business CC do you recommend or think she'll get the best SL based in her info (thin file)

Yes, the same rule applies for Chase personal cards. But the rule is sometimes waived. If she gets a prequalification, it might be waived.

At the moment Chase is offering 10 business cards, 4 Ink cards, and 6 cobranded cards. They all have different features, so it's really a question of which would return the most value. And that varies with each person.

As to which is easiest to get, I have no idea. My only experience with that question is getting rejected several times for Ink cards. I would speculate that the cobranded cards are easier to get, but have never even applied for one. IMHO Chase is not the place to start out. I would suggest starting out with an Amex business card.

Re: Chase Business Credit Card

805orbust — Sat, 15 Oct 2022 03:05:29 GMT

Can't argue with that. Amex was my first business card for the same company. The SL was $2k (2017), then went to $5k, and auto CLI to $10k about 9 months ago. They grow, and Amex usually does SP increases.

Re: Chase Business Credit Card

eliteproxy — Fri, 21 Oct 2022 00:17:46 GMT

Chase is SUPER conservative on CLI or initial CL.

If you are a chase customer and have had good account activity (deposits, decent average balance, no NSF etc) walk in to a branch and speak to a manager see if they can help with a fast approval and high limit.

Chase told me if I deposit 100k in personal savings, they will set me as a private bank account and use that relationship to give any business card i want (if business is 2years +, and enough income to support the line you are requesting)

But there are so many better options out there that I closed all my chase accounts and moved to another bank.

Re: Chase Business Credit Card

ridgebackpilot — Fri, 21 Oct 2022 21:00:50 GMT

Keep in mind, too, that Chase treats their Ink cards only as quasi-business cards. The credit limit that you get will count against your personal credit exposure with the bank.

Here's how I know that: A few years ago, I applied for and received a $100K SL on my Chase Ink Business Preferred card. Several of my staff are authorized users on the card, and we all travel a lot overseas, so I needed a higher limit.

Chase originally offered $50K, which wasn't sufficient and I appealed for a higher limit. We had to send them financial records for the company, a nonprofit organization with an annual budget of around $8 million.

Interestingly, Chase counts the $100K limit against my personal credit profile, which I discovered the next time I applied for a personal Chase card. They nearly denied me the Amazon Prime card due to my "overall credit exposure" with the bank. So having the Ink Preferred card makes it nearly impossible for me to get additional personal Chase cards or CLIs on my other existing Chase cards. Of course, YMMV.