It’s not uncommon for your business credit card application with Chase to go to pending or for you to be asked to call in to inquire about your application. It also seems to be getting more difficult to get approved for Chase business cards compared to a few years ago. For those reasons, you need to know if you should call Chase reconsideration, and if you do, what to expect. I’ve done two business (and a handful of personal) recon phone calls with Chase and have been successful 100% of the time (so far), so I’ll give you my take on the experience.
To call or not to call
The general consensus is to not call for the business reconsideration line until you have been denied. There are a few reasons for not calling in….
The thinking is that you’re removing your application from a pool of applications that could be auto approved and potentially allowing the discretion of a banker to determine your credit card fate. Bank discretion can become a big problem if you have a lot of accounts recently opened, hard inquiries, or any other potentially damaging factors on your credit report, so many like to avoid recon until they’re forced to face it.
Another reason is that a lot of people just aren’t good with answering questions on the fly and might screw up their chances by saying something stupid or something that the bank rep (whether rightly or wrongly) finds suspect.
And finally, the numbers just seem to be against you. I’ve done a fair amount of research (although not exactly scientific in nature) and from what I’ve gathered, calling in appears to not do you any favors in getting approved.
All of the above are legitimate reasons to avoid calling and that’s why my recommendation is to not call reconsideration until you have been denied. At that point, you have nothing to lose and there’s no harm in calling.
Who to call
The Chase Business Reconsideration phone number is: 1-800-453-9719. There business hours are 8am to 5pm EST, M-F. EST. (Note: this is accurate as of March 22, 2016.)
What to expect when you call
Every time I’ve called business recon I’ve been greeted almost instantly by a live representative. I give them my social security number and then they look up my file and ask what they can do for me.
I always remain as friendly as possible and just tell them that I want to “inquire into the status of my recent credit card application.”
After some verification questions, they’ll usually put you on hold for a while and then come back, ready to look over your app.
At this point, they may only ask you a few quick questions about your business or they might go into extreme specifics — I’ve encountered both ends of the spectrum with my prior dealings with Chase. Because you don’t know how they are going to come out for you, it’s important to make sure that you’re ready for them.
So here are some things you really need to know.
Know your business
This should be easy for you assuming you’re not trying to game the system with a “business.” In my first recon call, I was only asked about the name and age of my business but in the second recon call they went in depth about the nature of my business and what in particular I do, sell, etc. It was much more difficult than the first recon call but still not entirely daunting.
They asked such questions as:
- What is your business?
- What products do you sale, how much, etc.?
- How old is your business?
- How long have you been in the trade?
- Number of employees?
- Why does your business need this credit card?
I had a memorized one sentence description of my business that I spit out and then just starting to go into detail about what it is I do. All of the business reps I’ve dealt with have been nice but I’ve heard reports of some reps being a bit aggressive and approaching the call like an interrogation.
Know your business figures
This is the portion of the call that most people stumble on because if you’re not prepared for it, then it’s easy to say something contradictory or something that doesn’t sound right. Remember, these bankers deal with applications all day long and it wouldn’t surprise me if some of them have developed an intuition for identifying applicants who are trying to game the system with their “eMerchandise business” (aka “I sold a watch on eBay two years ago”).
Have figures/charts ready to answer the following questions:
- What is your annual revenue, expenses, and profits?
- What were your annual revenue, expenses, and profits for the previous year? Year before that?
- Are you currently operating at a profit or loss?
- What is your expected revenue, expenses, profits for the next year? The year after?
- Why do you suspect they will increase or decrease?
Sound like you know what you’re talking about
I think one key to the reconsideration calls is that you need to sound confident.
A true business owner should know his or her business like the back of his or her hand and shouldn’t be stumbling around with basic questions. It really helps to have a cheat sheet on hand when you make the call so you can just spit out the answers needed.
In my experience, the above questions were all that were covered. However, don’t be surprised if they start getting into your recent account history. Chase seems to be doing this more and more with both personal and business cards. So be prepared for some potentially intrusive questioning about why you have so many new accounts.
Verifying your ID for a business card typically involves standard procedures like faxing in a copy of your license or submitting some form of notarized document from a financial institution. However, in some (I believe rare cases), you might have to submit tax forms and/or business filing documents relating to your business. Hopefully that won’t happen to you but if you’ve done nothing but told the truth you should have nothing to worry about.
If you’re denied
It’s always a good idea to call back and try at least once or twice with a different representative. Keep in mind that they notate your account when you call back so the reps will likely know that you’ve called once, twice, or more than that, which may affect their attitude towards you. If calling back doesn’t work then you may just have to try again 3 to 6 months down the road.
That’s it for Chase business recon. Just be prepared with a cheat sheet for the above questions and you should be just fine. Oh, and if you’re interested in the Chase Ink+ check out my tips on how to get approved.