In August my business received a call from Chase Bank about a Chase Platinum Business Visa. Did not suspect any fraud because we also received these same offers via mail. The sales representative said the card was pre-approved for $14K. I ask how was it pre-approved? I stated to him that it was my understanding that most unsecured business cards required a "personal guarantee, " and I stated to the sales rep that if that was the case I was not interested in applying. The Sales Rep said that this particular card DID NOT require a "personal guarantee, " and that the pre-approval was based on our company's DUN & Bradstreet number and that the company had been in existence for at least 3 years. We did the application over the phone in which I provided all the appropriate company info. To my knowledge, that phone call was recorded by Chase. I DID NOT provide any of my personal information other that my name and my co-worker's name to get a second card. A few days later, we received the cards in the mail. Everything with the cards seemed legit until this year. After Hurricane Ike and the economic slowdown, my business' income dropped substantially and we missed a payment. The account was immediately turned over to collections. I talked to the collector, and she informed me that if the account went into 60 day delinquent, that it would affect my personal credit. I was confused because I NEVER provided Chase with any personal information for myself or co-worker. (We do have a Washington Mutual bank account, and Chase did buy WAMU out... Maybe that is how they got it our info.) I then called Chase myself to find out if what the collector said was true. It was, so I asked how that info was obtained? She said it was listed on the application. That's funny because the application was done over the phone, and I did not provide Chase with any SSN's. I have written a letter to Chase to obtain a copy of that application. (Still waiting for a response.) I have never had any personal accounts or credit cards with Chase, so I am confused how they obtained that information. I would like to hear the recorded information when the application was taken. Is there anything else I can do? Was I a victim of fraud or shady business lending as seen in the mortgage industry? There is no way I would have opened this credit card account if I knew that I had to "personally guarantee" it. Has anyone else had this problem? Or something similar with another card/bank?
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