are you near a chase branch, reach out to them and set a meeting with the business relationship manager person and let them know what you need, they might be able to help
Amex will be more generous than chase on the business side, so once you get past the POI they've requested, look into getting business cards from them as well.
and if it's been a year since your previous ink, consider getting another one. particularly the ink business premier for the highest possible limit
@don wrote:Hello, New to the forum here!
I just need to vent by business credit journey so far as it been a up hill battle that never seams to end and see what the general consensus is on best ways to proceed.
Here is business jist with out getting into to much detail. I am a Small businesses owner 1.1M in annual gross last year and 360k net profits. First we are located in a very small town no big banks but BoA and a single Wells fargo location and some small regional banks. We use a small regional one for business banking. We average around 35k to 60k in liquid,never less then 30k cash on hand.
Also around 150k to 210k 60 days late in receivables. P.S target corporate takes 90 days sometimes to issue you a check, and don't get me started on home depot sometimes 120+ days late on 20k + invoices.
Almost forgot, fico 8's are 712 TransUnion, 720 Equifax, and 760 Experian, 3% Personal Utilization across all personal card for last 6 months.
Now the good but crappy part. Approved for a chase INK business card 10k CL last year, applied for a CLI in January they raised it 5k which did not help much. With a 15k limit I end up paying the balance in full 2 to 4 times a month and it is a pain. Experian small business credit report always shows the balance as maxed out since the balance is always maxed out since I have to pay it multiple times a month in full and it never gets a chance to see the balance low which is hurting my business credit score.
Now my CL on my INK is 15k but they let us keep charging to sometimes double the credit limit. We have had the balance has high as 34k in a few days before paying off. but it is bad because they hit us with over the limit fees like crazy.
Should I ask chase INK for a CLI ?
I recently applied for the american express gold card was instantly approved and I used the instant card number to pay about 6k in bills. Then real cards arrived went to active them and amex placed my account in Review. They requested 2 months business and 2 months personal bank statements. My accountant uploaded them for me to amex 5 days ago. Called amex today account was still on hold but amex rep said it was in final stage 'what ever that means' and I would receive a call soon. I checked all my personal reports and no amex hard pull 10 days after application.
So I applied for the capital one 2% business cash card and was denied, and I am waiting on the letter in the mail as to why. I think it was denied because I have 3 personal capital one cards I don't use '' only use them to keep them open and pay in full'' 30k total credit across all capital one personal cards. No idea why they denied what a waste of a hard pull so mad about this.
What would be the best course of action here by business needs another credit card and I don't want to count on amex coming through.
Thank You !!!
If I were you I would apply for American Express Blue Business Cash or FNBO Business Evergreen.
And I would stop going over limit on the Ink card.
You should also try credit unions.
You need your scores up! Most small business cards are going to use your personal credit along with bus. credit for approvals. See if you can get in with a credit union that is less strict.
You hurting yourself in a big way by going over your credit limit. If you must go over your credit limit and you are making multiple payments every month anyways, then either switch to a charge card or use a debit card, Divvy comes to mind. Your not getting much benefit from using your credit card the way you have been.
If you want to increase your scores, Business and Personal, you have to keep your utilization on the cards low. Once you build many credit lines you can then put heavy use on them. Until then, you have to watch the amount you charge.
After 3-4 months with low utilization your scores should pop as long as your not applying for more credit.
@don wrote:Hello, New to the forum here!
I just need to vent by business credit journey so far as it been a up hill battle that never seams to end and see what the general consensus is on best ways to proceed.
Here is business jist with out getting into to much detail. I am a Small businesses owner 1.1M in annual gross last year and 360k net profits. First we are located in a very small town no big banks but BoA and a single Wells fargo location and some small regional banks. We use a small regional one for business banking. We average around 35k to 60k in liquid,never less then 30k cash on hand.
Also around 150k to 210k 60 days late in receivables. P.S target corporate takes 90 days sometimes to issue you a check, and don't get me started on home depot sometimes 120+ days late on 20k + invoices.
Almost forgot, fico 8's are 712 TransUnion, 720 Equifax, and 760 Experian, 3% Personal Utilization across all personal card for last 6 months.
Now the good but crappy part. Approved for a chase INK business card 10k CL last year, applied for a CLI in January they raised it 5k which did not help much. With a 15k limit I end up paying the balance in full 2 to 4 times a month and it is a pain. Experian small business credit report always shows the balance as maxed out since the balance is always maxed out since I have to pay it multiple times a month in full and it never gets a chance to see the balance low which is hurting my business credit score.
Now my CL on my INK is 15k but they let us keep charging to sometimes double the credit limit. We have had the balance has high as 34k in a few days before paying off. but it is bad because they hit us with over the limit fees like crazy.
Should I ask chase INK for a CLI ?
I recently applied for the american express gold card was instantly approved and I used the instant card number to pay about 6k in bills. Then real cards arrived went to active them and amex placed my account in Review. They requested 2 months business and 2 months personal bank statements. My accountant uploaded them for me to amex 5 days ago. Called amex today account was still on hold but amex rep said it was in final stage 'what ever that means' and I would receive a call soon. I checked all my personal reports and no amex hard pull 10 days after application.
So I applied for the capital one 2% business cash card and was denied, and I am waiting on the letter in the mail as to why. I think it was denied because I have 3 personal capital one cards I don't use '' only use them to keep them open and pay in full'' 30k total credit across all capital one personal cards. No idea why they denied what a waste of a hard pull so mad about this.
What would be the best course of action here by business needs another credit card and I don't want to count on amex coming through.
Thank You !!!
You appear to have good sales but it looks like you have a cash flow problem. You have to work this system until you get what you need. You say you have a good amount of net income. All the numbers you put up are reasonable.
You say there are no big banks but you are passing up two of the biggest Wells and BofA. It would be to your benefit to work with one of these in addition to the regional bank.
You need to conserve some more cash as a buffer. If you are already paying the cards 2-3 times per month but getting hit with over limit fees then you need to see if the vendor will give you an account of net 30 or net 15, or let you pay by ACH/wire. With 2-3 months of good payments those credit card companies should see your pattern and be willing to adjust your limit, even with your existing scores. Which are not horrible by the way.
It appears your doing ok, but just getting overwhelmed by the high amount of work of keeping on top of the cards because of the low limits. If you have been in business a couple years look to see if you can get a micro-sba loan up to 50k. It is easier qualifying and looks to be the sweet spot amount you need to get rid of someof this hassle.
But I would look to move away from the credit cards, get better vendor terms and paying with cash. That may have to come from your salary in the short term but doesn't have to be all at once.
Thank you!
I still want higher limits though. I have to keep building in those amounts as a buffer.