DENIED for Chase Ink Cash! [How I Later Got Approved]

hi everyone nick here i was denied for the chase inc business cash card this was surprising since i have a credit score over 800 and a long history with chase i'm going to share the story of why i got denied my experience dealing with chase's reconsideration line and i was able to turn it around and ultimately get approved for the card i'll also share how just about anyone can get a business credit card and why i think this is a great card hint it has no annual fee and a sign up bonus worth 1 125 like buttons oops i mean 1 125 i love these big sign up bonuses and when people smash the like button so the youtube algorithm shares the video with more people i recently purchased a home near seattle washington it was in good condition but was dated in some aspects we decided we wanted to replace the old carpet with vinyl plank and replace the 20 plus year old aluminum blinds with new ones and there are a couple other small projects when you're spending money like this sign up bonuses are excellent just make sure you aren't spending money you don't have in the past couple months i signed up for the american express platinum and gold cards first sign up offers worth thirty seven hundred dollars after nine thousand dollars of spend links to those videos down below this is like getting forty percent off i still had more bills coming and wanted more sign up bonuses so i decided to look at the chase inc business cash card it had a sign up bonus with 75 000 points after spending seventy five hundred dollars in the first three months these points are worth one thousand one hundred and twenty five dollars when i transfer them to my sapphire reserve card the card also has no annual fee and gets five percent back on office supply stores internet cable and phone bills this is a good deal i knew one of my friends had this card so i asked him for a referral link he got a 200 bonus for referring me if you're going to get one of the ink business cards and want to help support the channel please use one of the referral links down below you'll get the same bonus you would get just going directly to chase but i'll also get a bonus for referring you i'll use the bonus to create higher quality content for my viewers the better lighting in my latest videos are thanks to viewers using the referral links i decided to apply for the chase inc business cash card my credit score was over 800 and i've had a few accounts with chase for years i was a little concerned since i had over twelve thousand dollars in outstanding balances from the renovation projects i was actually debating paying them early just to get my balance lower before applying but i decided to just apply anyways i filled out the form i clicked apply and waited to hopefully get instantly approved when the screen loaded i got the dreaded you'll hear back from us within 7 to 10 days message this typically means you will get denied i was disappointed as i had a couple bills coming for my renovations that i would be spending money on anyways i wanted those sign up bonuses thankfully there is a very handy chase approval guide that is shared on reddit link down below looking at this flow chart the 7 to 10 days message basically means i should call reconsideration immediately many people might get discouraged by the flowchart where it asks is it a real business it's kind of a funny question is it a real business and suggests if you aren't good at bullshitting to drink some wine the bar for being a real business is so low in the us that nearly anyone qualifies if you make any money outside of your job like filling out an online form or selling something on etsy you are a real business you don't have to do anything you're automatically a sole proprietor when you make money outside of your job you are a business you can get a business tax identification number from the irs in less than five minutes you just go on their website fill out a quick form and they immediately issue you a tin my business name is just my full name that's what it is when you're a sole proprietor it's that simple having a legitimate business doesn't require anything other than making a little money and if you want to tin spending five minutes to get one from the irs i immediately called the reconsideration line they were surprised i was calling since my file hadn't even been reviewed yet i just applied but they will review it while they're on the phone with you i spoke with a gentleman that asked me a series of questions like what does your business do how long have you been in business how much money did your business make last year how much expenses did your business have last year do you have any current customers how much money do you make per year from your regular job how do you market your business you could probably lie as i don't believe they verify this information but you probably don't need to you don't need fancy answers to these questions my business activities range from selling books on amazon to some of the referrals i get from youtube videos when i registered my business with the irs it was for doing a little software consulting work on the side so i just told him i do software consulting this has been the largest source of revenue since my business opened i told them my business activities made eighteen hundred dollars last year with six hundred dollars of expenses for equipment and i told him i don't have any current customers and i don't market my business he reviewed my file and said i got denied because they couldn't verify my business was legitimate he asked if i registered my business with the state i said no i am a sole proprietor which doesn't require registration i said i only registered for a tin with the irs he said he will attempt to look that up when he got back to me he said he couldn't find it after checking a couple systems so he asked me if i still have the form i got from the irs when you apply for the 10 they email you a form that has your 10 on it just some boilerplate text i had saved it in my google drive so i still had it i told him i could email it to him he said they have to go through a process to verify it and transferred me to his manager to assist she sent me a link for docusign where i uploaded the docs she said it would take about 24 to 48 hours to review it so i could call back and see if i was approved i waited a couple days and called the representative told me it still hadn't been verified and that if i wanted it to go faster i could take the document to a chase branch where they can scan it and get it reviewed much faster this is a little bit odd but i decided to just wait after two more days i received an approval email it said my card would arrive in five to seven days kaching another 1 125 bonus which is like getting an extra 15 percent off the 7 500. for my home renovation it pays to properly plan for these reward systems when you're going to spend money i knew i was going to be spending on these renovations and was able to get a few thousand dollars in sign up bonuses from a few different credit cards before i got my card in the mail i did receive a denial letter stating i was denied for business structure this is normal since big companies take days to send their mail and once they change their mind there's no stopping the letter from going out this card gets five percent cash back on office supply stores and internet cable and phone services this is probably one of the best cash back rates you can get for these categories and even better if you have the sapphire reserve you can transfer the points to that card and redeem them for 50 more so it's actually like getting seven and a half percent back on these categories i was putting these types of spend on my freedom unlimited getting two and a quarter percent so this actually boosts my cash back by five and a quarter percent for these categories i spend roughly two thousand dollars per year on phone and internet so this is worth an extra one hundred dollars per year in rewards the card has no annual fee so i can just keep it open for years and only put these bills on it it was a bit of a hassle to sign up but i spent less than 30 minutes on the phone and had to upload one document that's well worth it for the one thousand one hundred and twenty five dollar sign up bonus and extra one hundred dollars per year in rewards the business preferred card has a better bonus at one hundred thousand points worth fifteen hundred dollars with the sapphire reserve but it also has an annual fee and requires fifteen thousand dollars of spend in three months i think the business cash card is a pretty good deal with no annual fee plus the bonus per dollar of spend is higher with the business cash you get 75 000 points for seven and a half thousand in spend where you have to spend fifteen thousand to get one hundred thousand points on the inc business preferred with that extra spend you could clear another sign up bonus or possibly two for cards like the amex platinum or the sapphire reserve and get even more points thanks for watching everyone if you got value from this video don't forget to smash the like button and subscribe so you don't miss out on future content later

Channel: Nick Doyle - Achieve Financial Independence

Views: 8,105

Keywords: business credit cards, denied for chase credit card, wallers wallet, chase ink business, credit card denial, credit card reconsideration, how to get a business credit card, chase ink cash, ask sebby

Id: k9fxACb6pX4

Length: 11min 21sec (681 seconds)

Published: Mon Feb 08 2021