Chase Tightening Standards for Small Business Applications

What in the world is going on at Chase?? We just wrote about them wanting a reported business income and they even wanted an established business date. It seems like with each coming day, they trust us less and less. Unless you already happened to be with Chase before all of this went down, it looks like you may have to go elsewhere for your startup needs. 

The News

If you are interested in applying for a business credit card from Chase, it may be more and more difficult. If you do apply for a business credit card, it’s looking very likely that Chase will deny you, for even more reasons! Now, the reasons they are giving include: “insufficient balance in deposit and investment accounts with us”. 

It isn’t as clear as it may seem though. It looks like some people are even getting this message after having an account with Chase for years.

Final Thoughts

While I don’t have a business account with Chase, I do have one of their business cards. As I was looking to apply for my last business card with Chase in the coming months, it’s looking like that may have to wait. Apparently the blanket reason for denial they are giving people now has to do with a lack of relationship and/or lack of funds with Chase.

That may have been a valid reason, if Chase wanted to pursue that sort of relationship lending. Seem like an easy fix to just open a business account with them. However, people that have had accounts with a hefty amount of money in them for over 5 years are still getting this sort of message when they apply. So what’s the truth exactly? If you ask me, it doesn’t look like they are approving many people, if anyone at all. 

Have you recently applied for, and gotten approved for a Chase business credit card? Let us know down in the comment section below if you’ve been approved after April 16th!

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