Author Topic: Chase 3BM- legit business (no income), or sole proprietor (I have income)  (Read 5215 times)

Offline DansDealsLover

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I would like to do a 3BM for business cards (Chase Ink x2, United explorer), and I own a legit business that as of yet is not earning revenue. Does Chase really pull a credit report on the business using the Tax ID that i provide? If yes, am I better off applying as a sole Proprietor using my social? (I can show real personal income from my day job). I am a proud cardholder of Freedom and SP, and always pay my bills in full/on time, so am wondering why my 3BM is pending approval?  ???

Offline Saver2000

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I would like to do a 3BM for business cards (Chase Ink x2, United explorer), and I own a legit business that as of yet is not earning revenue. Does Chase really pull a credit report on the business using the Tax ID that i provide? If yes, am I better off applying as a sole Proprietor using my social? (I can show real personal income from my day job). I am a proud cardholder of Freedom and SP, and always pay my bills in full/on time, so am wondering why my 3BM is pending approval?  ???
When applying with a tax ID number, they anyways pull your personal report, so what do you have to lose  by applying as an SP?

and always pay my bills in full/ on time, so am wondering why my 3BM is pending approval?  ???
Paying your bills in full doesn't do much good if the statement closed with a high balance.

Offline n198ua

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They're going to pull your personal report no matter what . . .

Offline DansDealsLover

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Can I get approved based on my personal credit, or will the business credit negatively affect that?

Offline bubbles

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When applying with a tax ID number, they anyways pull your personal report, so what do you have to lose  by applying as an SP?


CMIIW but you're able to build up your businesses credit report too, no?

Offline Saver2000

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CMIIW but you're able to build up your businesses credit report too, no?
Correct,  but at this point he has no business credit,  so I can't imagine how putting down his tax ID number would help him get approved.

OTOH, after getting approved as an SP, you can add your tax ID at a later time. CMIIW

Offline DansDealsLover

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Thanks guys!!
I guess we'll see what happens with recon. Any tips what I should say?
Btw, what's CMIIW??

Offline glasses dude

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Thanks guys!!
I guess we'll see what happens with recon. Any tips what I should say?
Btw, what's CMIIW??
correct me if I'm wrong lol
http://forums.dansdeals.com/index.php?topic=10531.0 check the wiki

Offline DansDealsLover

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I called the business recon tonight. After i made my business projection for the next year sound really good, and after Scott verified my personal credit was in good shape, he approved me on the spot for the CIB ($7000). I still need to get recon for the CIP/UE but wasnt able to reach them again before they closed. Should I rather wait til after shabbos for the "non regular hours agents", or does the risk of an additional pull warrant i call tomorrow during daytime business hours instead? (Does each day that passes increase that likelihood?)
Also, was I supposed to ask Scott about the other 2 applications on the same call? For some reason he only pulled up the IB app...

Offline DansDealsLover

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Tried two more phone calls today. They won't approve me for more than one business card at this time because te business is new, and hasn't built a good credit record yet. I offered to shift credit from personal cards- they wouldn't budge. I am reluctant to HUCA because the last one I spoke to had all the notes on the prior 2 calls and questioned me why I called again!!  :-[
Any advice??

Offline frumeyid

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Sorry if this has been mentioned, I spent almost an hour searching and came up with nothing. What am I supposed to put in the revenue box for a business application if I dont have revenue? I assume the income box should include household income correct?

Online Moshe123

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Sorry if this has been mentioned, I spent almost an hour searching and came up with nothing. What am I supposed to put in the revenue box for a business application if I dont have revenue? I assume the income box should include household income correct?

Pretend you have revenue....

Offline frumeyid

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Pretend you have revenue....
but what do i base it on? it cant be the same as my income right?

Online CountValentine

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Pretend you have revenue....
Pretend is overrated, just lie.
Only on DDF does 24/6 mean 24/5/half/half

Offline jeckll

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Paying your bills in full doesn't do much good if the statement closed with a high balance.
Because the high balance gets reported on your credit? So is it better to pay off balances just before the statement closes rather than wait until the "due date?" If so, how long does it take for this to cycle through the credit report? EG let's say I pay my balances off in full every month on or just before the due date. You are saying this is bad practice because it shows high utilization even though I am paying in full (if I understand your post). If I switch to paying off in full before the statement closes (thus showing $0 balance on all cards) will this be reflected immediately on my credit reports, or at least immediately after I make the first payment using the earlier timeframe? Or how long after?

Offline Zevwolf

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The credit companys only report ones a month mostly at the closeing date, so if you don't have a balance by then it does not get reported.

Offline Moishel

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I don't think you will see major changes immediately, getting a great score, like most good things in life, take time, but if you are consistent it will reflect on your score.

Also, it also depends on how much credit you have from all your cards combined, if you have 200K from all your cards in total and spend under 2000 a month, i.e. less than one percent, I don't think it will have any affect on your score. If I remember correctly, and CMIIW it only starts having an impact by 10% credit utilization.

Offline sruly101

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So in my case that i go over my credit limit each cycle with %200-%300  :-[ ....... but i pay in FULL on the due date (or a few days before)

Do i have BAD credit??

Online Moshe123

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So in my case that i go over my credit limit each cycle with %200-%300  :-[ ....... but i pay in FULL on the due date (or a few days before)

Do i have BAD credit??

On personal cards, definitely. On business cards, probably with that bank, unless a bank reported something negative on your report. Ever thought of checking your reports?

Offline sruly101

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On personal cards, definitely. On business cards, probably with that bank, unless a bank reported something negative on your report. Ever thought of checking your reports?
Well is it the same kind bad as not paying off my bills??? i dont understand it!!! what do i have by checking my reports? what should i see there?