scubadu

Do we actually know that the requirement for #2 is a business banking relationship or would a personal banking relationship suffice?

Regards

theplayer

I was denied Ink preferred, called reconsideration and was approved. Initial reason given was not having a banking relationship with Chase, as in savings/checking..what's up with that?

Boraxo

Over the past month I applied for Biz cards with Chase, Amex and Citi. New business, new TIN, estimated income of $60k/year. Amex and Citi were quickly approved with large credit lines. Chase denied even though I have CPC checking account plus 6-figure CPC retirement assets and more. Called recon line and was told business was too new. US bank offers free biz accounts so will probably open one there. Hopefully this is just a temp move by Chase in response to the current downturn but if not I will consider pulling my biz. Hard to justify banking there when churners can open dozens of cards but longtime customers cannot.

Diplomatico

Had you attempted to open your Chase business card when "churners" were opening their "dozens" of cards, you would likely have been approved also. Unfortunately, your timing is bad given that everyone is having difficulty obtaining approval for new Chase business cards given Chase's recent (pandemic related) tighter approval controls.

ferrari_fan

Thank you! My application was approved today. It turns out that the documents that were faxed over from the Chase bank were never received by Fraud and Verifications. A good turn of events actually expedited my approval of CIP. I applied for CSR personal card this morning and unsurprisingly it also went into the familiar "We are reviewing your application" message. I waited an hour to call in for reconsideration. The agent approved it after just 5 mins of exchange with a lousy $5000 limit, but I also anticipated this. Chase has too much exposure with me, but I was not willing to move limits from my JPMR at this time. I had the agent do another hard pull for another increase to a total $10,000 for the new CSR (I will get rid of the duplicates on equifax).

But this kinda raised some red flags as she questioned me about the business application and 3 recent credit pulls. Upon asking more information about the stage of business application, she transferred me to another analyst (David) who turned out to be a really awesome all around guy. We discussed a lot about my exposure, credit scores, history and pretty much divulged a lot of information they normally avoid with customers (and he stated this very clearly). Gave me a new phone number to talk to for Fraud and Verifications (877-470-9042), a number that is not listed in any blog or forums, but should be. These guys are top notch. After contacting this new verifications team, I luckily got another great agent (Grace) and I explained how I had faxed in documentation they needed from a Chase branch last week etc. She mentioned that they never received it and I went into details about all the documentation I had sent from a branch itself. Initially she mentioned that I needed to go to another branch and have the banker "Scan the documents through iVault using my account". I said I'd rather fax it myself this time with the reference number and she gave me two different numbers I can send the fax too (888-643-9628) and (201-328-3289). I mentioned what the documents that I had sent and said this is quite frustrating. She put me on hold and said she is going to look some more about my application. Turns out all they needed was to know why my new address used in application is different from the old one associated with the existing Chase Ink Plus card I have had for last 7 years. I explained that I just wanted it to match what is in my credit report. So my mistake was not updating my business account profile online ! that was it.

After verifying both addresses, she approved me on the spot and I have both CSR and CIP coming via UPS Monday. Great weekend

Saidoh

I'm glad I found this thread. It explains why I had previously been approved for Ink Cash on my SP a few years back without a problem (since my SSN was used), but was shocked to be flat out declined last week on an Ink Unlimited for my newly formed LLC (and EIN) due to the business being too new, especially since it's not a super premium card.

jimbous

On top of this thread it states that:
"In April 2020 Chase criteria for approving BUSINESS card applications have become more stringent."

That's an understatement imho. It should state: EXTREMELY STRINGENT and invasive, Root Canal invasive, and there is no anesthetic!

It was for the United Explorer 60K after 3K spend.
And it was for NO NEW credit, just a reallocation from an Ink card.

Originally was denied, reason was: applied for credit in the past 3 mos, a pretty flimsy excuse!
Chase has my life story in their files!!!
After call, it was approved but only for reallocation, and AFTER spending almost an hour on the phone, but was not required to submit/fax any docs.
And I have a business and personal bank/credit card accounts with Chase for over 30 years.
First time I had to go thru this nonsense. Always get auto approved immediately or within a week or so.
It went thru the full Patriot Act invasive! And the rep actually mentioned the Patriot Act a couple of times!

Keep in mind that under the Act if you submit not valid info knowingly or not, in this or similar bank/financial applications like mortgage you can be subjected to a Federal crime accusation.

Read this and the other data posts above and be prepared for a pretty invasive procedure.
Not so sure this was worth it!

But, it doesn't look and feel like Chase is looking for new customers.
Good luck to all who may subject themselves to this!

Saidoh

Also, I applied for the Amex BBP after being turned down for the IBU. Amex approved shortly after, primarily via reallocation of available credit on another personal card, plus an additional $2k. I received a letter in the mail a few days later notifying me of this. So if Amex is able to do it, I don't understand why Chase is being so rigid and couldn't reallocate some available credit from my IBC when I offered it during our conversation.

ferrari_fan

A lot of it has to do with Chase's policy to not report the credit history of the business cards. They do it only if an account is delinquent/in bad standing. Also there is potential for abuse due to various programs the govt has come up with during Pandemic. It is all about risk mitigation and I don't see things changing until the economy stabilizes, which could be a long ways away.

Boraxo

The rationale for the policy change remains to be seen. Many banks have tightened credit due to the economic conditions. As WSJ reported most balance transfer offers have dried up for this reason and other banks are reducing credit limits.

But it is also possible Chase has decided to eliminate churners who don’t have real small businesses or a need for a business card. Similar to implementation of the 5/24 rule.

sdsearch

Not just "other" banks:

Is Chase reducing credit limits for no fault of the cardholder?

DiMAn0684

There're way easier way to eliminate churners, and also, while the banks likely lose money on churners it's not nearly as bad as having real business owners default on $50k of credit card debt.

LtWaldo

I got a recent auto-denial of CIP due to "business structure". Applied as a sole prop. I'm a Chase Private Client with 800+ credit score. They also recently lowered one of my personal credit card lines from 32k to 16k. So I think they're reviewing existing account as well.

mia

Did you apply using a "company" name, or only your legal First and Last name with no other words?

ursine1

Looks like the links for business card applications have been pulled, and only personal currently remain?

https://creditcards.chase.com/a1/sou...sF20?CELL=6RHZ