This is a common question many small business owners have. First, and foremost, why are you looking for a business credit card?

Is it because you need small business financing?

Before you proceed with the hard pull with a chase business credit card, speak to Delancey Street.

We have many small business funding solutions that can give you the capital you need without the hard pull on your credit card.

Often, many credit card companies will do a hard pull – even if they ultimately decide to reject your application.

It’s really unfortunate, and hurtful.

The great thing about working with a firm like Delancey Street is we can help you understand whether you can get funding, through a consultative approach – before doing a hard pull.

Why are you considering getting a business credit card from Chase?

  • You need working capital to help expand the business
  • You think that credit card rates are affordable for capital
  • You think that Chase has flexible terms, and you’ll be given flexibility on the repayment

Why is this incorrect?

  • There are many affordable solutions better than a Chase business credit card

For example, you can get a hard money loan, also known as a real estate collateralized loan, which comes at a 8-9% APR. In contrast, Chase Business Credit Card’s have a 20% APR.

You could be paying 100% more by borrowing working capital using a Chase business credit card!

Do other alternative forms of financing have a hard credit pull?

Other forms of financing like real estate collateralized loans don’t have the same hard money pulls. Typically, lenders will do a soft pull. They are looking at the value of your real estate, and it’s value, in order to justify the loan you’re about to get.

Does Chase do a hard pull for business credit cards?

Yes. They will do a hard pull, just like any other credit card company, even if you ultimately get rejected. As a result, it’s advantageous to work with an alternative lender that is focused on more than just your credit score.

Instead of a Chase business credit card, get a small business loan

Chase business credit cards are great, but there are so many other alternatives where credit isn’t important:

  • Invoice factoring
  • Small business loans
  • Term loans
  • Lines of credit
  • Real estate collateralized loans

Invoice Factoring – no hard pull required

One of the great things about invoice factoring is that you don’t need to worry about your own personal credit, and your own bad credit. For example, with invoice factoring – what’s important is the credit of the OTHER party.

  • You give your invoice as collateral for the funding
  • You get an immediate infusion of cash
  • You are able to get funding fast
  • Your credit doesn’t matter
  • The only thing that matters is the credit of the person who has to repay the invoice

Small Business Loans

There are many ways of getting a small business loan. For example, there are many lenders who offer “bank hybrid,” small business loans that have a 12-18% APR. Depending on your credit score, and how much revenue your business generates, you could get a small business loan at a reasonable rate.

Will a small business loan result in a hard pull?

When you get a chase business credit card, you get an immediate hard pull on your credit score even if you get rejected.

In contrast, when it comes to small business loans, usually, lenders will do a soft-pull in order to understand your credit profile. Once they do this, they offer a preliminary offer. If you accept the terms of the small business loan, usually lenders will do a hard credit pull at that time.

Why do small business loan lenders do a hard pull near the end of the underwriting process?

Hard credit pulls are expensive. Lenders only will do it at the end when they know you’re taking the offer for their small business loan.

Delancey Street is here for you

Our team is available always to help you. Regardless of whether you need advice, or just want to run a scenario by us. We take pride in the fact our team loves working with our clients - and truly cares about their financial and mental wellbeing.

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