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Posts: 4
Registered: ‎04-06-2013
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Just started business and approved for Capital One Spark Classic

Hey guys just to let you know if you are looking for a starter business credit card Capital One offers the Spark Classic. I just started a business filled as a corporation April 1st, today April 6th I applied and was approved for the basic limit of 500. I did have to enter my personal info and I do have a personal card with them as well not sure if that made a difference or not. The APR is high 22.9% and the limit is low, this card has no annual fee and is advertised as a step up card in reference to the limit. Says that if paid on time for the first 3 months, 5th billing statement will reflect CL increase

 

My personal scores are around 600 give and take 10pts with all three TU being the highest. I'll keep you updated on how much the increase was once I get it.

Current Scores : TU 597 EQ 596 EX 594 (4/1/13)
Goals : Building business and personal credit
Corporate Wallet : Capital One Spark Classic CL500
Personal Wallet : Capital One Platinum CL 300, Wells Fargo Secured CL 400, Matrix Discover Secured CL 300, Westlake Auto loan


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Senior Contributor
Posts: 26,757
Registered: ‎02-07-2013
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Re: Just started business and approved for Capital One Spark Classic


RockHaven wrote:

Hey guys just to let you know if you are looking for a starter business credit card Capital One offers the Spark Classic. I just started a business filled as a corporation April 1st, today April 6th I applied and was approved for the basic limit of 500. I did have to enter my personal info and I do have a personal card with them as well not sure if that made a difference or not. The APR is high 22.9% and the limit is low, this card has no annual fee and is advertised as a step up card in reference to the limit. Says that if paid on time for the first 3 months, 5th billing statement will reflect CL increase

 

My personal scores are around 600 give and take 10pts with all three TU being the highest. I'll keep you updated on how much the increase was once I get it.


Welcome to the forum,

Congratulations on your new card and successful corporation setup. You should receive a letter stating after you complete your credit step program what your new credit limit will be.

 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/2013
Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Just started business and approved for Capital One Spark Classic

[ Edited ]

myjourney wrote:

RockHaven wrote:

Hey guys just to let you know if you are looking for a starter business credit card Capital One offers the Spark Classic. I just started a business filled as a corporation April 1st, today April 6th I applied and was approved for the basic limit of 500. I did have to enter my personal info and I do have a personal card with them as well not sure if that made a difference or not. The APR is high 22.9% and the limit is low, this card has no annual fee and is advertised as a step up card in reference to the limit. Says that if paid on time for the first 3 months, 5th billing statement will reflect CL increase

 

My personal scores are around 600 give and take 10pts with all three TU being the highest. I'll keep you updated on how much the increase was once I get it.


Welcome to the forum,

Congratulations on your new card and successful corporation setup. You should receive a letter stating after you complete your credit step program what your new credit limit will be.

 


Welcome to the MyFico Forums!

 

Congrats on your new credit card!  Feel free to browse around and read threads, or insert your own experiences here.

 

Thank you for sharing your experience with the MyFico Business Credit Community.


Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
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Registered: ‎10-23-2007
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Re: Just started business and approved for Capital One Spark Classic


RockHaven wrote:

Hey guys just to let you know if you are looking for a starter business credit card Capital One offers the Spark Classic. I just started a business filled as a corporation April 1st, today April 6th I applied and was approved for the basic limit of 500. I did have to enter my personal info and I do have a personal card with them as well not sure if that made a difference or not. The APR is high 22.9% and the limit is low, this card has no annual fee and is advertised as a step up card in reference to the limit. Says that if paid on time for the first 3 months, 5th billing statement will reflect CL increase

 

My personal scores are around 600 give and take 10pts with all three TU being the highest. I'll keep you updated on how much the increase was once I get it.


Yes, The Capital One Business Cards are backed and secured by your credit and it will report to your credit report each month.  It also pulled a Hard Pull on each of your 3 Credit Reports when you applied.  But congrats on the new approval and Congrats on the new business.  With Scores in the low 600's, This might actually continue to help you in your personal credit building as well as business.

Fico Scores: EQ- 647., TU 705 Sync, EX 700 (04/07/15)
I'm just trying to catch up to RON1
Highest Limit: Navy Federal Cash Sigi Visa $50k (AU)
Lowest Limit: Target $200
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Moderator Emeritus
Posts: 7,225
Registered: ‎09-16-2011
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Re: Just started business and approved for Capital One Spark Classic

I agree with CreditAddict! :smileyhappy:

Starting Score: 08/29/2011 TU 671 EQ 674
Current Score: TU 754 EQ 694 EX 697
Wallet: NFCU Visa Sig 25k, Amex Lowes 22k, NavCheck 15k, Amex PRG, Amex Zync, Discover It 13.5k, Amazon Visa 5k
Platinum Spade Garden Club Member: App Free since 1/1/13. No more apps til who knows when?
MyFICO Fitness Goal: 800s Club!



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Posts: 26,757
Registered: ‎02-07-2013
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Re: Just started business and approved for Capital One Spark Classic

FYI

Be sure and pay off before statement cuts if possible because it reports on your personal CR as well and as a result may affect your UTL.

It reports to all 3 business CA's and shows on my personal CR as business credit card. 

"Intelligence plus character--that is the goal of true education"
Last 5 apps 6/2013
New Member
Posts: 4
Registered: ‎04-06-2013
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Re: Just started business and approved for Capital One Spark Classic

[ Edited ]

thanks

Current Scores : TU 597 EQ 596 EX 594 (4/1/13)
Goals : Building business and personal credit
Corporate Wallet : Capital One Spark Classic CL500
Personal Wallet : Capital One Platinum CL 300, Wells Fargo Secured CL 400, Matrix Discover Secured CL 300, Westlake Auto loan


Valued Contributor
Posts: 1,265
Registered: ‎09-14-2012
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Re: Just started business and approved for Capital One Spark Classic

10 to 1 your new limit will be $750

Never take credit personally

Amex BCP $24,900; Chase Sapphire Preferred $24,200; Chase Marriott $20,000; Discover It $12,500; Chase Ink Cash $15,000; Chase Slate $13,500; Citi TYP $12,900; Capital One Venture $15,000; Amex SPG Biz $3,000; DCU Visa $10,000; Logix FCU $15,000; Citi Home Depot $8,800; Lowes $8,000; Care Credit $6,000; Penfed Platinum Sig $16,000; Barclay Arrival Plus WEMC $15,000; US Bank PLOC Overdraft $1,500; US Bank Perks+ Visa Signature $8,600; US Bank Edge Rewards Business $10,000; PenFed PLOC $5,000

New Member
Posts: 4
Registered: ‎04-06-2013
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Re: Just started business and approved for Capital One Spark Classic

We shall see still waiting on card and letter 

Current Scores : TU 597 EQ 596 EX 594 (4/1/13)
Goals : Building business and personal credit
Corporate Wallet : Capital One Spark Classic CL500
Personal Wallet : Capital One Platinum CL 300, Wells Fargo Secured CL 400, Matrix Discover Secured CL 300, Westlake Auto loan


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