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September 29, 2017

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

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Chase Ink Business Cash usually requires a very good credit score (700+). But this is not the only deciding factor. Find out how to improve your odds.

How to Get Approved for Chase Ink Business Cash

The Chase Ink Business Cash is one of the best small business credit cards with no annual fee.

You earn 5% cash back on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year. Earn 2% cash back on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year. Earn 1% cash back on all other card purchases with no limit to the amount you can earn.

How easy is it to get a Chase Ink credit card?

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

We'll explain more below. But first, did you know, Chase has another business credit card called the Ink Business Preferred? It has an annual fee, but it has a promotion you should not ignore.

Earn 80,000 Bonus Points

What is the Best Chase Credit Card Promotion for 2018?

ForCredit Card
Small BusinessInk Business Preferred
Personal TravelChase Sapphire Preferred
Personal Cash BackChase Freedom Unlimited

Credit Score Needed for Chase Ink Business Cash

The credit approval requirement for the Business Cash card is relatively high. This card is generally for those with Good to Excellent credit.

There are multiple "credit scores" from different credit bureaus. But in general, 700 is considered a very good score. The average Business Cash cardholders have scores around 700 or higher. Though some people can get approved with a credit score of 650 and even lower.

But it doesn't mean you will be automatically denied if your score is in the 600's. 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 Cash 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 Cash 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 Cash 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 bonus 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 Cash has decent approval odds as long as your personal finances are in good shape. The two most important factors are a good credit score and a for-profit business. The best chances of getting approved is to improve your personal finances and grow your business. Good luck!

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.

Disclaimer: This content was first published on September 29, 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.

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: The information for the Ink Business Cash Credit Card has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.

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Compare Ink Business Cash to:

Compare Chase Ink Cash vs SimplyCash Plus
Apply for SimplyCash Plus Business Credit Card from American Express
At American Express' Secure Site
  • Special offer: save on interest with a 0% intro APR on purchases for 15 months; after that your APR will be a variable rate, currently 14.24% - 21.24%
  • No annual fee
  • Reinvest in your business with automatic cash back in the form of a monthly statement credit. Plus take control by choosing the 3% category that best fits your business
  • Earn 5% cash back on the first $50,000 spent at wireless telephone services purchased directly from U.S. service providers and U.S. office supply stores.
  • Earn 3% cash back on the first $50,000 spent in the category of your choice from a list of eight and 1% cash back on other purchases
  • With Expanded Buying Power you can spend beyond your credit limit* to make bigger purchases for your business plus earn cash back on those purchases too
  • *The amount you can spend above your credit limit is not unlimited. It adjusts with your use of the Card, your payment history, credit record, financial resources known to us, and other factors
  • Terms apply
  • See Rates & Fees
Cash Back RewardsOffice RewardsCar Rental InsuranceExtended WarrantyPurchase ProtectionBaggage Insurance$0 Fraud Liability
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% on Purchases for 15 months
N/A
14.24% - 21.24% Variable
No annual fee


Introductory Bonus Cash BackCash Back Rewards$0 Fraud Liability
Intro APR for PurchasesIntro APR for Balance TransferRegular APRAnnual Fee
0% for 9 months
N/A
14.74% - 22.74% (Variable)
$0

Disclaimer: The information for the Capital One® Spark® Cash Select for Business has been collected independently by CreditDonkey. The card details on this page have not been reviewed or provided by the card issuer.


Chase Ink Preferred Review

Think it is time for a new business credit card? Read this review to see why the Ink Business Preferred and its $95 annual fee is worth considering.
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Editorial Note: Any opinions, analyses, reviews or recommendations expressed on this page are those of the author's alone, and have not been reviewed, approved or otherwise endorsed by any card issuer.

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*See the card issuer's online application for details about terms and conditions. Reasonable efforts are made to maintain accurate information. However, all information is presented without warranty. When you click on the "Apply Now" button you can review the terms and conditions on the card issuer's website.

CreditDonkey does not know your individual circumstances and provides information for general educational purposes only. CreditDonkey is not a substitute for, and should not be used as, professional legal, credit or financial advice. You should consult your own professional advisors for such advice.