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Applied for chase Ink Business Preferred credit card, app denied due to 5/24
From what I know chase do not applied 5/24 to Business credit card, But look like they are tightening the rules for Business card
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Chase business cards count towards the Chase 5/24 rule. I think recent DP's indicate that all of Chase cards are subject to the rule.
The 5/24 rule with regards to business cards is a little confusing. If you are already 5/24 or over then you don't qualify to get a Chase card at this time because of said rule. But if you're under 5/24 and apply for a business card then you will be fine and the business card will not count towards 5/24 with an approval
Example: if I'm 5/24 and decide I want to apply for the Chase Ink Preferred they will auto-deny for being at 5/24. If I'm at 3/24 and decide to apply for the same business card they will approve me and I'll still be at 3/24 after it's all said and done since it doesn't count towards their 5/24 rule since business cards do not appear on your personal credit report
@simplynoir wrote:The 5/24 rule with regards to business cards is a little confusing. If you are already 5/24 or over then you don't qualify to get a Chase card at this time because of said rule. But if you're under 5/24 and apply for a business card then you will be fine and the business card will not count towards 5/24 with an approval
Example: if I'm 5/24 and decide I want to apply for the Chase Ink Preferred they will auto-deny for being at 5/24. If I'm at 3/24 and decide to apply for the same business card they will approve me and I'll still be at 3/24 after it's all said and done since it doesn't count towards their 5/24 rule since business cards do not appear on your personal credit report
I'm pretty sure Chase business cards count towards 5/24 rule. Even though it does not appear on your personal credit report, Chase still sees all the cards that you've opened with them.
Nevermind, I just googled it an I am incorrect.
@simplynoir wrote:The 5/24 rule with regards to business cards is a little confusing. If you are already 5/24 or over then you don't qualify to get a Chase card at this time because of said rule. But if you're under 5/24 and apply for a business card then you will be fine and the business card will not count towards 5/24 with an approval
Example: if I'm 5/24 and decide I want to apply for the Chase Ink Preferred they will auto-deny for being at 5/24. If I'm at 3/24 and decide to apply for the same business card they will approve me and I'll still be at 3/24 after it's all said and done since it doesn't count towards their 5/24 rule since business cards do not appear on your personal credit report
+1 - Very good explanation
@simplynoir Thanks for clarifying as I'm looking to apply for a "new" business account soon.
@blackfines1 Gosh, sorry you were not approved for the Chase Ink Business Preferred credit card -but- are you able to call the recon department? Wishing you success in being approved for a Chase business card.
This will help others avoid HP on Chase Business Card
@blackfines1 wrote:This will help others avoid HP on Chase Business Card
An option to keep in mind when it comes to 5/24, if you receive any black star/green check mark pre-approved offers online with a single APR (no spread), then these typically can bypass the 5/24 restriction, on business and/or personal cards.
An option to keep in mind when it comes to 5/24, if you receive any black star/green check mark pre-approved offers online with a single APR (no spread), then these typically can bypass the 5/24 restriction, on business and/or personal cards.
That's very good to know. Thanks!