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Contributor
jonmartin
Posts: 92
Registered: ‎06-05-2009

Just got approved for Chase Ink & Cap One Spark.. Have questions

Hey folks I just wanted to share with the community that I was just approved for a Chase INK cash card for my business. I'm excited for this as my business was officially started in December in 2011 (although I've been in the field for 10 years with another company) I also don't have any trade lines with this account although I did just get approved for a Capital one spark card within the last few days (more on that later) My question for you guys with experience is whether or not I should still bother setting up net trade accounts? From what I've gathered here on the forum from reading is that most people say to establish a D&B number with various accounts first and then apply for cards but I guess I skipped that and went straight to a chase ink card with a $2,500 limit so does that mean I should just keep my account on time and in good standing? 

 

My ultimate goal is to get an auto loan for a new work truck or van. Now since I was also approved for a Capital One spark classic I'm wondering if I should keep this card or cancel it once it arrives? I've had alot of problems in the past with my personal credit including a BK & Repo in 2008 The last 8 months or so have been been great for my business and I've been on time since then with everything Auto loan (with chase), Two Cap one Personal credit cards. Right now my personal credit score is 600 accoring to myfico equifax. What should be my next move? Any input appreciated. 

NFCU Flagship Rewards Visa Signature $5,000
NFCU NavCheck LOC $10,000
Chase INK Cash $5,000
Chase Freedom $1,500
Bank of America Cash reward 123 $5,000
Barclays Arrival World MC $3,000
Mega Contributor
Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

Re: Just got approved for Chase Ink & Cap One Spark.. Have questions

You got Chase and Cap1 with a 600 Fico???

What's limit on Capital One?

Why would you close it? You took 3 HP and it's approved and going on your report as a new account rather you keep or close.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:
Contributor
jonmartin
Posts: 92
Registered: ‎06-05-2009

Re: Just got approved for Chase Ink & Cap One Spark.. Have questions

Yes with a 600 fico.

 

I don't know what the limit is on the Cap one card is the agent said it was too new or something to know the limit?? I read another member was told the same thing from calling in.

 

I only asked if I should keep the capital one card because 

a. The interst is higher according to their site something like 20+% vs the 0% intro on my chase card and (10.2% after intro) 

b. It reports to both personal and business credit profiles. I'm not sure if thats going to help or hurt me.

 

NFCU Flagship Rewards Visa Signature $5,000
NFCU NavCheck LOC $10,000
Chase INK Cash $5,000
Chase Freedom $1,500
Bank of America Cash reward 123 $5,000
Barclays Arrival World MC $3,000
Mega Contributor
Creditaddict
Posts: 18,818
Registered: ‎10-23-2007

Re: Just got approved for Chase Ink & Cap One Spark.. Have questions

Well other then if you get the Util. high with Cap1, all other things that "might" hurt your score have already happened.  Keep it, charge a cell bill or something to it.

Fico Scores: EQ 639 Navy, TU 665 GE, EX 677 Prosper (07-09-14)
You will have to put up Electric Fence to keep me in the garden!
Highest Limit: Fidelity Amex $25k (AU)
Lowest Limit: Buckle $250
Over 30 Cards in between :smileytongue:

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