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Question for Business Credit Card experts (Chase ink)

Jedibarber007
Valued Member

Question for Business Credit Card experts (Chase ink)

About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023. 

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score). 

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify. 

 

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application. 
4AD6BE61-962A-4965-A002-BF1EC55EB4A7.jpeg

 

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans. 

Starting Score: 490
Current Score: 652
Goal Score: 720


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Message 1 of 12
11 REPLIES 11
SouthJamaica
Super Contributor

Re: Question for Business Credit Card experts (Chase ink)


@Jedibarber007 wrote:

About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023. 

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score). 

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify. 

 

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application. 
4AD6BE61-962A-4965-A002-BF1EC55EB4A7.jpeg

 

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans. 


Probably you're right to wait, but since the Business Relationship Manager and the banker are pushing so hard, maybe they know something.

 

What do you have to lose? An inquiry or two isn't the end of the world.  If you apply and get denied, it won't mean a thing to your applying 6 months down the road.  And if you are initially denied, maybe the BRM can help you get reconsideration.

 

If it were me, I would think that maybe the Business Relationship Manager's help can push me through the door, so why not take a shot at it? The Chase Ink cards are, IMHO, the top of the line.


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 2 of 12
Curious_George2
Established Contributor

Re: Question for Business Credit Card experts (Chase ink)

@SouthJamaica makes great points. I'm the opposite of an expert on this topic, but I will just add a different perspective...

 

I don't assume the bankers are motivated by what is best for you; I assume they are motivated by what is best for them. I don't know how their compensation works, but their pressure tactics suggest they get paid more if you apply. It seems like Chase is marketing the Ink cards extra hard right now. I recently got black star offers for all three of them, and I don't even have a business! 


Message 3 of 12
Jedibarber007
Valued Member

Re: Question for Business Credit Card experts (Chase ink)

@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2  point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one? 

 

Does anyone know what Chase pulls from? 

Starting Score: 490
Current Score: 652
Goal Score: 720


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Message 4 of 12
ScorpioRising
New Contributor

Re: Question for Business Credit Card experts (Chase ink)


@Jedibarber007 wrote:

@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2  point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one? 

 

Does anyone know what Chase pulls from? 


 

Chase pulls exclusively from Experian. I live on the West Coast. 

Message 5 of 12
SouthJamaica
Super Contributor

Re: Question for Business Credit Card experts (Chase ink)


@Jedibarber007 wrote:

@SouthJamaica I'm divided but you do make a point. Im waiting for this on card on my file to update with $0 balance (updates 12th of every month). The BRM just sent out another email to me lol and this is were @Curious_George2  point of view comes into play. I know they get comission of all their products they "sell" but at the same time maybe (but I doubt) I have a pre-approval for one? 

 

Does anyone know what Chase pulls from? 


You don't have to guess about the preapproval. You can ask your banker or the BRM; they can find out.

 

Chase pulls from multiple bureaus. My impression is that they almost always pull EX, and often pull a second one from EQ.

 

But like I said, if I were in your position I would take a shot at it, with so many Chase bankers in my corner.  No one from Chase ever approaches me about a Chase Ink card. I'm not good enough for them Smiley Happy


Total revolving limits 677500 (584500 reporting) FICO 8: EQ 758 TU 777 EX 749

Message 6 of 12
ScorpioRising
New Contributor

Re: Question for Business Credit Card experts (Chase ink)

@SouthJamaica 


"No one from Chase ever approaches me about a Chase Ink card. I'm not good enough for them"



😂 😂 😂 You're funny!

Message 7 of 12
credit8502020
Frequent Contributor

Re: Question for Business Credit Card experts (Chase ink)


@Jedibarber007 wrote:

About three weeks ago I opened a chase business account to keep my work expense separate from my personal. Eventually I want to open up my own barbershop maybe in 2023. 

Anyways, so when opening my account the banker explained to me about the chase ink card (but in my head I was like yeah I don't qualify since I'm currently rebuilding my score). 

I got a call from that same banker last week to see if I wanted the card and I told him I didn't think I qualify. 

 

Then today I I got a call from a business relationship manager and was pushing the ink card again lol ans even send me an application. 
4AD6BE61-962A-4965-A002-BF1EC55EB4A7.jpeg

 

my question, since I'm working on my score should I wait on this? I've been seeing other threads of people getting approved with 740+ personal scores. So I highly doubt I would even get approved. The banker just mentioned that I need to build my business credit to help me for my future plans. 


@Jedibarber007 Have you already technically started your business or only opened the business account to separate it from your personal funds? If you don't mind sharing, what is your personal credit snapshot? Number of cards, balances, credit scores?  I'm really big on optimizing your personal credit before applying for business credit so you can put your best foot forward in the beginning especially if you don't "need" the credit card. 

I agree that you would need to should work on buiilding your business credit to help with your future plans and in doing so you want to make sure you apply for certain credit cards in a specific order to help get the best funding for your business.

Message 8 of 12
Jedibarber007
Valued Member

Re: Question for Business Credit Card experts (Chase ink)

I've been in business for 4 years but I've been running stuff off a personal account and decided to formally desperate things:

 

I have 3 cards if my own and 2 Authorized user cards.

 

 

1. (2 quicksilver one Cap one cards) with $0 balances (300/500 limit)

 

2. NFCU more rewards (7,100 limit) just opened the card two weeks ago and it hasn't reported to my profile just yet. $0 balance

 

 

the 2 authorized user card is a discover it secured $2500 limit with $0 balance 

 

and a target red card with $1100 limit and $0 balance. Been trying to pay off everything every month. Been rebuilding this year personal scores are on my signature @credit8502020 

Starting Score: 490
Current Score: 652
Goal Score: 720


Take the myFICO Fitness Challenge






Message 9 of 12
credit8502020
Frequent Contributor

Re: Question for Business Credit Card experts (Chase ink)


@Jedibarber007 wrote:

I've been in business for 4 years but I've been running stuff off a personal account and decided to formally desperate things:

 

I have 3 cards if my own and 2 Authorized user cards.

 

 

1. (2 quicksilver one Cap one cards) with $0 balances (300/500 limit)

 

2. NFCU more rewards (7,100 limit) just opened the card two weeks ago and it hasn't reported to my profile just yet. $0 balance

 

 

the 2 authorized user card is a discover it secured $2500 limit with $0 balance 

 

and a target red card with $1100 limit and $0 balance. Been trying to pay off everything every month. Been rebuilding this year personal scores are on my signature @credit8502020 


@Jedibarber007 Thank you for these details. If you haven't yet, I would look into utilizing AZEO (All Zero Except One). In addition to other things, this strategy may help you get the most points possible. You want to let a specific balance report on your credit card and then pay it off. You'll hear different numbers, but the percentage I suggest leaving on the card you utilize for AZEO is 4%. Definitely look into AZEO because there are variables that exist when you have primary and AU accounts. 

I would definitely suggest meeting with a knowledgeable business credit coach to help you strategically set up your funding plan. With a strong plan in place, you can use your personal credit to help build your business credit and build great relationships with financial institutions that will not only issue credit cards, but also help you gain access to other great funding options. 

Message 10 of 12
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