Chase us tightening up App process for small business cc

[Andypanda]

https://www.doctorofcredit.com/chase-seems-to-be-tightening-small-business-credit-card-application/

i am so glad i do not need or want any chase credit cards. Don't know if they would make any money off me since I always pif. But for buisness cards, i am hsppy with amex.

[Anonymous]

Honestly I can understand this move, income and the ability to repay will/should alwasy be a factor in any application. Though i don't understand the arguments on DoC in terms of abusers, this isn't anthing to to with churning.  The main drawback though would be for those who don't bank with Chase for their buiness, or perhaps do not keep the bulk of their finances there. But still I can understand limiting risk.

I'm curious if this was due to the current situation, or was eventually coming in attempt to reduce "unconventional" Biz apps.

Also wonder if this may lead Amex to something similar.

[GoldenloveNY]

This is going to be one bumpy road for all of us....

https://www.doctorofcredit.com/chase-seems-to-be-tightening-small-business-credit-card-application/

[Anonymous]

"The relationship bank". Also, some real nice comments in the link you provided! Haha! 

Business or personal, I don't believe that assets should necessarily be REQUIRED when applying for lines of credit. Especially if the borrower is willing to accept smaller lines. Your LOC and payment history *** IS *** your relationship. Banks want to play so conservatively and want you to have millions with them, and offer you 25% of your assets in a LOC, then offer you a card at 17.99% and act like they're doing you a favor? 

A secured card from Indigo bank offers you better secured ratios than that! Because that's exactly what the above relationship is. A $4:1, at that. Pure crap. 

[M_Smart007]

You probably were unaware, been posted in the Business Credit

Edited: Threads were merged

[MyFault]

There is a decent size group of people out there, on Reddit and FB "The Credit Society", etc. who go after Biz cards with no real need for them or a real side business.
They're churners that are going after the SUB. In the credit society, most of them will tell people to apply for the CIU, instead of the CFU because of the SUB, and use it for personal vs business spending which is it's purpose.

With Chase's 5/24 rule, this doesn't surprise me. They don't want Churners and they don't want people they can't make money off of. I've been fortunate with Chase and i put a lot of spend through my CSP and CFU annually. I'd say this is the new normal moving forward, regardless of the economic situation. This just makes it a bit harder for real small businesses to get Ink cards now.

Funny how Amex was always the "esclusive card", now it seems as though the tables have turned. Amex is handing out charge cards left and right, to anyone who's willing to pay the AF, and Chase is tightening up lending and becoming more of the exclusive lender.

[Andypanda]

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@MyFault wrote:

There is a decent size group of people out there, on Reddit and FB "The Credit Society", etc. who go after Biz cards with no real need for them or a real side business.
They're churners that are going after the SUB. In the credit society, most of them will tell people to apply for the CIU, instead of the CFU because of the SUB, and use it for personal vs business spending which is it's purpose.

With Chase's 5/24 rule, this doesn't surprise me. They don't want Churners and they don't want people they can't make money off of. I've been fortunate with Chase and i put a lot of spend through my CSP and CFU annually. I'd say this is the new normal moving forward, regardless of the economic situation. This just makes it a bit harder for real small businesses to get Ink cards now.

Funny how Amex was always the "esclusive card", now it seems as though the tables have turned. Amex is handing out charge cards left and right, to anyone who's willing to pay the AF, and Chase is tightening up lending and becoming more of the exclusive lender.

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As long as people rember exclusice doesn't meen better. 

[Anonymous]

It shouldn't be a surpise with everything going on right now.  Chase tighten lending requirements for mortgage lending as well.  Requiring higher credit scores and higher down payments than previously.  Other banks are following suit as well I believe.  

[Anonymous]

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@Anonymous wrote:

Also wonder if this may lead Amex to something similar.

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I believe Amex has already tightened the purse strings so to speak and did it some time ago.  A month ago with a ~700 score and 7-8% utilization I had pre-approvals for literally every single card I didn't already have.  Three weeks ago everything except Biz Platinum and Marriott Biz went away.  Meanwhile utilization has dropped to under 1% and and Fico has gone up 50 points because my foreclosure (only negative) fell off.

Cardmatch only shows pre-approval for Credit One products.  All Amex and Cap One pre-approvals have gone away over the last few weeks as well.

[Andypanda]

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@Anonymous wrote:

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@Anonymous wrote:

Also wonder if this may lead Amex to something similar.

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I believe Amex has already tightened the purse strings so to speak and did it some time ago.  A month ago with a ~700 score and 7-8% utilization I had pre-approvals for literally every single card I didn't already have.  Three weeks ago everything except Biz Platinum and Marriott Biz went away.  Meanwhile utilization has dropped to under 1% and and Fico has gone up 50 points because my foreclosure (only negative) fell off.

Cardmatch only shows pre-approval for Credit One products.  All Amex and Cap One pre-approvals have gone away over the last few weeks as well.

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I do not put much stock in cardmatch. They only preapproved me for chase cards even though I am at 11/24, (2 cards reaching 2 years this week and 1 more next month) and was able to get approved for 2 amex business cards, plus personal platnum in the last few months.