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Chase Business Credit card 5/24

blackfines1
New Contributor

Chase Business Credit card 5/24

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 

I'CHASE.jpg

Message 1 of 10
9 REPLIES 9
jcooks
Regular Contributor

Re: Chase Business Credit card 5/24

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.

Message 2 of 10
simplynoir
Community Leader
Super Contributor

Re: Chase Business Credit card 5/24

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

Message 3 of 10
jcooks
Regular Contributor

Re: Chase Business Credit card 5/24


@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.

Message 4 of 10
Blue_Collar
Regular Contributor

Re: Chase Business Credit card 5/24


@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

Message 5 of 10
babygirl1256
Valued Contributor

Re: Chase Business Credit card 5/24

@simplynoir Thanks for clarifying as I'm looking to apply for a "new" business account soon.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 6 of 10
babygirl1256
Valued Contributor

Re: Chase Business Credit card 5/24

@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.

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850
Message 7 of 10
blackfines1
New Contributor

Re: Chase Business Credit card 5/24

This will help others avoid HP on Chase Business Card

Message 8 of 10
FinStar
Moderator

Re: Chase Business Credit card 5/24


@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.

Message 9 of 10
RealEstateGuy89
Valued Member

Re: Chase Business Credit card 5/24

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!

Message 10 of 10
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