This shows that someone else trusts you with their credit and can help lower your credit utilization, improve your payment history, and increase the average age of your accounts. One shortcut of sorts is to get added as an authorized user by a trusted family member or friend who has good to excellent credit. If you use these credit cards responsibly and always make your payments on time, you will start seeing improvement in your credit score month by month. Secured credit cards require a deposit, usually the amount of your credit limit, that you’ll forfeit if you do not pay your balance on time. In these cases, opening a secured credit card, a student credit card, or a credit card without a large limit can be a good option. Get a Starter Credit Cardįor those who have never had a credit card at all or whose credit score is far below average, getting approved for most credit cards will be difficult. If your credit score isn’t high enough for the Ink Business Unlimited card, there are several ways to improve your credit score. We recommend that you have at least 2 years or more of clean credit history before applying for the Ink Business Unlimited card. If you happen to be denied for this reason, don’t take it personally you can always try again later when your credit history is longer and stronger. If you are just starting your credit journey, this aspect can be frustrating as there is no remedy for it other than waiting for time to pass. When applying for a new card, credit issuers prefer you to have multiple years of clean credit history that’s free of late payments and derogatory marks. However, if you have a low business income or are just starting your business, you can still qualify for the Ink Business Unlimited card. After all, Chase wants to ensure you can pay off any charges you make with the card. Your income can play a role in whether or not you’ll be approved for the Ink Business Unlimited card. Other Approval Considerations Personal Income and Business Income Additionally, your credit score is just 1 factor considered in your application. That said, no set credit score guarantees approval for the Ink Business Unlimited card. If you’re considering applying for the Ink Business Unlimited card, it’s recommended to have a personal credit score of at least 670 or higher - or a business credit score of at least 75 to maximize your chances of approval. What Credit Score Do You Need for the Ink Business Unlimited Card? The higher your score, the more likely you will be approved for new cards. That said, while your personal and business credit scores are 2 different numbers, they serve the same purpose. While personal credit scores are scaled from 300 to 850, your business credit score is usually scored on a scale of 1 to 100, though this can vary based on the reporting agency. When you input your EIN on the application, your business credit score will also be checked. Since the Ink Business Unlimited card is a business card, you may be applying for the card using an Employer Identification Number (EIN) - though this isn’t required. Do You Need a Business Credit Score To Apply for the Ink Business Unlimited Card? If you’re not sure what your credit score is, you can access a free credit report from your current credit issuer (if you have one), from any of 3 credit bureaus ( TransUnion, Equifax, and Experian), or through a free monitoring service like Credit Karma. To get a baseline of your approval odds, you’ll first want to determine your credit score.
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