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all right guys so in my credit card binder i have a lot of business credit cards if you guys remember i have all three of the chase inc business cards i have the american express business platinum card i have the amazon business prime and the marriott bon voy business credit card so i'm someone who's a little bit more familiar in this field in terms of applying for business credit cards getting accepted and having a good wide variety of them so with that being said what i wanted to do is actually talk about where we are with business credit cards although before this pandemic and this recession happened it was pretty easy getting approved for a business credit card a lot of this has changed because of the current situation that we're in so a lot of you guys have been asking me in my dms on facebook everywhere what the situation is with business credit cards should you apply for now should you wait what is actually going on why are they not accepting people so this video you're gonna learn everything you need to know about business credit cards for this year so don't forget to drop a like on this video if at any time you find some type of value and don't forget to subscribe because literally 60 of you guys are not subscribed to this channel let's see if we can hit like 150 000 subscribers by the end of this week hopefully we'll be able to do that soon but thank you all so much for watching another video don't forget to watch the entire video because towards the end i will also be sharing with you exactly my personal recommendation on what you should do in terms of signing up for these business credit cards and how to better prepare for the upcoming future so an outline for this video we're going to be going over how the pandemic has affected approval rates we're also going to be talking about why it affected small business credit cards we're going to be talking about what the approval rates are now and how to increase your chances of getting improved for a business credit card now to start off the pandemic and the recession that we are in have obviously impacted business credit cards in a negative way now all credit cards i would say took a somewhat of a hit throughout the past few months but business credit cards actually took the biggest hit in approval rates for actually accepting brand new applicants many restaurants many small businesses many brick and mortar stores actually had to close down not because they wanted to but because of government and state mandate so this impacted a lot of small businesses and when this actually happened the banks were very very worried so whenever we see a lockdown or we see a lot of small businesses defaulting on their rental payments and a lot of small businesses actually closing down the immediate thing that the banks are naturally going to do is to actually reduce their credit limits or to stop accepting new applicants for these small businesses in a very risky time well the credit card product is already a pretty volatile space in terms of people going into debt not being able to pay it off and then going into collections and then the banks losing further money business credit cards is pretty much an amplified version of that because unlike personal credit cards they offer you a few benefits that most you guys may know one of them depending on who you actually get your credit card from some companies may not report your business credit report onto your personal credit score so that is very risky that is very dangerous on top of that people are known to get very large credit limits among their business credit card so when you have a factor of okay a lot of people can default on these huge credit limits they may not pay back and it doesn't affect their personal credit report the bank's immediate response is we need to cut this we need to make sure that we patch up the bleeding before it gets even worse so as soon as news got bad about everything going on in the world one of the first things that banks did was actually shut down a lot of their marketing spend on these credit cards for businesses and we saw that they shut down the referral friend program they shut down actually direct marketing for these business credit card products and for many of the people that are trying to get approved for them they actually got a lot of interesting responses so take for example in our facebook group at the credit society where one of our members josh said a few months ago that he actually got declined with a 7 30 fico score but the decision that the chase bank gave him was that the business was too new now in the past if you did get declined for a business credit card it would be other things like there wasn't enough history on your account or your personal credit score was just too low but this was actually a first time that many people are seeing the response that their business was frankly too new so if you're someone who wanted to start their own business during this time chances are you wouldn't actually get a business credit card like you could in the past so the approval rates now are nowhere near pre-pandemic levels but they are not as bad as it was a few months ago the rough estimate that a lot of the data points are showing is that we're about 50 to where we were before all this craziness started happening so if you guys tried applying for a business card a few months ago chances are you just get the simon cowell x now although the approval rates have gotten better do i recommend you guys to apply for business credit cards during this time i don't think it's still the best time especially if you have a newer business that you started within this past year now if you're someone who's had a business for a very long time you're actually going to use these business credit cards for the benefit of whatever business spend you have to do then i would say that's a little bit of a different situation and if you want to make that risk go ahead that's on you but in my opinion if you want to play it safe there are too many good cards right now with different card offers that if you haven't picked up yet like the freedom flex or the freedom unlimited i would just continue to add those to your portfolio before getting back into business credit cards knowing that the risk is still there with these banks and they're not approving everyone like they used to in the past my biggest thing is when i had a legitimate business it was still very difficult for me to get approved for business credit cards when everything i had was good i had all the paperwork i had my ein but even then a few years ago before the craziness happened i had a very hard time getting approved for a business credit card i can only imagine how difficult it is now but if you did decide that you wanted to apply for a business credit card now here are two tips that you can use in order to increase your chances of approval so number one is just make sure that it is a legitimate business somehow so if you have a website make sure you have domain ownership make sure that you have a valid ein in the past you can get an ein instantly i've heard from a lot of friends and family members that getting that ein is actually a little bit harder now so instead of getting it instant like they did on the irs website when you applied for it within that time window when they were open online which i still don't really understand either because they act like they are not open during this time but it's the internet internet's 24 7. if you don't have an ein it's going to get very difficult for you in order to get a business credit card but have an ein try to register your business somewhere where you have that legal entity name and you have some type of structure for it all of these things are going to be great for when they ask proof if you own the business is the business legitimate you just toss all these things over so you can get through the process a little bit quicker in terms of getting it confirmed for the approval of that car many of you guys also asked me the question oh brian do i need to get a dmb score do i need to build my business credit profile first before applying for these cards the answer to that is no the one thing that you want to focus on in terms of trying to get approval for a business credit card have legitimate businesses open under your name that you have proof for and number two have a good personal credit score business credit cards although it is a business line of credit they will pull from your personal credit report to see how well you are at paying off your credit cards on time if you have a shot up personal credit score in the 500s chances are they're not going to approve you for a business credit card but if you have a score maybe in the 680 700 that's still kind of risky i would say anything above 700 you should find yourself having a good chance of getting approved for many of these cards the formula is very simple don't overthink it have proof of the business have a good personal credit score you don't need anything else if anyone tries to sell you on a service saying you need this you need that if you don't have this no no just have those two things you'll get approved and move on the only reason why you would get denied right now is because of the risk that we're going through but like i say my recommendation is if you're not in a rush hold off on it wait till we see some better increased offers when they open up the gates so people actually start applying for these business credit cards even more i think towards the end of q4 maybe starting in 2021 we should see a hundred percent approval rates based on what your personal credit score is and they're not going to just decline people because they don't feel like doing it off of risk i think in the beginning of next year if banks aren't evicting and foreclosing everyone who defaulted on their payments if it's not as bad as we expect it to be i believe in january it's going to be a perfect time for many people to apply you should see some better welcome bonus rates on top of that you should have a better chance of getting approved for these cards i personally don't like getting denied for a credit card because i know that it shows up on the algorithm for whatever reason i just don't want that flag i believe that if you do apply you should have all the best chances and the best odds for you in getting approved for that card now i think the next two months are gonna be vital in seeing if whether things are gonna actually be worse for the entire credit card community or things are gonna get better they're gonna want more people to sign up and things begin to return back to normal so thank you all so much again for watching another video if you guys have not yet like the video don't forget to do that if you guys have not yet subscribed don't forget to join the jungie fam as well connect with me over on instagram credit brian don't forget to join us over at the credit society on facebook we have 20 000 plus members in there and all we do is pretty much talk about credit and uh troll every now and then so if you guys want to be a part of a fun little community you can join our facebook group down there one last thing don't forget to check out the links down below in the description i have links to credit cards savings account and other investing products that will all earn you free money or give you a good chance of earning free money so if you guys sign up for got it down below you'll actually have the ability to win 250 free tickets just by using my link zhang down below that can give you a chance of winning up to 10 million or even a free tesla if you guys get lucky with that thank you all so much again for tuning by another video y'all are crazy i love you guys and hopefully i'll see you in the next one peace out