@msmjj01 wrote:
I have five small business cards with BofA, each with a $3k limit. When is the best time to request a credit limit increase? Should I do this for all five cards at once (hoping to increase them to $5k-$10k each) once my credit is in better shape? All of these cards started as secured and were converted automatically.
I also have the Chase Business Preferred and the Personal Freedom cards. Considering Chase’s 5/24 rule, should I focus on getting more Chase cards first once my credit is fixed, to avoid losing priority for a business card with them? Or does the 5/24 rule only apply to personal cards? Also, which Chase card is best for travel rewards that focus on points rather than hotel stays?
I’ve heard that business credit gets reported to Dun & Bradstreet, Experian, etc. Does the business have its own credit profile, or is it attached to the person who applies for the card? What factors should I consider to ensure the business profile is in good standing if I apply for another card with a different bank for the same business? Is my personal credit the main factor?
Currently, I have the following cards:
Amex Business:
- Gold
- Blue Business Cash
- Hilton Honors
- Marriott
Amex Personal:
- Platinum
- Green
- Marriott Brilliant
Amex lowered my spending limit on the Gold and Blue Business cards, and I couldn’t appeal because the documents I uploaded didn’t include the correct statement and accidentally included my personal documents for the business appeal. Now I have to wait a year for a periodic review. I'm aiming to get the Platinum Business and Amazon Prime Business cards in the future.
I would appreciate any advice on how to move forward. Sorry for all the questions! I know you all have valuable insights to share, and I want to learn as much as I can. I understand that paying down my debt, fixing my utilization, improving my score, and settling the hard inquiries are important steps.
Here are my specific questions:
1. When should I request a credit limit increase for my BofA small business cards, and is it wise to do all five at once?
2. Given Chase's 5/24 rule, should I prioritize applying for more Chase cards first once my credit improves, and does this rule apply to both personal and business cards?
3. For travel rewards, which Chase card is best if I want to focus on points rather than hotel stays?
4. Does a business have its own credit profile, or is it linked to the person who applies for the card? What steps should I take to ensure a good business credit profile if I apply for a card with a different bank?
5. Any tips for handling the periodic review with Amex in a year, especially if I want to get the Platinum Business and Amazon Prime Business cards eventually?
Thanks in advance for any guidance you can provide!
So, unfortunately most of your post relates to business cards and should really be in the business credit section of the forum (and will likely get moved over there by a mod).
But to address the non-biz side of your questions: 5/24 applies to both personal and biz cards for acquiring cards with Chase. But, that's the count of cards they "see" on your personal report (although I'm still unsure if the biz cards you opened yourself with them get counted or not, despite having several, I've never pushed it). Only a few banks have biz cards that show on your personal report, most of them will be "invisible" to Chase.
For pure travel rewards the CSR is the best Chase card in general, as it gives $300 travel credits yearly, dropping the AF significantly. As well as primary car rental insurance which makes Chase travel cards very very good. The CSR used to have the upgraded version of Priority Pass as well, but that was nerfed in July, so just regular Priority Pass now. However, you mentioned you have the Ink Biz Preferred, which gives the same points structure for Travel as the CSR so be sure to compare them carefully to determine if it's a worthwhile switch for you.
Authorized User - 
Sock Drawer'd - 
For Chase business cards you need to be under 5/24 to apply, but if approved they do not add to your 5/24 count.
