If you’re looking for a simple, cash-back business card with no annual fees and a flat rate per purchase, the Ink Business Unlimited® Credit Card may be right for you.
Not only does this card allow you to receive an unlimited 1.5 percent cash back on all expenses while you build your business credit, but a new $750 card member bonus is available for those who spend $7,500 at within three months after opening the account. As if that wasn’t enough, Ink Business Unlimited’s other perks include a zero-interest purchase offer, free employee cards, and various purchase and travel protections.
However, you should know the credit score required for Chase Ink Business Unlimited before you apply. After all, the credit rating requirements for top tier reward cards are higher than other types of reward credit cards, and you should avoid applying unless you’re close to being cut.
What credit score is required for Ink Business Unlimited?
As with most top tier bonus cards, a credit score ranging from good to excellent is required to qualify for Ink Business Unlimited. If you are using the FICO scoring model, which is the type of credit score used by 90 percent of the top lenders, this means you will need a credit score of 670 or higher.
However, 670 points may not be enough as it puts you in the lower tier of “good credit”. In fact, you will be more likely to be approved if your credit score is in the “very good” range, which includes FICO scores of 740 and above.
In addition to your credit history, Chase may ask for documents to prove that you have a legitimate business or individual ownership. Usually your credit will be charged and you will have to personally guarantee the account.
But your credit score isn’t all Chase will look at. The card issuer will also check to see if you have violated the 5/24 rule. This rule states that if you have opened more than five new credit card accounts in the last 24 months, you are likely to be denied. This is true no matter what issuer gave you five cards, even if they are not from Chase.
Chase will also consider your debt burden, especially your debt-to-income ratio and other items listed on your credit reports. A strong and reliable income can also help you get approved.
What if my application is rejected?
If your application is rejected because you do not meet Chase Ink Business Unlimited credit rating requirements or for any other reason, you have the right to know why. In fact, Fair Credit Reporting Act rules require Chase to tell you this in writing.
Any lender who refuses you using a credit score must also provide you with the type of score they used. You don’t have to ask about it – this information is sent to you automatically. The lender will also tell you which credit bureau they used and how you can get a free credit report. When you receive this correspondence, you should review the information so that you know what you need to do next.
However, you can also call Chase to see if they will review your application. The card issuer even has a phone line where you can call 1-800-453-9719.
When you call Chase for a reconsideration, they may take a closer look at your application if you want to send them more information. For example, you may need to send them documentation of your business income or proof of your business registration.
How can I improve my score to receive this card?
Since Chase reviews your personal information in addition to any business documentation it requests, all of the usual tips for improving your credit score apply here as well.
Start by carefully reviewing your credit report. (You can get a free copy of your report from each of the three credit bureaus once every 12 months through AnnualCreditReport.com.) Your estimate is based on file information, so make sure it’s accurate and up-to-date. Any items that are more than seven years old (excluding a Chapter 7 bankruptcy or a closed account in good standing), or that you do not recognize, must be disputed in accordance with the procedure outlined upon receipt of the report.
You can order a credit score when you receive your credit report, but if you have a dispute, you may want to put it off until it is resolved as the credit score may change. You can also access your valuation through the financial institution you do business with. You can find credit score simulators on the websites of three credit bureaus (Equifax, Experian and TransUnion) and these simulators will give you a rough estimate so you have an idea of where you are before making any corrections.
In addition, paying bills on time as agreed is 35 percent of your FICO score. Maintaining a low credit utilization rate will also help, as it is 30 percent. Another 15 percent is for the time you used the loan, and the longer the better.
If you don’t have installment loans on your credit history, you may also want to consider using a loan to build a loan from a company like Self. This type of loan assumes that you make payments to a savings account and you will receive your funds back when the loan is repaid. In the meantime, your monthly payments are passed on to credit bureaus to improve your score.
In the meantime, you should delay applying for new accounts for a couple of months before applying for a card from Chase. If your result is still not perfect, consider adding alternative billing data to the file, such as phone payments or banking data (using programs such as Experian Boost and UltraFICO), as these actions can improve your result with minimal efforts on your part.
You’ll need at least a good credit score to qualify for this top business credit card, but you stand even better if your score is very good or excellent. However, aside from Chase Ink Business Unlimited’s credit rating requirements, you should still compare this card with others to see if it’s a good fit.
You can start the process by reading our Ink Business Unlimited review, as well as our analysis of when this card is and isn’t worth it. From there, you can compare it to the best business card deals on the market today, including other business credit cards from Chase.