@DarkHorseTX wrote:1) From what I was told, Chase looks at all of my other accounts including my other business (business 1). Makes since when applying. For Chase cards. But what about at not Chase companies? Wouldn't they have no way of seeing the business credit card from business 1? It is not reporting to my personal credit. I'm now wondering if I should skip the Chase business cards for this reason and go elsewhere to try and acquire a new personal or business credit card. I'm the short term this would allow me to hold on to a bit more cash while the new business takes form. They'd have no reason to pull a credit report for business 1 since it would be excluded in evaluating creditworthiness of the new business, and... they'd know your history/usage with their card from internal records.
2) From what the Chase rep told me, if I did want to pay both cards off, I could then reach out to him or the underwriting team and they would reconsider the application now that those cards carry zero balances and they would not pull my credit again. Wouldn't they want to pull it again to see the updated much higher score? Even if they don't is this really that much of a change to push me into approval? Them not pulling your credit again could be true, but only if the reconsideration happens within a specified (short) time frame.
3) If I do decide to pay off the business 1 CC, does Chase report $0 balances off cycle to the business credit organizations like they do with the personal? Yes they do
4) Again from what I was told today, it really wouldn't matter which business the new CC was under as Chase sees them as a whole. But if I went outside of Chase, wouldn't approval be more likely on the 6 year established business #1 over the brand new one? Or does it also not matter much as they'll be running my personal credit as well? Maybe, maybe not. It really depends on who the lender is and whether or not they're also considering assets. For the vast majority of mainstream lenders these days, it's your personal credit that can be a great help, or hindrance to an approval.
Thank you in advance for any help. Also open to any general advice for this whole process! It's been awhile since I've tried to acquire new CCs. #1 goal here is intro 0% APR for inventory purchasing.
I know you state you're looking for 0% offers but have you considered a business loan, or traditional BLOC instead? Although I wouldn't use personal cards for any kind of significant business expenditures, there are several personal cards with extended 0% terms. I could certainly be wrong but I'm not aware of any Business cards that offer anything longer than 12 months.
The other issue here is the lower personal scores which leads to the unknown, as in how will it impact the SL you might get from any lender when it comes to credit cards. The scores could be helped greatly by getting the number of accounts reporting balances as well as reported utilization on the personal side to optimum levels. That would be aggregate reported utilization to under 9%, no individual card over 49%, and less than 50% of revolving accounts reporting balances.
@DarkHorseTX wrote:Hello all!
I am trying to obtain one or two new credit cards for a new LLC I registered a few months ago. I have a few questions I haven't been able to find answers to.
Currently I have a business Chase card (Ink Preferred) linked with another existing business that has been with Chase roughly 6 years. We'll call this business 1. This card is currently basically maxed out. CL $10k. But has perfect payment history.
I also have a personal Chase sapphire preferred card. Was pretty much maxed out (see below for update). CL $14.5k
I've been working on paying other cards down and adding some AU accounts from a family memeber. Current scores are all on the 660-670 range.
After discussing with a private client rep at a branch several times, I decided to go ahead and try for approval on a business Ink Unlimited card. Did the process with said rep in branch. We received the need ma review answer. He calls in and they say the balances on current cards are too high (expected) and there was a delinquency. The delinquency was somewhat unexpected. I have 1 cc 30 day late in Feb of this year as well as a 30 day late on an auto loan at the same time. I'm currently trying to get these removed. Other than that there are no dings on the last few years. Overall payment history is showing as 99% clean.The plan with the Chase rep before application was submitted was if they required it, I would pay off the two Chase cards. Looking back I should have just done this beforehand. But the rep said he thought I had a decent shot at approval without doing that, and that we could always try and then circle back.
So today I paid the full balance off on the personal card ($14.5k). Hoping Chase reports that $0 balance by middle of next week.
But here are my questions.
1) From what I was told, Chase looks at all of my other accounts including my other business (business 1). Makes since when applying. For Chase cards. But what about at not Chase companies? Wouldn't they have no way of seeing the business credit card from business 1? It is not reporting to my personal credit. I'm now wondering if I should skip the Chase business cards for this reason and go elsewhere to try and acquire a new personal or business credit card. I'm the short term this would allow me to hold on to a bit more cash while the new business takes form.
IMHO you should go forward working with this private banking rep, and following his advice. I wouldn't go elsewhere because a Chase Ink card is a good thing to have.
2) From what the Chase rep told me, if I did want to pay both cards off, I could then reach out to him or the underwriting team and they would reconsider the application now that those cards carry zero balances and they would not pull my credit again. Wouldn't they want to pull it again to see the updated much higher score? Even if they don't is this really that much of a change to push me into approval?
I would follow the rep's advice and do it.
3) If I do decide to pay off the business 1 CC, does Chase report $0 balances off cycle to the business credit organizations like they do with the personal?
Probably. I don't know for sure but the rep can probably answer that question.
4) Again from what I was told today, it really wouldn't matter which business the new CC was under as Chase sees them as a whole. But if I went outside of Chase, wouldn't approval be more likely on the 6 year established business #1 over the brand new one? Or does it also not matter much as they'll be running my personal credit as well?
I don't think it's more likely. And I don't think other banks are comparable to getting the Chase card.
Thank you in advance for any help. Also open to any general advice for this whole process! It's been awhile since I've tried to acquire new CCs. #1 goal here is intro 0% APR for inventory purchasing.
If I had a private banking rep in my corner I would go with his advice on how to get it done.
