I currently have a Chase Freedom card for several years now. They have given several increases since I first opened it up (all on their own and never requested by me since it's a HP). Limit now at $9k for about (I'd have to check for sure) 9-10 months now.
I'm wanting to apply for the Chase Ink Bold card for our business (to get some of the reoccurring business charges off my personal credit every month and bringing the scores back up). There doesn't seem to be too much on these boards (on the business cc board) about the Ink Bold. But my question kind of relates to both.
I have never ask for a CLI since it's a HP. However, since I'm thinking about applying for the Ink Bold, should I ask for an increase (using the CLI button online) for my Freedom at the same time? Will it be the same pull they use for the Ink card? Is this killing 2 birds with 1 stone type of deal? Or will Ink Bold just pull our company credit and not the personal credit file? (Yes, we have a FEIN, so I imagine that's what we would have to use when applying for the Ink, but not sure if there's a place to put in your SS# as well).
Any thoughts would be appreciated.
At the moment, My scores are around 742 since I went on a spree back last year, got tons of cards with high limits all in 1 night and we use a majority of our higher cards for our business. We did acquire 2 business cards so far (Amex Plum and Gold), but the limits on them are just no where near what we need. (They started out unlimited at first, we put $20k on them in less than 2 weeks, PIF went to use again and they freaked out lowering our limits to $3k per card) Sigh. They just recently doubled the amount of each card to $6k, but obviously we can spend that in less than a week...which means most charges fill up those cards and then we resort to the personal cards. (Yes, I know all about everyone saying that the companies frown upon using the personal cards for business, but we've been doing this with (especially) our Chase and Barclay cards for several years and they have never had a problem with it yet. So, we gotta do what we gotta do at this point.
If I could just get a good high limit business card, I wouldn't have to use my personal and my credit would be back up to the 810 it use to be.
Absolutely no lates since I've had the cards for years, no judgements, no anything bad on my credit since I've had them. Also usually always pay several times during the month on the cards and either PIF with the remaining balance when it cuts or down below the 30% mark and then PIF within a few weeks after that. But, then the game starts over with more charges for the company of course...and it goes back up repeating itself every month.
72 views and no suggestions?
There has to be some people out there that knows how this works. 
Oh and sorry, I meant Chase Ink Plus (I guess they changed the name last year? Or phased out the Bold)
@Anonymous wrote:You won't get a Chase branded card (like the Ink) if you have opened 5 or more of any credit cards in the past 2 years.
How is it possible you have limits on your Amex Gold and Plum if you PIF?!?? Did you check your spending limit? (you shouldn't check, just asking)
Have you recently tried putting more than $6k on your Amex cards? I forgot to look, but they are business Amex cards, right? If not, get a Business version; they are much more likely to let you run high limits through your business with the business version of the card. Or let them do a financial review if they require it. I've never heard of a flawless payment history and such a low internal limit on an otherwise NPSL card!
That said, Chase is more generous with their co-branded cards anyway. Get a business United card if you want chase; they'll probably give you a good limit.
So I have to wait 2 years before applying then? Yes, I have opened up 5 cards back last February and 2 business cards (Amex).
I have limits on my Amex Gold and Plum that they let the business charge up to and then it cuts off (after going over a bit). As I explained above, when we first got both of them, it was unlimited and we charged 20k in around 2 weeks or so and they froze them, did a review, which was only asking a few questions, then said our limit was now $3k for each one of them. We've had them now for awhile and just the other day they upped that limit to $6k on each. They will let us charge up to around $9k on each of them and then they start denying any additional charges. Yes, they are business cards.
Tell me more about this business United card. What are the benefits to getting it? Do they allow you to have so many cards opened within a 2 year period? My husband has done some research on the Chase Ink and he has been dead set on getting it since last year.
@Anonymous wrote:Oh, also, Amex lets you pay ahead on their business card. So if all else fails and you want to make a $30k transaction and they don't trust you for whatever reason, they'll let you wire the money to them ahead of time and then you can successfully make the charge.
When I first got my business platinum, I had a $14k internal limit but I wanted to make a $40k transaction and they let me wire them $40k (they bank with Chase) and all was well. After that one time I can now put whatever I want through that card and it's never said no (up to $50k in a month). I would PIF several times a month, but now that it's been a year I just let it auto-pay once a month and have never had an issue.
We need the cards because we stock our store and do online sales. So need the money up front and then pay off every 2 weeks because that's when the payments with our cc/payment processor disburses the money to us every 2 weeks. So we wouldn't have, say $40k to wire to them to cover the charges ahead of time. We need it as an advance each time, then PIF. So that won't work.
As far as paying on them every 2 weeks (talking about Amex), we can't do that or we lose our PIF early pay discount for the total. So we have to max the card, then wait for another 2-3 weeks for the bill to cut before we can pay off Plum to get the full benefits. Which means we have to resort to using our personal cards after that (which is what I'm trying to avoid doing and getting that off my credit).
After reading a lot of the stories on here about everyone applying for the Ink, then saying they had to wait for something, like some verification, FEIN proof and so on, I'm just wondering what Ink will say when we put down our gross yearly revenue, which is around $750k and will that throw a red flag? Obviously that's not net, but they ask for gross right?
@Anonymous wrote:
Business cards from chase would ask for your business annual gross as well as u yourself, the gross annual.
$750,000 is a lot in gross annual, but it wouldn't throw a wrench in your app. I think that if they needed further info they'll ask. But you'll be surprised that a lot of times apps are automatically approved based on the credit history established.
If there is none or if they need further verification; they will do things like look up your business (make sure it's legit) and incorporating in places that are cheaper (eg Delaware) will make it tougher because of what's freely accessible. Florida is awesome as they provide the ein on top of the basics.
Considering how you're using your card for POs have you ever thought of getting a line of credit? I know someone who got a secured one of 200k based on a savings account. He will draw out of it for the times that he needs to pay for the merchandise before he collects payment (essentially he is a middle man, finding goods at a steep rate and turning around to sell it to businesses like big lots!).
Seems like it would be a better handle for you than cc IMHO.
Glad to hear that won't seem to throw them off with the annual gross.
I hope they would consider the credit history I have established with them personally as well. I have had my Chase Freedom since Aug 2013 with absolutely no issues. However my limit on it is $9k and they have also let us charge way over (up to $15k) the limit and then pay off with no issues.
No problems with them looking up the business...everything registered and running legit since 2009 with FEIN and we are an LLC with an actual place of business (not ran out of our home or anything).
We have thought about seeing if we could get a line of credit with my credit union. I've just been holding off because my credit scores dipped after using them for the business and I keep waiting for them to climb back up so we would be able to get a higher limit. (Which they have been creeping up at a good rate here lately). The other thing is my husbands credit scores aren't the greatest (he waited until he was in his 30's to even start his credit) and they are around 643 at the moment. So, I would basically have to do this on my own because they probably won't deny him?
Ahhh, decisions. I just really hate to take a HP if they deny me. That's the only thing stopping me from trying at the moment. (Although my regular cc's just got increased another $11,600 today...go me)
Oh and BTW, if I had $200k laying around, I wouldn't need a cc for purchases or a line of credit. Everything would be good. LOL