If you’re applying for the Chase Ink Business Cash credit card, make sure you know what credit score is needed. This information can help you decide whether it makes sense to apply or hold off while you improve your score.
The Ink Business Cash® Credit Card is an outstanding small business credit card that earns valuable Chase Ultimate Rewards points.
The Ink Cash card has no annual fee and comes with an outstanding signup bonus. Currently, you can get $750 after spending $7,500 in the first three months of having the card. One of the best features of the card is that it earns 5% cash back (5 Ultimate Rewards points per dollar) on purchases of internet, cable and phone services and at office supply stores, up to a maximum of $25,000 per year. It also earns 2% cash back on gas and dining (again, up to $25,000 each year) and 1% cash back on all other purchases.
Before you apply for the Ink Business Cash card, it’s important know your credit score and how it will affect your approval odds.
What credit score is needed for the Ink Business Cash card?
Chase does not publish a specific credit score that is needed to be approved for the Chase Ink Business Cash card, but it’s likely that you will need good or excellent credit. If your FICO score is between 740 to 850, it is considered “very good” to “exceptional,” and a score between 670 to 739 is considered “good.”
If your credit score is 670 or higher, you are likely to be approved for the Chase Ink Business Cash credit card. If your score is lower than that, you may consider other credit cards or work to improve it. Once you raise your score, you can once again consider the Ink Business Cash card.
What can I do if my application is denied?
If your application for the Ink Business Cash card is denied, there are a few things you can do. The first is to determine the reason that your application was denied. Credit card companies are required by law to send you a letter in the mail if you’re denied based on the information in your credit score. This letter will state the reason that your application was denied. Some reasons often cited by credit card issuers include poor credit, limited credit history, insufficient income or other negative information on your credit report.
Once you know the reason your application was denied, you should review your credit report for accuracy. A denial letter should also let you know that you are eligible to get 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 could raise your credit score, which will put you in a good position for future credit inquiries.
Depending on why your application was denied, you may also have luck in calling the Chase reconsideration telephone number and speaking to a credit analyst. A phone call with a credit analyst may not change the outcome if your credit score is significantly below the threshold, but if there is missing or inaccurate information on your credit report, it could make a difference. In any case, being able to explain your situation to an actual person can be worth a shot if you want to increase your chances of being approved.
How can I improve my score to get this card?
It’s not a good idea to apply for a credit card when you have a high chance of being denied. One key reason is that a card application generally results in a hard pull on your credit. This can temporarily lower your credit score by a few points, so there’s no reason to take that hit to your credit unless you’re reasonably confident your application will be approved.
The best way to improve your credit score is by making all of your credit card payments on time and in full every month. Here are a few other things that can help you improve your credit score:
- Use services like UltraFICO or Experian Boost. These services are relatively new and can help if you are regularly paying accounts like utility or cellphone bills or have checking and savings accounts. These accounts typically don’t show up on a credit report, but these services can use alternative data to improve your credit score.
- Review 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 bureau as soon as possible.
- Lower your credit card balances. High credit card balances increase your credit utilization ratio, or the amount of credit you’re using relative to your limit. This credit scoring factor accounts for 30 percent of your FICO score.
The Chase Ink Business Cash card is a small business credit card with no annual fee, an outstanding signup bonus and decent rewards for ongoing spending.
The Ink Business Cash card earns valuable Chase Ultimate Rewards points, but if it’s your only Chase card, your rewards will only be worth 1 cent per point. You will also not be eligible to transfer your Ultimate Rewards points to Chase’s hotel and airline travel partners. However, if you have other premium Chase credit cards like the Chase Sapphire Reserve or the Ink Business Preferred Credit Card, you can combine your points between cards and get more value when redeeming for travel – a great way to maximize your Ultimate Rewards.
If your credit score is lower than 670, you will likely be better off shopping for a different card and working to improve your score before applying for the Ink Business Cash. And if you apply for the Ink Business Cash and are denied, examine your credit report and report any inaccuracies to the credit bureaus. Calling the Chase credit card reconsideration line could also help change your denial into an approval.