How did you get approved for the Chase Ink Plus?

[Membersince2013]

I have a "business" on Amazon. Reselling electronics and what not...

I need to add the Ink Plus to my arsenal....*cough*...I meant, i need to Ink Plus, so i can seperate my business purchases from personal. If you have a business like mine or didnt have much of a business at all (eBay). Please share your stories with me on how you got approved. Did you have to call and recon? I need to know before i app.

[red259]

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@Membersince2013 wrote:

I have a "business" on Amazon. Reselling electronics and what not...

I need to add the Ink Plus to my arsenal....*cough*...I meant, i need to Ink Plus, so i can seperate my business purchases from personal. If you have a business like mine or didnt have much of a business at all (eBay). Please share your stories with me on how you got approved. Did you have to call and recon? I need to know before i app.

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Probably be better posting this in the business section, but I believe that in most cases (not always but most of the time) you will need to call in to speak with chase for a new business account. I had to send in some verification of my office address as well (in form of an office lease) so it took a few weeks to get the approval, although if you are using your home address I doubt it would be an issue. You will be asked a lot of questions about your business. The first time I applied I was denied, but that is because they required one year of active revolver history showing on credit report. People used to get approved with the ebay argument, although I know chase has become more difficult with business accounts since then. Therefore I do not know if they are still issuing to people who use that as their business.  

[bada_bing]

When I applied for an Ink cash 18 months ago I called CS after the app, thinking there

would be some explanation or documentation required for the business. I have

a legitimate sole prop. sideline biz that generates a small ($20K per year) but reliable

income. I file a schedule C every year. When talking to the CSR, the magic words that

ceased questioning and approved the app was mentioning the Schedule C and how

much it was the last couple years. The CSR had no interest in seeing it or any other

documentation, just that I knew what a schedule C is was proof enough, lol

The standard for proving business was pretty low, and the app was easy. It may be

different now. Be aware that the business underwriting for Chase it separate from

consumer underwriting, and doesn't share information or underwriting criteria. I found

business underwriting to be easier to deal and qualify with even though I'm a tiny little fish.

Knowing just a small amount of lingo seemed to be all the verification needed. 

I imagine I will either PC my Ink cash to an Ink plus in a year or two, or app for a new one.

I've got 120K UR stashed on my Freedom and Ink that I need a conduit for Air miles redemption.

Ink plus seems like a better fit than CSP for my use, although I don't need either one except

for UR redemption.

[red259]

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@bada_bing wrote:

When I applied for an Ink cash 18 months ago I called CS after the app, thinking there

would be some explanation or documentation required for the business. I have

a legitimate sole prop. sideline biz that generates a small ($20K per year) but reliable

income. I file a schedule C every year. When talking to the CSR, the magic words that

ceased questioning and approved the app was mentioning the Schedule C and how

much it was the last couple years. The CSR had no interest in seeing it or any other

documentation, just that I knew what a schedule C is was proof enough, lol

The standard for proving business was pretty low, and the app was easy. It may be

different now. Be aware that the business underwriting for Chase it separate from

consumer underwriting, and doesn't share information or underwriting criteria. I found

business underwriting to be easier to deal and qualify with even though I'm a tiny little fish.

Knowing just a small amount of lingo seemed to be all the verification needed. 

I imagine I will either PC my Ink cash to an Ink plus in a year or two, or app for a new one.

I've got 120K UR stashed on my Freedom and Ink that I need a conduit for Air miles redemption.

Ink plus seems like a better fit than CSP for my use, although I don't need either one except

for UR redemption.

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Nice emerald. Really wish I had one!

[Anonymous]

I think being as honest as possible is your best bet without giving more than necessary of course

if you have a business on ebay where you resell things, its easy enough to say you're a business..depending on how you set up your business.

sole prop entity with social as tax ID seems the easiest.  you don't even need a fictitious/dba name.

working out of your home, etc..easiest.

for those who have a bit more complex business set up--LLC, partnership, corporation..it is not so difficult if you use yourself as an agent or instruct your agent to put in the correct info...so if i were to go into the state website business search, i can easily search for your company and the info (while it doesn't always have to match) would match the info you put on the application--although i have known a bank manager to look at it and go "oh no, the information doesn't match!" 

also signing up for an EIN would help greatly..make sure that you keep the PDF they make once they issue you the EIN (takes like 90secs) because that can be one of the documents requested to prove the name of the biz, the address, and the tax.

you don't really need a year with chase if your own social is strong enough.  i saw a company newly started, stop...i mean cancel..than open again in a different entity, different ein, and the owner applied for a ink plus and was approved for nearly 40k.  probably helped that that person's business account was with chase and had over 7 figures easily and that person's credit was excellent.

but nonetheless it was a new business, luckily the state they registered in, they registered with the business address they had on file, so everything was verifable without having to ask the client for anything.

chase does do that, scour the internet for info if possible--they only ask clients for info as a last resort.

ETA--i've also seen quite a few business owners get an ink plus..this chick who worked full time decided (of all times, while she's engaged and soon to take on a wedding and house payments) to start her own business on the side while she's working and once the business takes off, she will quit her w2.

she got approved for an ink plus and csp within the same week. both around 10-20k in limits, business account and personal really didn't have much

i had another business owner, years in the business, established in that area..opened a second location..has 6 figures (that stays, not there and than gone) in business and personal..only get approved for 5k and that was barely...i think because of the balances..since she uses cash for everything and has a weak credit profile

[red259]

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@Anonymous wrote:

I think being as honest as possible is your best bet without giving more than necessary of course

if you have a business on ebay where you resell things, its easy enough to say you're a business..depending on how you set up your business.

sole prop entity with social as tax ID seems the easiest.  you don't even need a fictitious/dba name.

working out of your home, etc..easiest.

for those who have a bit more complex business set up--LLC, partnership, corporation..it is not so difficult if you use yourself as an agent or instruct your agent to put in the correct info...so if i were to go into the state website business search, i can easily search for your company and the info (while it doesn't always have to match) would match the info you put on the application--although i have known a bank manager to look at it and go "oh no, the information doesn't match!" 

also signing up for an EIN would help greatly..make sure that you keep the PDF they make once they issue you the EIN (takes like 90secs) because that can be one of the documents requested to prove the name of the biz, the address, and the tax.

you don't really need a year with chase if your own social is strong enough.  i saw a company newly started, stop...i mean cancel..than open again in a different entity, different ein, and the owner applied for a ink plus and was approved for nearly 40k.  probably helped that that person's business account was with chase and had over 7 figures easily and that person's credit was excellent.

but nonetheless it was a new business, luckily the state they registered in, they registered with the business address they had on file, so everything was verifable without having to ask the client for anything.

chase does do that, scour the internet for info if possible--they only ask clients for info as a last resort.

The one year comment I made was not one year of active revolver history with chase, it is one year of active revolver history (with any lender) on your personal credit report. This is what I was told when I called in to recon and interestingly enough I had a old chase account that was closed and had years of history they would not consider. Sadly at the time I only had like eight months of active revolver history showing There have been many reports of brand new businesses getting ink cards. Obviously a chase banking relationship can smooth over most things. . 

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[koalablue]

I applied as a sole prop in May 2014 and was instantly approved with an 18,000 credit line without having to call in.  I think my FICO scores were in the 740s at the time.  The business profits figures I gave were very low.  The business I was going to give was selling on EBay, but I didn't have to call in so I don't think I had to be that specific on the app.  I just checked whatever box was appropriate for "type of business."  I did have 5 personal cards with Chase, one of them a little over 20 years old and the others a couple years old, so I think that helped a lot.  Good luck with whatever you decide to do.

[red259]

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@koalablue wrote:

I applied as a sole prop in May 2014 and was instantly approved with an 18,000 credit line without having to call in.  I think my FICO scores were in the 740s at the time.  The business profits figures I gave were very low.  The business I was going to give was selling on EBay, but I didn't have to call in so I don't think I had to be that specific on the app.  I just checked whatever box was appropriate for "type of business."  I did have 5 personal cards with Chase, one of them a little over 20 years old and the others a couple years old, so I think that helped a lot.  Good luck with whatever you decide to do.

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Wow. 20 Years of history with chase. I would hope that would count for something! 

[Membersince2013]

I applied...The app is pending. I'm going to call in on Tuesday. I'm not sure if they work on labor day.

[Anonymous]

You can call but I wouldnt. If you want to deal with a 20-30 minute grilling from the business lending department go for it. Most business apps with Chase immediately go pending. Mine was the same both times. First time I called - mistake. Grilled, given the runaround and denied. Second time I knew better. Gave it a couple days then called verification department directly. Application had already been approved in the meantime. Good luck