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Had my 1st business years ago, that failed back in 2007.
We had a $30k LOC with WAMU (now Chase) that the business defaulted on.
There was a PG at the time BUT, this somehow never made it on to any of my credit reports.
I ended up settling with Chase on 3/12 for $5k and the rest was written off.
Now, here is my question:
I have 2 Hard Inquiries from "Chase Collection Dept" on my Experian report only...1 is falling of this month (7/11) and the other next year (2/12).
I DO NOT have any negative TL's from Chase as this default was never reported by them to any of the 3 CB's.
Now, I know I can get the 1 inquiry ( deleted right away,since it is due to fall of this month, but that still leaves the other.
Current business is debt free, 2yrs old, my income is high, and my scores are all 670-690 according to USAA.
Inq- EX 8, TU 2, EQ 3
Couple baddies from years ago BUT nothing is owed...all debts were settled and say PAID.
Was able to PFD many of them.
Wondering what CB they pull and if I have a shot at this card?
Any thoughts??
Will Chase approve
UPDATE: Tried the RECON dept 2x and was told both times that since their business cards start off at a $5k limit, you must have a Visa/MC/AMEX with the same limit for a set amount of time.
Both reps focused on my foreclosure from 6.5yrs ago.
Proof of income did not sway them me, nor does 3yrs of perfect payment history on car loans and cc's.
Scores 680s across the board.
Based on what I have read, is this normal, or just me?
1. I wouldn't worry about the INQ... they don't even look past 12 months.
2. Chase is odd but I would guess since not on your report and settled and decent scores, you should be good.... on a recon for sure if worse case...
Charge Card or Credit Card?
Chase Ink Bold...charge card I believe.
The rewards look attractive as does the 50k points.
Biggest personal limit thus for is $7600 with Sterling (store card).
Would that come into play, along with income of course and scores, when it comes to chase decidiing a CL?
I think it would be worth the HP... just be ready with the backdoor number to recon... they are pretty good about that.
Applied, got the "needs further review" message, and called recon.
Recon told me I was not approved for the follwoing reasons:
- Biggest credit card CL is $1500.....they want a min of $5k
- Foreclosure from 6.5yrs ago
- Paid off car loans ranging from $12k-$30k did not factor in.
My income was not even a factor I was told.
Is NO the final answer?
Anyone have better results if you call back in a day or so?
Yes, it is the charge card, not the revolver.
The guy told me the min limit was $5k that they start you off with, and they want to see their business card users have other VISA/MC/AMEX TL with this limit or higher for at least 2yrs.
Car loans for $30k, paid off w/ no missed payments dont count nor do store cards with $7500 limits on them either.
I will call back now.
BTW, whom does AMEX pull? TU?
Credit Addict- see update above. I did call back and was given the same run around.
hmmm... Amex pulls EX
I think they are a little more easy going about other credit lines...
@Stage24u wrote:Yes, it is the charge card, not the revolver.
The guy told me the min limit was $5k that they start you off with, and they want to see their business card users have other VISA/MC/AMEX TL with this limit or higher for at least 2yrs.
Car loans for $30k, paid off w/ no missed payments dont count nor do store cards with $7500 limits on them either.
I will call back now.
BTW, whom does AMEX pull? TU?
I'm not advocating you call back again but I can tell you the statement above is not true (the bank is not being strait with you). My first Ink was the Cash (the card I would have recommended you apply for) and they opened my line with $2K limit. At the time the only other business credit card I had was an AmEx Platinum Business that they would have no idea what my internal limit might be when pulling my report. My Platinum card was just 3 months old.
Worth noting I banked with Chase at the time business and personal and they COULD see my payments to Amex from my business so a decent credit analyst could piece together my spending with AmEx. I got a CLI on the Cash card after about 7 weeks from $2K to $10K based on my usage.
This one may be history but don't fret, write it off to experience. I would suggest calling back one more time tomorrow during the day. Ask the analyst if they would have approved you for the Cash or Classic Ink card (they have lower underwriting standards). Don't press too hard, just see if you can get them to agree that would have been easier to approve. If they seem like it would have worked wait 60 days and apply for the Cash or Classic.
You gotta take it slow and steady with Chase unless you are a heavy spender, then they seem to give you some room especially if they can see you paying other bank credit cards from your business checking account.