@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.
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.
@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
@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.
@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.
@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.
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.