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(Chase Ink Card) What does having excellent business credit really do for me?

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Anonymous
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(Chase Ink Card) What does having excellent business credit really do for me?

A couple of years ago I purchased my first company vehicle in my company name and at the time I didn't know what it would do for me long term (and honestly I still don't). But at the time of purchase I kept hearing I would be getting CC offers left and right and after time when that didn't happen I forgot about it and never thought about it again until yesterday when I was invited to apply for Chase Ink. I was hesitant to apply this morning because I didn't know exactly how the Chase Ink card even works but since I've had excellent luck with invitations I decided to apply for the card and was immediately approved for the card with a healthy credit line at that. So I'm glad I decided to apply. That said- here are my questions...

1. What does a business CC do for my personal credit and for my business credit?
2. How am I able to further take advantage of having excellent business credit?
3. How do I effectively use the Chase Ink card and should I use it instead of my personal cards for monthly expenses?
4. What does having excellent business credit really do for me anyway?
5. How do I continue to build my business credit?

Thanks in advance for any and all advice you have to offer.

Message 1 of 5
4 REPLIES 4
Anonymous
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Re: (Chase Ink Card) What does having excellent business credit really do for me?


@Anonymous wrote:


1. What does a business CC do for my personal credit and for my business credit? Nothing really. You likely got hit with a hard inquiry on your personal bureau(s) for the new account. After 6 months this really won't matter. Chase business cards do not report to your personal credit report unless you allow the account to become delinquent. 
2. How am I able to further take advantage of having excellent business credit? Take good care of it just as you would with your personal credit. 
3. How do I effectively use the Chase Ink card and should I use it instead of my personal cards for monthly expenses? As it is a business card, it should be used for business purchases. The best thing about business cards is that you may use it for your business to keep those expenses separate from your personal expenses. Having said that though, lots of people use their business cards for personal purchases and vice versa. Just note that as it is a business card, you may not have all of the protections that your personal cards have. 
4. What does having excellent business credit really do for me anyway? Having excellent business credit does for your business what having excellent credit does for you personally. Easier approvals, higher limits and lower APRs. 
5. How do I continue to build my business credit? Just as with personal credit, you should apply for credit only when you really need it. If you need additional business credit cards (and it sounds like you really don't) you could consider Amex Open cards or go with your local bank to see what business cards they offer. 

Thanks in advance for any and all advice you have to offer.


 

Message 2 of 5
SouthJamaica
Mega Contributor

Re: (Chase Ink Card) What does having excellent business credit really do for me?


@Anonymous wrote:

A couple of years ago I purchased my first company vehicle in my company name and at the time I didn't know what it would do for me long term (and honestly I still don't). But at the time of purchase I kept hearing I would be getting CC offers left and right and after time when that didn't happen I forgot about it and never thought about it again until yesterday when I was invited to apply for Chase Ink. I was hesitant to apply this morning because I didn't know exactly how the Chase Ink card even works but since I've had excellent luck with invitations I decided to apply for the card and was immediately approved for the card with a healthy credit line at that. So I'm glad I decided to apply. That said- here are my questions...

1. What does a business CC do for my personal credit and for my business credit?
2. How am I able to further take advantage of having excellent business credit?
3. How do I effectively use the Chase Ink card and should I use it instead of my personal cards for monthly expenses?
4. What does having excellent business credit really do for me anyway?
5. How do I continue to build my business credit?

Thanks in advance for any and all advice you have to offer.


1. It does nothing for your personal credit but it does wonders for your business credit.

2. There's no need to "take advantage" of it, unless you have a need for more credit. If you do have a need for credit then it depends on what your need is. One often useful tool is a line of credit with the bank you have your business checking with.

3. There are 3 Chase Ink cards, I don't know which one you have. But a way to 'effectively use it' is to use it for purchases and pile up cash or UR points, and pay it in full every month. Another way to 'effectively use it' is to not use it at all except when it is especially useful. No you should not use it instead of personal cards. Your personal spending and business spending should be kept completely separate.

4. Having excellent business credit does nothing for you except give you the ability to get more credit.

5. You continue to build it by adding Net 30 accounts and other forms of credit.

 

 


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 3 of 5
Anonymous
Not applicable

Re: (Chase Ink Card) What does having excellent business credit really do for me?

@CO_NATIVE
@SouthJamaica

 

These replies were excellent reads. Thank you for being specific, clear, and to the point. I am gracious. If there's ever anything I can do to help any one of you- feel free to reach out any time.

 

the1thatreigns

Message 4 of 5
Anonymous
Not applicable

Re: (Chase Ink Card) What does having excellent business credit really do for me?

As SJ pointed out about the rewards,

rack em up and then redeem them for gift cards for your favorite personal choices.

 

Very nice to put necessary biz spend on them (pay off correctly, so no apr etc)

but then get the gift cards where you want to use personally.

 

SO that would be old navy (kids clothes) michaels (arts and crafts) and target (odds and ends)

also have done starbucks, restaurants etc.

I do that with Amex too and turns out to be a few hundos each quarter or so. nice indeed.

Message 5 of 5
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