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Money

The www.FedPrimeRate.com Personal Finance Blog and Magazine

Saturday, October 29, 2005

A Test of My New Credit Score Results In Failure!

As I reported here recently, my credit score jumped from 686 to 706 this month. Emboldened by this development, I decided to test the power of my new FICO score by applying for a new business credit card.

I'd had my eye on one particular business credit card offered by Chase for about 8 months; I was attracted to it's exceptionally low interest rate (APR) and excellent benefits. I hadn't had the courage to apply for the card before because I knew that a card with such a low interest rate would not be easy to get: I knew that only folks with truly excellent credit would be able to get this card and enjoy its benefits.

Well, my application was rejected, and I'm certain that my personal credit history and my personal FICO credit score influenced the outcome of the application. Darn' it!

Of course I'm disappointed that I won't have this credit card in my wallet--Chase was offering an exceptionally juicy 0% balance transfer offer with the card!--but I'm not devastated. I currently have 2 business credit card accounts and I am quite satisfied with both. However, the bottom line is that if my recently rejected application had instead been accepted by Chase, I would have been able to save some cash in the long term by a) taking advantage of the 0% balance transfer offer by transferring one or two balances to the new card and b) having and using a business credit card with a fixed annual percentage rate that is as close to the prime rate as I have ever seen.

Looks like I flew too close to the sun this time around. But I'll apply again in about 6 months. Wish me luck!

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