OP, Can you share some data points on your app. we are in the same boat and planning to app chase.
Chase seems really stingy.Probably it is too early and cant verify the business FEIN? Even if they approved for small SL, it will be a HP for every CLI and 5/24 rule headache for future personnel cards.
Not sure if you looked , Amex or BOA(Branch) /Barclys Business CC are fairly easy to start.
with you on all points except the Barclays comment. I keep hearing about a relatively stingy credit line and a horrific verification process. Can you share your info and experiences with opening AMEX, BoA, and Barclays CCs? Thank you
@ aWzrd and chriz_r :
I've read multiple times that pre-approvals are both stronger and more visible in branch with a banker(as opposed to teller). All of those posts have been for personal cards but I'm guessing it's the same for biz.....
and regarding banking relationship impacting credit approvals - although there does not seem to be any hard, written proof supporting the benefit (only written evidence seems to come with denials citing lack of relationship), personally I believe it's always a plus.
my experience - opened a BoA personal checking/savings in 2015. Burned them in 2005, was barred from opening a new account until 2015,. They gave me the account said something crazy like, "thanks for being a valued customer since 2000". I then applied for a card in 2016 when I had no clue about scoring models and therefore had 90%+ reported utilization - I was denied for the Cash Rewards card but offered the consolation prize - a $500 limit card with $39 AF but unsecured. I don't think I get ANY card unless I'm an existing customer with no NSF history.
30 days later I applied for Chase Freedom, had a checking/savings for years, got a $4,500 limit and SUB. They actually stated on their site that 'average' credit did not qualify for SUB and I definitely did not even have average credit at the time. I just got denied for a card with BoA but approved for an okay limit with Chase......again, I think the relationship helped. I looked at my credit history and i was like 598 at the time.
flash forward to November last year - I was like 10/24 and got a pre-approval for Chase Sapphire Preferred and Reserve, like a bonehead I chose Preferred cuz I thought the Reserve an error/trap waiting to happen. Even with a fraud alert on my profile got instantly approved for minimum limit on Preferred, might have even gotten the minimum limit on Reserve if I was brave enough....regardless, I believe the relationship carried the approval
[not bank acct related] but I also was too greedy for the Capital One Venture bonus and probably had no business getting approved but I tried anyway. I have had Capital One cards since '99. Never had a decent limit until a few years ago. But only had a negative with them in 2013. Grew the card since then and even took on a subprime card to build more history. going on 6 years of decent spend and on time payments- got approved for $15,000. I believe my history with them positively impacted the approval
Then I applied for the Citi Biz AAdvantage card, had a solid balance on my Citi checking/savings, got my first business card with $5,000 limit. not great, but not super tiny like the Hilton card I got the same day($3,000). again I think the relationship helped.
and then in December I opened a BoA biz checking and they pushed for the combo app to get a credit card. I didn't want to try since I already just got 2 cards for a brand new EIN and didn't want another pull, they said I was going to get a pull regardless and I was pre-approved for the Cash card. I said I wanted the Alaska card instead, they said fine, and 2 days later they approved me for both ($11,000 and $5,500 respectively)
my credit is far from great since I still have crappy negatives reporting for another 18 months but I think cleaning up my checking account practices was a good first step because I probably got approved for a ton of credit that I normally should not have received due to banking relationships.
I apologize if this wasn't the type of info you were seeking but I obviously feel strongly about the benefit of banking relationships so I felt the need to share.
A little birdy told me 2 weeks ago, some CC's are looking at ChexSystems as a basis of their approvals ... if that's the case, Banking Relationships and your Banking History is part of the equation ...