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The Ink Business Cash® Credit Card is an outstanding small business credit card that earns valuable Chase Ultimate Rewards points.
With no annual fee, Ink Business Cash earns you 5 percent cash back on internet, cable and phone services, and stationery stores (up to $25,000 on purchases per year), 2% back on gas and food (up to $25,000 on purchases) ). per annum) and 1 percent back on everything else. Plus, its first year welcome bonus gives you the opportunity to earn $900 in cash after you spend $6,000 on purchases in your first three months.
While this may all sound great, before you apply for Ink Business Cash, it’s important to know your credit score and how it can affect your chances of getting approved.
What credit score is required for the Ink Business Cash card?
Chase does not publish the specific credit score required to approve an Ink Business Cash credit card, but you will likely need good or excellent credit. If your FICO score is between 740 and 850, it is considered “very good” to “exceptional”, while a score between 670 and 739 is considered “good”.
If your credit score is 670 or higher, you are more likely to be approved for Chase Ink Business Cash. But if your score is below that, you may want to consider other business credit cards for fair credit history (or even bad credit history) or work on improving it. Once you increase your score, you can consider getting Ink Business Cash again.
What can I do if my application is rejected?
If your application for Ink Business Cash is rejected, there are several things you can do and the first is to determine the reason why your application was rejected. Credit card companies are required by law to send you a letter by mail if you are denied based on information on your credit report, and the letter will state the reason why your application was denied. Some reasons often cited by credit card issuers include bad credit, limited credit, insufficient income, or other negative information on your credit report.
Once you know the reason why your application was rejected, you should check the accuracy of your credit report. The rejection letter should also tell you that you are entitled to a free copy of your credit report and how to access it. If there are any inaccuracies, report them to the credit bureaus. It may not help you for this particular credit card application, but it may improve your credit score, which will put you in a good position for future loan requests.
Depending on why your application was denied, you may also be lucky to call Chase’s Reconsideration Line at (888) 270-2127 and speak with a credit analyst. A phone call with a credit analyst may not make a difference if your credit score is significantly below the threshold, but if your credit report is missing or inaccurate, it can make a difference. In any case, if you want to improve your chances of being approved, it’s worth trying to explain your situation to a real person.
How can I improve my score to receive this card?
It is not recommended to apply for a credit card when you have a high probability of rejection. One of the main reasons is that applying for a card usually results in a sharp drop in your credit. This may temporarily lower your credit score by a few points, so there is no reason to consider this hit as your credit unless you are sure that your application will be approved.
The best way to improve your credit score is to pay all your credit card payments on time and in full each month. Here are some more tips to help improve your credit score:
- Use services like UltraFICO or Experian Boost. These services are relatively new and can help if you pay your utility or mobile phone bills regularly, or have checking and savings accounts. These accounts don’t usually show up on a credit report, but services like UltraFICO and Experian Boost use alternate data to improve your credit score.
- Check your credit report every couple of months for incorrect information or errors. If there are any, you’ll want to report them to the credit bureaus as soon as possible.
- Reduce credit card balances. A large credit card balance increases your credit utilization rate, or the amount of credit you use, over your limit. This credit score factor makes up 30 percent of your FICO score.
bottom line
The Ink Business Cash credit card is a tempting choice for small business owners who want to be rewarded for their business expenses (and a relatively large signup bonus). But if your credit score is below 670, you’ll probably be better off buying another card and working on improving your score before applying.
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