Chase makes major changes in credit card approval and BLOC process with BRMs and certain NAICS codes.

Based on the provided information, Chase has implemented several significant changes to its credit card approval process and bank line of credit processes, impacting businesses and individuals, including those interacting with relationship managers and within certain NAICS codes.

Key Changes:

Changes impacting Business Relationship Managers (BRMs): Business relationship manager applications nationwide will no longer be allowed. Historically, having a relationship with a BRM could be advantageous in the approval process, including obtaining higher credit limits due to their direct access to underwriting.
Stricter Credit Card Approval Process:5/24 Rule: Chase has a strict 5/24 rule, which means that if you've opened five or more personal credit card accounts (from any bank) in the past 24 months, your application for most Chase credit cards, including business cards, will likely be automatically denied. Revised Approval Algorithm: Chase has changed its approval algorithm for credit cards. One consequence is that having multiple existing Chase Ink business cards could decrease your chances of being approved for another Ink card.
Impact of NAICS Codes: Your business's NAICS code can significantly impact your ability to get approved for credit and loans. High-Risk Industries: Lenders, including Chase, utilize NAICS codes to determine if a business operates in a "high-risk" industry, which can lead to denials, reduced credit limits, or higher premiums. Some industries are more likely to be classified as high-risk, including those involved in firearms, gaming, and certain financial services. NAICS Mismatch: Using an incorrect or mismatching NAICS code could also lead to application issues.
Enhanced Focus on Creditworthiness: Chase continues to emphasize the importance of creditworthiness in the approval process for both business credit cards and lines of credit. Good credit history: You and your business should be free of recent delinquencies or bankruptcy, with a history of consistent on-time payments. Debt-to-credit ratio: The amount of available credit you are already using is also a factor.

In summary, while Chase continues to offer credit card and line of credit options, the application and approval processes have become stricter, particularly concerning the removal of relationship manager applications, the 5/24 rule, and the significance of NAICS code classification for businesses. Chase Bank continues to emphasize creditworthiness for credit and loan approvals.

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