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The Ink Business Preferred® Credit Card is one of the premier business credit cards due to its versatile rewards program and budget-friendly annual fee. You will want to make sure you have the necessary credit score for the Chase Ink Preferred to be more likely to receive instant approval.
Plus, new Ink Business Preferred® Credit Card cardholders can earn 100k bonus points after spending $8,000 on purchases in the first 3 months from account opening. That’s $1,000 cash back or $1,250 toward travel when redeemed through Chase Travel℠.
100,000 bonus points: Ink Business Preferred® Credit Card
Credit Score Needed for the Chase Ink Preferred
You will need good or excellent to qualify for the Ink Business Preferred® Credit Card. Preferably, your score is above 700, although the good credit score range starts at 670.
While Chase Bank doesn’t disclose a minimum credit score for any of its business or personal credit cards, here is the bank’s suggested credit score, “A credit score of about 700+ will likely qualify you for just about any credit card, including those with cash back rewards, lower annual percentage rates (APRs) and more. However, there are plenty of cards you can get with a score lower than this (more on that later).” You can read their full article here.
Examples From Successful Applicants
Here are several recent examples of successful Ink Business Preferred approvals:
Hammer was instantly approved for the Ink Preferred in December 2023 with a 710 personal credit score. They received a $14,500 spending limit but applied in the branch due to several recent card openings. One unique insight is, “Back when I applied for the Ink Cash, the banker told me the algorithm looks at the balances on current business cards, personal cards, and checking accounts with Chase. The lower the debt and higher the cash in the bank, the better.”
Polynomadial reports a $5,000 credit limit approval with a 640 credit score. They report waiting two days for the application to process but not having to provide additional documentation. They applied as a sole proprietor instead of as an LLC. “[Chase] did a hard inquiry on my personal credit and was also notified via Dun & Bradstreet. I’m so happy right now! If you think it may be worth the risk given your “good” behavior on your credit, I would go for it, but I waited until I was at least 640 FICO to apply.”
Getting a High Credit Limit
One of the biggest Ink Business credit limits belongs to Spiritcraft1. They say, “His (the business banker’s) words were, “Wow, I have never seen a limit like that before” and said the limit was $63,000.00. It didn’t mean much to her and I acted as if it was expected though I was internally shocked. This Ink is her first credit product ever approved from Chase.” The applicant had a 788 to 804 credit score, mid-$200s annual income, and $1.7 million in annual business revenue.
With 748, 764, and 798 credit scores, DJPorkchop was approved for a $5,500 initial limit and immediately appealed for a higher limit. Saying, “This is my first business card. I was hoping for a 10K+ CL but got stuck with 5500. Appealed instantly for reconsideration for a higher limit.” Other data points indicate that a $5.5k threshold is pretty good for a first-time business credit card and that it’s not uncommon for Chase to add automatic line increases with on-time payments.
Other Chase Ink Preferred Requirements
Several other factors are at play when estimating your Chase Ink Business Preferred eligibility.
Recent Card Openings
The Chase Ink Preferred, and all Ink Business credit cards, for that matter, are subject to the Chase 5/24 rule. In essence, be sure to apply when you have opened four or fewer new credit cards in the last 24 months. Tradelines where you are the authorized user also count against this limit.
It’s sporadic to get Chase credit card approval with five or more credit cards younger than 24 months. Typically, the only exception is when you receive an invitation from a Chase banker, and you usually need to apply at a local branch.
Business Credit History
You can apply for the Chase Ink Preferred without an employer identification number (EIN) or a formal business name. However, getting an EIN first is helpful as you can start building business credit.
An EIN can also make it easier to report business income and compare your company’s strength to industry peers.
With that being said, there are several successful data points of sole proprietors getting an Ink Preferred and other Chase Ink Business credit cards.
Existing Chase Credit Card Portfolio
When applying, Chase will take your current Chase credit card relationship into account to estimate your credit limit. This is because all cardholders have a maximum credit limit with each card issuer. The threshold depends on your annual income and other undisclosed factors to make sure you don’t overextend yourself.
If your current Chase credit cards have relatively low limits compared to your current revenue, it’s possible that your Ink Preferred limit will be on the high side. However, the threshold can be lower if your existing card limits are high in proportion to your income. In most cases, you won’t know until you apply, as applications are evaluated on a case-by-case basis.
These factors can become influential as you must be eligible for at least $5,000 in credit. That’s the minimum limit for the Chase Ink Business Preferred.
Business Banking Activity
It can also look at your Chase business banking activity, as it’s easier to estimate your average expenses and revenue precisely. Opening a Chase business banking account doesn’t guarantee Ink Business approval, but it can help if you’re a loyal customer.
Negative marks on your personal credit history, such as chargeoffs and a string of missed payments, can jeopardize your approval odds. You may need to wait for certain events to drop off your report before applying, even if your score is in the upper 600s.
In conclusion, what credit score is needed for the Ink Preferred? You should try for the Ink Business Preferred® Credit Card with a minimum 670 credit score. Further, ensure you maintain clean credit, a consistent business revenue, and remain under the 5/24 threshold. There are few data points of successful approvals outside of these criteria, as the Ink Preferred is somewhat challenging to qualify for.
100,000 bonus points: Ink Business Preferred® Credit Card