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September 19, 2017

Chase Ink Business Preferred Credit Score: What You Need to Know

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Chase Ink Business Preferred usually requires an excellent credit score (720+). But this is not the only deciding factor. Find out how to improve your odds.

How to Get Approved for Chase Ink Business Preferred

The Chase Ink Business Preferred is one of the best small business credit cards on the market.

You get a huge sign-up bonus and 3x points on the first $150,000 spent in popular business categories each account anniversary year, including travel and advertising on Google and Facebook. Your points can be used to book travel on the Chase travel portal at a discount or be transferred to airline and hotel partners.

How easy is it to get?

We break down what Chase will look at, and what you can you do to maximize your chances.

Credit Score Needed for Chase Ink Business Preferred

The credit approval requirement for the Business Preferred card is high. This card is generally for those with Excellent credit.

There are multiple "credit scores" from different credit bureaus. But in general, 720 is considered an excellent score. Most Business Preferred cardholders have "excellent" scores around 720 or higher. Though some people can get approved with a credit score around 700 or slightly lower.

But it doesn't mean you will be automatically denied if your score is under 720. And sometimes, even people with scores in the high 700s don't get approved.

The credit score is not the only thing that Chase considers when reviewing your application. We will go over all the other factors they look at.

You Must Have a Business!

Even if your credit score is stellar, you most likely won't get approved for the Chase Ink Business Preferred if you don't actually have a business.

You may be surprised by what could be considered a business. Basically, if you do anything for profit, it can be considered a small business. In fact, you don't even have to be already making income. You just need to have a reasonable intention to make money and have business expenses.

Here are some examples of small businesses that could qualify for a business credit card:

  • If you're a freelance web designer
  • If you have an Etsy shop
  • If you sell books on eBay
  • If you drive Uber in your spare time
  • If you tutor students
  • If you sell cookies at the farmer's market

It's very important that you tell the truth on your application. If you're not making money yet, just put "0" as the annual business revenue. Chase may follow up with a phone call and ask for clarifications. It's okay to explain that you're starting out.

If you're fairly sure what you're doing can count as a business, then let's move on to the factors that Chase considers.

Factors That Chase Considers

Many things are taken into account during the decision process. Consider these factors to help improve your Chase Ink Business Preferred approval odds:

  • Your credit score: If your business is new and this is to be your first business card, credit companies will look at your personal credit score and history.

    Chase will usually pull your credit report from a couple of the three credit bureaus (Equifax, Experian, and TransUnion). Your scores may be different across each bureau. So banks will usually look at more than one to get a more complete overview.

  • Your total open cards: A lot of open cards could mean that you're not good at handling your money. Or that you open a lot of cards for the sign-up bonuses. Chase is looking for loyal customers, so they may not want to invite you into their family.

    Tip: Chase has a 5/24 rule. If you've opened 5 credit card accounts in the past 24 months, your Chase application will not be approved. This applies to cards with any bank (not just with Chase).

    This is the main reason people with high credit scores get rejected. So make sure you prioritize this application over any others.

  • Your credit utilization: This means how much of a balance you're carrying compared to your total limit. Ideally, you should never go over 30%. A high percentage is a signal that your income does not support your spending. This may tell Chase that you're not good at handling your personal finances, so how can they also trust you to handle business finances?

    It's best if you apply for the Chase Ink Business Preferred after you have paid off your balance on your other cards. Let's say you have a month where you made a few large purchases. Wait to apply until after you've paid them off.

  • Your recent hard inquiries: People have reported being rejected because there were too many inquiries on their credit recently. This tells banks that you're desperate for credit. If you're very interested in this card, apply for it first before other card applications.

  • Your relationship with Chase: A prior relationship helps. If you already have a Chase banking account or use personal Chase cards and your accounts are in good standing, it may make Chase more likely to approve you for their business card too. Also consider opening a business checking account with Chase to improve your chances.

If you think you may not meet any of these factors, it doesn't mean you can't get approved. Read on.

What Can You Do if You Don't Get Approved?

If you get a rejection, it may not be the end. Here are a couple of things you can do.

  • Call the reconsideration hotline: If you believe you have great credit and meet the criteria, you can talk to a representative. Chase has a line where you can explain your situation. This can help them better understand you and possibly reconsider the decision. Here are some tips:

    • Be polite and ask if there's any more information you can provide.
    • Explain the nature of your business and what you plan to spend on the card.
    • Be ready to explain any recently opened credit accounts or credit inquires. Maybe you took out a mortgage or just switched to a new cell phone provider.
    • Explain why you want the card. Don't just talk about the sign-up bonus. For example, maybe your small business has lots of expenses in the 3x reward categories.

    The reconsideration number is 1-888-270-2127.

  • Work on building your credit and your business: If you still get denied, or you know you're not quite there yet, then just work on your finances.

    • Work on paying off the balances on your other credit cards. Don't miss or be late with any payments.
    • Work on growing your business even if you need to foot it with your personal card for now. Maybe on your next application, you won't have to put "0" as the revenue.
    • Refrain from opening new credit accounts, unless it's for something other than a credit card (like a mortgage or car loan).
    • Consider opening a business checking account with Chase. This helps to make your business look more official and Chase will be able to see that you indeed have business expenses.

Remember, you don't only have one chance. You can apply again after you're on more solid footing.

Bottom Line

The Chase Ink Business Preferred is not the easiest card to get, but don't be discouraged. The two most important factors are an excellent credit score and a for-profit business. Opening a business card for the first time is dependent on your personal finances. The best chances of getting approved is to improve your personal finances and grow your business. Good luck!

Ink Business Preferred Credit Card
Apply for Ink Business Preferred Credit Card
At Chase's Secure Site
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
16.99% - 21.99% Variable
$95

Editorial Note: This content is not provided by Chase. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by Chase. This site may be compensated through the Advertiser's affiliate programs.

Disclaimer: This content was first published on September 19, 2017. Information including APR, terms and benefits may vary, be out of date, or not applicable to you. Information is provided without warranty. Please check Chase website for updated information.

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Ink Business Preferred Credit Card
Apply for Ink Business Preferred Credit Card
At Chase's Secure Site
  • Earn 80,000 bonus points after you spend $5,000 on purchases in the first 3 months from account opening. That's $1,000 toward travel when you redeem through Chase Ultimate Rewards®
  • Earn 3 points per $1 on the first $150,000 spent in select categories each account anniversary year
  • Earn 1 point per $1 on all other purchases–with no limit to the amount you can earn
  • Points are worth 25% more when you redeem for travel through Chase Ultimate Rewards
  • Redeem points for travel, cash back, gift cards and more – your points don't expire as long as your account is open
  • No foreign transaction fees
  • Employee cards at no additional cost
  • $95 Annual Fee
  • Go to issuer's official application, terms, and details
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
N/AN/A
16.99% - 21.99% Variable
$95

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Chase Sapphire Preferred® Card

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SimplyCash® Plus Business Credit Card from American Express


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Read this in-depth Ink Business Cash review before you apply. With no annual fee, small business owners can earn cash rewards fast, but is it right for you?
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