How Long Business Credit Card Approval Takes (2024)

FAQs

How Long Business Credit Card Approval Takes? ›

It can take anywhere from a few minutes to a few weeks to get a business credit card, though on average it shouldn't take more than 10 to 14 days. In many cases, a business may receive instant approval for a business credit card, but it may take longer to come to a decision other times.

After you submit your application, you'll need to wait for the card issuer to review it. If it's an online application, it could be approved in minutes, but it's also possible it could take a few days. If you're approved for a card, your issuer will mail your card, which typically takes a week or two after approval.

How long does it take to get a Chase business card approval? The approval time for a Chase business credit card can vary, but typically, applicants receive a decision within 7 to 10 business days. In some cases, if further review is needed, it might take up to 30 days to get a final decision.

While building a robust business credit report can take as long as three years, most new companies can achieve a top-tier business credit score in 12 months. If you're interested in learning more about building business credit fast, read on.

Credit card issuers are required by law to respond within 30 days, but online applications may be approved in a few minutes.

Can a newly formed LLC get a business credit card? Yes, a newly formed LLC can get a credit card, though approval often depends on the business owner's personal credit score, as many business cards require a personal guarantee. If the LLC has started building a business credit history, that can also aid in approval.

Approval for small-business cards is based largely on your personal credit score. Most cards require good or excellent credit — typically a personal FICO score of 670 or higher.

Chase 2/30 rule: Too many new cards in one month? Some credit card experts believe that Chase is also likely to decline new card applications if you have opened two credit cards within 30 days. This is known as the "2/30 rule." Because I had just opened two new cards, Chase was reluctant to let me open another.

Many card issuers have criteria for who can qualify for new accounts, but Chase is perhaps the most strict. Chase's 5/24 rule means that you can't be approved for most Chase cards if you've opened five or more personal credit cards (from any card issuer) within the past 24 months.

One of the easiest Chase business credit cards to get is the co-branded United℠ Business Card. All Chase business cards require at least good credit for approval, though co-branded cards without a ton of premium perks tend to be easier to get than traditional business credit cards.

What is a good credit score for an LLC? ›

A good credit score for an LLC is typically considered to be in the range of 600–800, similar to your personal credit score. The higher your score, the better it looks to potential lenders and vendors who might want to do business with you.

This EIN allows your LLC to open bank accounts, apply for loans, and build credit in its own name. An LLC starts with no credit score. Just like an individual, an LLC must build its credit over time by engaging in responsible financial behavior, such as taking out loans and lines of credit and making payments on time.

An LLC loan will only impact your personal credit if you cosign or guarantee it. If you don't do so, your personal credit report will remain unaffected.

If you have the 7-10 day message, this likely means you were rejected. You can either wait for a letter or immediately call the reconsideration line to see if they will approve you.

The credit card approval process involves gathering personal information, verifying income and checking credit reports. Common reasons for a pending application include frozen credit reports, mistakes on the application and too many recent credit inquiries.

You could be approved for a credit card right away if you apply online. That's if your application satisfies the lender's credit policies. If the issuer needs more information to decide, it could take longer. You could also get approved or denied quickly if you apply over the phone or in person.

Banks are not known for fast loan processing. From the moment you submit the application and required documentation, most small business bank loans can take a week or more to approve your application. After approval, receiving your loan funds in your business bank account will also take time.

Good, qualifying credit scores are generally 670 and above. It's also possible to raise your credit score if it's not high enough to meet the application requirements. Can a new LLC get a credit card? You can qualify for a small business credit card as soon as you establish an LLC.

You need a personal credit score of 700 or higher to qualify for the best business credit cards. The exception to this rule is corporate cards, which usually don't check your credit score. Instead, these cards require that you have a certain amount of capital in a business bank account.

In general, though, you can expect to need a solid year to build up your business credit score. The actual time it takes to build credit for your business may vary, as it depends on many factors, such as how long you've been in business, your payment and credit history, and how much business debt you have.