What an up and down day. I finally reached my 45 day waiting period to apply for the Cap One Spark Cash. I waited an extra day for good measure and called this morning to apply. DENIED. Of course, due to "Federal Regulations" on privacy that no other CC issuers seem to need to follow, nobody at Cap One can help me with a recon until I get that stupid letter. I was so mad. My TU FICO was 739, my EQ FICO was 710 and my EX FICO was 692 on 3/1 but is probably around 710 now based on PLUS Score movement over the past two weeks. I should NOT have been denied and I may even get approved on a recon once I get that silly letter and call back. I'll bet there's a really dumb reason for the denial. But I shouldn't have been denied.
A few hours later, I took a chance on the AMEX Plum Card. I held my breath: APPROVED. No pending, no delayed response, no recon needed. I really like this card....not as much as the Spark Cash but it's still a great card and unique card with special benefits on trade terms and 1.5% discount for paying promptly. My first AMEX card. I aimed a little high and got it. 
But all it did was make me even more angry at Capital One. I hate that company. I have a Cap One Platinum with a lousy $1000 limit that hasn't budged after 6 months heavy usage and excellent payment history. Denied an increase every time. I had a fiasco with 6 year old paid/CLOSED charge off that I tried to get deleted and instead I payed a "fee" that caused , EX report to update with a collection payment in 12/11/11. They have been unable to fix it. And then I was denied a Venture in Feburary.
A few weeks ago, I got approved for a Chase Ink Cash $3500 limit and then called a few days later for a $7000 limit and got it. No problem. So AMEX and Chase think I'm worthy but Cap One doesn't. Whatever.
Capital One's way of doing business is really irritating. They seem to deal more with subprime borrowers....but then on the flip side are really difficult jerks with good credit people. Their stated criteria for credit levels suck and are not precise. I really wanted that Spark card. They are difficult people to deal with. UGH.
BTW: AMEX claimed they were pulling on all 3 bureaus. I haven't seen any news alerts yet. Cap One said they were pulling one bureau and I don't know who it is yet.
So, there it is. My reports are going to take some dings from this double-app-day but I don't plan on getting anymore cards for a while. I hope this info is helpful for anyone considering these business cards.
Starting Score: 693 TU FICO, 679 EQ FICO 
As to why I want the Spark Cash card:
It gives 2% cash back. I own a business through which I'd be spending about 28-30K per month on it. Two percent on that is a LOT. Chase Ink pays 5% on certain items, 2% on a couple others and 1% on all else. But none of those expenses are the big ticket items I planned on putting on the Spark. The Plum Card is great and I am glad to have it. It gives a 1.5% discount if I pay with 10 days of the statement report (plus the added convience of carrying a large balance for two months interest free. THAT is really nice). So, that half percent difference adds up to about $1600 to $1800 annually and I have to pay the Plum faster in order to get that 1.5%.
Of course, the flexible interest free trade terms may offset that if I hit a tight spot and need to pay something before getting hit with penalties and fees. I have paid sales taxes late at times and the late fees add up fast. Even with the "convenience fee" charged to pay taxes through my state's dept of revenue, it's cheaper than getting hit with penalties if I can't pay them on time. Moreover, the discounts through Amex's OPEN Savings could help as well. I dunno. There's just something immediate and gratifying about MAX cash back.
ztnjpv wrote:What an up and down day. I finally reached my 45 day waiting period to apply for the Cap One Spark Cash. I waited an extra day for good measure and called this morning to apply. DENIED. Of course, due to "Federal Regulations" on privacy that no other CC issuers seem to need to follow, nobody at Cap One can help me with a recon until I get that stupid letter. I was so mad. My TU FICO was 739, my EQ FICO was 710 and my EX FICO was 692 on 3/1 but is probably around 710 now based on PLUS Score movement over the past two weeks. I should NOT have been denied and I may even get approved on a recon once I get that silly letter and call back. I'll bet there's a really dumb reason for the denial. But I shouldn't have been denied.
A few hours later, I took a chance on the AMEX Plum Card. I held my breath: APPROVED. No pending, no delayed response, no recon needed. I really like this card....not as much as the Spark Cash but it's still a great card and unique card with special benefits on trade terms and 1.5% discount for paying promptly. My first AMEX card. I aimed a little high and got it.
But all it did was make me even more angry at Capital One. I hate that company. I have a Cap One Platinum with a lousy $1000 limit that hasn't budged after 6 months heavy usage and excellent payment history. Denied an increase every time. I had a fiasco with 6 year old paid/CLOSED charge off that I tried to get deleted and instead I payed a "fee" that caused , EX report to update with a collection payment in 12/11/11. They have been unable to fix it. And then I was denied a Venture in Feburary.
A few weeks ago, I got approved for a Chase Ink Cash $3500 limit and then called a few days later for a $7000 limit and got it. No problem. So AMEX and Chase think I'm worthy but Cap One doesn't. Whatever.
Capital One's way of doing business is really irritating. They seem to deal more with subprime borrowers....but then on the flip side are really difficult jerks with good credit people. Their stated criteria for credit levels suck and are not precise. I really wanted that Spark card. They are difficult people to deal with. UGH.
BTW: AMEX claimed they were pulling on all 3 bureaus. I haven't seen any news alerts yet. Cap One said they were pulling one bureau and I don't know who it is yet.
So, there it is. My reports are going to take some dings from this double-app-day but I don't plan on getting anymore cards for a while. I hope this info is helpful for anyone considering these business cards.
I bet you my $750 CL crap1 card that they pull all three 
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