Credit score needed for the Ink Business Cash Credit Card

The Ink Business Cash® Credit Card is an outstanding small-business credit card that earns valuable Chase Ultimate Rewards points.

For no annual fee, the Ink Business Cash earns you 5 percent cash back on internet, cable and phone services and at office supply stores (up to $25,000 in purchases per year), 2 percent back on gas and dining (up to $25,000 in purchases per year) and 1 percent back on everything else. Plus, its first-year welcome bonus gives you the opportunity to earn $750 cash back after you spend $6,000 on purchases in your first three months.

While all of this may sound great, before you apply for the Ink Business Cash, it’s important know your credit score and how it can affect your approval odds.

What credit score is needed for the Ink Business Cash card?

Chase does not publish a specific credit score that is needed to be approved for the Ink Business Cash Credit Card, but you’ll likely need good or excellent credit. If your FICO score is between 740 and 850, it’s considered “very good” to “exceptional,” and a score between 670 to 739 is considered “good.”

If your credit score is 670 or higher, you’re likely to be approved for the Chase Ink Business Cash. But if your score is lower than that, you may want to consider other business credit cards for fair credit (or even bad credit) or work to improve it. Once you raise your score, you can once again consider the Ink Business Cash.

What can I do if my application is denied?

If your application for the Ink Business Cash is denied, there are a few things you can do — and the first is to determine the reason that your application was denied. Credit card companies are required by law to send you a letter in the mail if you’re denied based on the information in your credit report, and this letter will state the reason that your application was denied. Some reasons often cited by credit card issuers include poor credit, limited credit history, insufficient income or other negative information on your credit report.

Once you know the reason your application was denied, you should review your credit report for accuracy. A denial letter should also let you know that you’re eligible to get a free copy of your credit report and how to access it. If there are any inaccuracies, report them to the credit bureaus. It may not help you for this particular credit card application, but it could raise your credit score, which will put you in a good position for future credit inquiries.

Depending on why your application was denied, you may also have luck in calling the Chase reconsideration line at (888) 270-2127 and speaking to a credit analyst. A phone call with a credit analyst may not change the outcome if your credit score is significantly below the threshold, but if there’s missing or inaccurate information on your credit report, it could make a difference. In any case, being able to explain your situation to an actual person can be worth a shot if you want to increase your chances of being approved.

How can I improve my score to get this card?

It’s not a good idea to apply for a credit card when you have a high chance of being denied. One key reason is that a card application generally results in a hard pull on your credit. This can temporarily lower your credit score by a few points, so there’s no reason to take that hit to your credit unless you’re confident your application will be approved.

The best way to improve your credit score is by making all of your credit card payments on time and in full every month. Here are a few other tips that can help you improve your credit score:

• Use services like UltraFICO or Experian Boost. These services are relatively new and can help if you’re regularly paying utility or cellphone bills or have checking and savings accounts. These accounts typically don’t show up on a credit report, but services like UltraFICO and Experian Boost use alternative data to improve your credit score.
• Review your credit report every couple of months for incorrect information or errors. If there are any, you’ll want to report them to the credit bureau as soon as possible.
• Lower your credit card balances. High credit card balances increase your credit utilization ratio, or the amount of credit you’re using relative to your limit. This credit scoring factor accounts for 30 percent of your FICO score.

Bottom line

The Ink Business Cash Credit Card is a tempting choice for small-business owners looking to earn rewards on their business spending (and a relatively large sign-up bonus, to boot). But if your credit score is lower than 670, you’ll likely be better off shopping for a different card and working to improve your score before applying.