cancel
Showing results for 
Search instead for 
Did you mean: 

Chase Ink Business Cash Credit Card Denied. Odds for Recon

Highlighted
Established Member

Chase Ink Business Cash Credit Card Denied. Odds for Recon

Hello Credit Gurus,

 

I have recently applied for Chase Ink Business Cash and was denied.

"Our decision was base on the following reason(s) - Chase deposit account recently overdrawn"

 

Chase pulled Experian - 727 (My EXPERIAN fico was 701 at that time, they probably have their own Algorithm )

I have Following Accounts with them:

Chase Business Checking (11K-12K deposited Monthly)

Chase Personal Checking  ($100 - $300 Laying Around)

Chase Freedom CC ($1000 CL)

Chase Amazon Prime CC ($2500 CL)

 

I have to admit that it has been multiple times that my account went to negative and was brought to Positive the same very day. 

Do you guys think i have a shot Calling the reconsideration line and if Yes what would be a good defense?

I'm really tired using my personal cards for Business Purposes. 

 

My Fico Scores are Following EX 701 TU 692 EQ 689

Few Baddies back from 4 Years Ago (4 missed Payments) Nothing with Chase 

Chase never listed as reasons for Denial though 

No other negative items 

 

Please share your valuble experience people! Thanks in adavance!!!

Message 1 of 10
9 REPLIES 9
Highlighted
Valued Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon


@lasvegas302 wrote:

I have recently applied for Chase Ink Business Cash and was denied.

"Our decision was base on the following reason(s) - Chase deposit account recently overdrawn"

I have Following Accounts with them:

   Chase Business Checking (11K-12K deposited Monthly)

   Chase Personal Checking  ($100 - $300 Laying Around)

   Chase Freedom CC ($1000 CL)

   Chase Amazon Prime CC ($2500 CL)

 

I have to admit that it has been multiple times that my account went to negative and was brought to Positive the same very day. 

Do you guys think i have a shot Calling the reconsideration line and if Yes what would be a good defense?


Let it go for now.

 

Chase can be pretty conservative.  They gave you a legitimate and valid reason for being concerned. You admitted you actually had several negatives.  It doesn't matter they were corrected same day; a negative is a negative.  That pattern of behavior creates concern for your financial stability and management.

 

Respect the decision.  If you call Recon and try to fabricate an excuse ("defense"), they'll see right through it and deny anyway.  And now you've created a paper trail of trying to do an end-run around their legitimate denial.  It could be used against you in the future.  Worst case, it may make them take a further look at reducing their exposure with you in other ways leading to adverse action (AA).

 

Instead, play by their rules.  Continue to use your accounts but this time, with great care and responsibility.  Since you had several negatives, I might give it another year to jell.  Then reapply.  With your other banking relationship, I imagine they would approve it easily if you just clear up what they said was the issue.



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 2 of 10
Highlighted
Established Member

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon

That seems like a legitimate advise. Thank You! I was emotionally ready to make a call and make my case. Explain that I wanted to Separate my personal Finances from Business ones and build some healthy relationships with Chase and continue growing with them. But Once again decisions based on emotions arent really decisions. I am probably gonna let it go like you suggested.  Amex Business Gold rep called me couple weeks ago offering their Charge Card. Should i go with that? I really wanted Chase - Not for perks from the card but to build good relations with them. I am spending close to 7K a month on Diesel and then paying off personal credit cards from Business Checking with Chase. Kind of tired of that. Plus i need to build my Business Credit Score. There are tons of stuff and ideas for which would require some serious funding in the Future. I gotta AIM HIGH, dont I?  

Message 3 of 10
Highlighted
Valued Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon


@lasvegas302 wrote:

That seems like a legitimate advise. Thank You! I was emotionally ready to make a call and make my case. Explain that I wanted to Separate my personal Finances from Business ones and build some healthy relationships with Chase and continue growing with them. But Once again decisions based on emotions arent really decisions. I am probably gonna let it go like you suggested.  Amex Business Gold rep called me couple weeks ago offering their Charge Card. Should i go with that? I really wanted Chase - Not for perks from the card but to build good relations with them. I am spending close to 7K a month on Diesel and then paying off personal credit cards from Business Checking with Chase. Kind of tired of that. Plus i need to build my Business Credit Score. There are tons of stuff and ideas for which would require some serious funding in the Future. I gotta AIM HIGH, dont I?  


Yes, Aim HighSmiley Wink  Continue to work all the angles, so if AMEX seems to want more of your business, nothing wrong with going with them for awhile.  It gives you options and you can always change the direction of the ship later if you are ready to refocus more on Chase.  I just wouldn't press the issue with them any more at this time.   No, emotional decisions are always difficult.  That's why you're wise to step back and ask for outside advise, such as through the forums.  Good job! 



Updated 10/08/2020
Total Length of Credit = 35+ years; AoOA (Currently open accounts) = 27+ years;
AAoA = 8+ years; AoYA = less than 1 year (Aug 2020)
Total Open Credit Lines Over $538K. Utilization Less Than 1%.
Inquiries until Nov 2020 (TU:3 -- EQ:4 -- EX:9)
New Accounts: 3/6 months; 8/12 months; 12/24 months (as of 10/15/20)
*Hover cursor over each card to see name & CL, or press & hold on mobile app.
Message 4 of 10
Highlighted
Regular Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon


@lasvegas302 wrote:

That seems like a legitimate advise. Thank You! I was emotionally ready to make a call and make my case. Explain that I wanted to Separate my personal Finances from Business ones and build some healthy relationships with Chase and continue growing with them. But Once again decisions based on emotions arent really decisions. I am probably gonna let it go like you suggested.  Amex Business Gold rep called me couple weeks ago offering their Charge Card. Should i go with that? I really wanted Chase - Not for perks from the card but to build good relations with them. I am spending close to 7K a month on Diesel and then paying off personal credit cards from Business Checking with Chase. Kind of tired of that. Plus i need to build my Business Credit Score. There are tons of stuff and ideas for which would require some serious funding in the Future. I gotta AIM HIGH, dont I?  

 

The AMEX GOLD Business card gives 4x points on 2 categories up to $150,000 a year of your choosing.

Gas stations would be one offered that makes sense to me for you. 

Annual fee is is $295 a year but you would be getting 336,000 points a year from fuel purchases

 

Good luck!


 

Signature as of 10/01/20. Clean file. MYFICO 3B. I live in Green Bay, Wisconsin for those tracking what credit bureau is pulled by location.
FICO 8 EQ=791 TU=790 EX=793
FICO 9 EQ=792 TU=791 EX=783
MORTGAGE SCORES EQ=759 TU=745 EX=770
AAoA=3Y7M AoOA=10Y6M AoYA=1M
VANTAGE SCORES EQ=814 TU=807 EX=799
BUSINESS CREDIT SCORES. Formed LLC 6/1/18.
EXPERIAN BUSINESS CREDIT SCORE=71 EXPERIAN FINANCIAL STABILITY RISK RATING=1 SMALL BUSINESS SCORE SERVICE SCORE=210
HARD PULLS last 6 months EQ=0 TU=2 EX=2 ONE new account reporting.
HARD PULLS last 12 months EQ=2 TU=6 EX=7 ONE new account reporting.
HARD PULLS last 24 months EQ=3 TU=7 EX=8 TWO new accounts reporting.
INCOME=$365k as of 05/01/20 for income stated on applications. DTI=2.5% Business sales 170k monthly. Main Business and Personal Banking=CHASE
MORTGAGE=None
INSTALLMENT LOAN. Vehicle loan opened 08/18. Zero down. 45K at 0% for 60 months LINCOLN FINANCE.

PERSONAL ACCOUNTS/OPEN DATE
DISCOVER=34k 10/17 CITI BEST BUY VISA=4k 11/17 CAP1 GMC MC=4K 12/17 AMEX BCP=6.8k 06/18 CITI COSTCO VISA=14.5k 06/18 US BANK CASH+=7k 06/18 PENFED PLATINUM REWARDS=10k 07/18 CHASE FREEDOM=10k 07/19 CHASE SAPPHIRE RESERVE=14.1k 09/20

BUSINESS ACCOUNTS/OPEN DATE
CHASE INK CASH=19.6k 07/18 AMEX MARRIOT BONVOY=10k 02/19 CHASE INK UNLIMITED=30k 09/19 US BANK BUSINESS CASH=29k 10/19 WELLS FARGO BUSINESS PLATINUM=20k 11/19 AMEX LOWES BUSINESS=15k 11/19 AMEX BLUE BUSINESS PLUS=22.5k 02/20 CHASE INK PREFERRED=40k 07/20 AMEX BUSINESS GOLD=NPSL 09/20
Message 5 of 10
Highlighted
Senior Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon

The thing is with Bank accounts, is that they're not meant for consistent overdrafts. Or overdrafts period. Even if they're making Money in fees. Though i understand it can happen from time to time with unexpected events etc. 

However, It shows poor Money management despite how much you may have in the account at any given time.

 

You will probably be on their radar for a while. And I don't really know what their policy is on forgiveness of being overdrawn in the past. 

 






Message 6 of 10
Highlighted
Established Member

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon

I guess it is a sign of Poor Money Management. I am the owner of a Trucking Company. Living in NYC we’ve got Chase Branches and ATMs all over the city. However once you drive to Upstate NY which I did twice a week with the 53ft Trailer you hardly can find any Chase ATMs. There are few in 100 miles radius and not ideal for accessibility. Lots of times Chase account would go into the negative and I would still drive to cover the Balance before 11pm. No fees or penalties. Account would go $1K - 2K negative. I was thinking that they allow so much money to go negative, thinking I’ve developed trust with them. Weekly deposits were 4-5K. How Naive I was. Money coming in and coming out like crazy. There is definitely a good Cash Flow but not a much stays there for long. I guess I have to move on with AMEX. Are they also gonna do a HP? And are their any other good Business Cards with relatively High CLs from the Start?
Message 7 of 10
Highlighted
Legendary Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon

1. you took the pull.... 200% recon... can't hurt now!

2. I don't think your negatives not being counted as negatives are the issues.

3.  I love the Amex Business Gold because the rewards are fab but it is a charge card so pay in full.

Message 8 of 10
Highlighted
Valued Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon


@Janus wrote:

The thing is with Bank accounts, is that they're not meant for consistent overdrafts. Or overdrafts period. Even if they're making Money in fees. Though i understand it can happen from time to time with unexpected events etc. 

However, It shows poor Money management despite how much you may have in the account at any given time.

 

You will probably be on their radar for a while. And I don't really know what their policy is on forgiveness of being overdrawn in the past. 

 


not a true statement.  if one has an nfcu and pnc loc backed into a checking account or virtual wallet the only way to get to the funds is run a zero balance and overdraft it.  there is nothing wrong with it.  as far as chase and overdraft that is another story, its just depends on the product range

Message 9 of 10
Highlighted
Valued Contributor

Re: Chase Ink Business Cash Credit Card Denied. Odds for Recon


@lasvegas302 wrote:
I guess it is a sign of Poor Money Management. I am the owner of a Trucking Company. Living in NYC we’ve got Chase Branches and ATMs all over the city. However once you drive to Upstate NY which I did twice a week with the 53ft Trailer you hardly can find any Chase ATMs. There are few in 100 miles radius and not ideal for accessibility. Lots of times Chase account would go into the negative and I would still drive to cover the Balance before 11pm. No fees or penalties. Account would go $1K - 2K negative. I was thinking that they allow so much money to go negative, thinking I’ve developed trust with them. Weekly deposits were 4-5K. How Naive I was. Money coming in and coming out like crazy. There is definitely a good Cash Flow but not a much stays there for long. I guess I have to move on with AMEX. Are they also gonna do a HP? And are their any other good Business Cards with relatively High CLs from the Start?

Large banks are very sensitive to potential losses.  The interest they can earn from the deposit is so low now.  They would rather lose your business than taking a $2,000 loss here.

Message 10 of 10
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.