topic Re: Why does my business CC appear on my personal CR? in Business Credit

Why does my business CC appear on my personal CR?

Anonymous — Fri, 19 Apr 2019 02:32:29 GMT

I don’t understand why my business Capital One Spark CC appears on my personal CR. When I opened it I opened it in the business name? Is there anyway I can change this?

Re: Why does my business CC appear on my personal CR?

Anonymous — Fri, 19 Apr 2019 02:50:12 GMT

@Anonymous wrote:
I don’t understand why my business Capital One Spark CC appears on my personal CR. When I opened it I opened it in the business name? Is there anyway I can change this?

Welcome to MyFICO

Unfortunate that you found this out after the fact but Capital One is one of a very few business credit card issuers that report the account to your personal credit reports. Two others, TD Bank and Discover do the same while the rest report only to business credit unless you default. There isn't anything you can do about it either as credit card companies are entirely free to report your account to whichever reports they want to. While it's too late now for this account, please check with about any other cards that you wish to open as it's well known here that C1 reports to your personal credit.

Re: Why does my business CC appear on my personal CR?

credit_is_crack — Fri, 19 Apr 2019 02:48:53 GMT

@Anonymous wrote:
I don’t understand why my business Capital One Spark CC appears on my personal CR. When I opened it I opened it in the business name? Is there anyway I can change this?

That's not going to change. Some banks still report business credit cards on personal credit reports. I pulled this info recently and it supports what you're seeing. Which Bank Biz Cards Report To Biz Credit Reports

The intent was to track down which ones report to business credit reports, but in the process I noted which ones also still report to personal reports. I believe Capital One puts a note that says "Small Business Account" on your report, but it will impact your score like any other personal credit card (high balance, good and bad history, utilization, etc.)

Re: Why does my business CC appear on my personal CR?

FinStar — Fri, 19 Apr 2019 02:49:19 GMT

Hi @Anonymous and welcome to the forums.

Unfortunately, no it cannot be changed. All Capital One business cards, regardless of the business name, report to personal CRAs.

Re: Why does my business CC appear on my personal CR?

Turbobuick — Fri, 19 Apr 2019 03:22:46 GMT

Sole proprietor is the same a personal. If it were a corporate card, then it would not be personal, perhaps?

Re: Why does my business CC appear on my personal CR?

Anonymous — Fri, 19 Apr 2019 03:59:33 GMT

@Turbobuick wrote:
Sole proprietor is the same a personal. If it were a corporate card, then it would not be personal, perhaps?

Not really. You can get an EIN for a sole proprietor if you wish to keep things separate.

But that does not matter in this case. Cap One reports business accounts to personal reports no matter how you structure your business.

Re: Why does my business CC appear on my personal CR?

CashBackQueen — Fri, 19 Apr 2019 11:29:05 GMT

@Turbobuick wrote:
Sole proprietor is the same a personal. If it were a corporate card, then it would not be personal, perhaps?

I have a registered LLC and Capital One still reports my Spark to my personal credit. It’s just how they do.

Re: Why does my business CC appear on my personal CR?

Anonymous — Fri, 19 Apr 2019 19:07:13 GMT

I own a C Corp and have a Spark Card. It also reports to my personal credit report. Capital One will report all to your personal report.

Re: Why does my business CC appear on my personal CR?

silver_idle — Fri, 19 Apr 2019 23:59:30 GMT

Capital One Spark cards do report to personal (which imo is extremely odd thing to do on their end) but the last time I checked they did report to other business reports such as D&B and experian business. I havent used them in years though so I do not know how things changed now.

@Turbobuick wrote:
Sole proprietor is the same a personal. If it were a corporate card, then it would not be personal, perhaps?

The spark cards can work for sole prop and legal entities but they would check and report to personal credit report. Their corporate cards, to my knowledge, does not report to personal (nor do they even have a PG for those) but you do required to have an legal entity (eg LLC or Corp), while having revenue in the million dollars range. They may request other documents as well as check business tradelines, references, etc (if any) to determine if your company is fit.

Re: Why does my business CC appear on my personal CR?

pizza1 — Sat, 20 Apr 2019 15:57:22 GMT

Welcome to the Forums OP!! Glad you're here!

I will just +1 what others have said, and also add that before you do anything credit wise in the future, be it personal or business, come to the forums and ask questions first. That might save you some future headaches and disappointements

Re: Why does my business CC appear on my personal CR?

GApeachy — Thu, 09 May 2019 05:35:26 GMT

Interesting, We applied based on this: Two for the price of one...meaning (2x= business & personal report for 1 card) We are in the re-build process so it made since to us. Since there have been a couple of business cc denials, with this on our personal reports as well as business report, I am hopeing this will show we have business credit and future apps/creditors will follow suit.

Re: Why does my business CC appear on my personal CR?

Anonymous — Sat, 11 May 2019 06:19:23 GMT

There could be an upside of this for you. It's generally much easier to get high credit limits on business cards and that will look good on your credit profile. My spark biz is now at 150K limit, and that has substantially increased my credit profile.

Capital One has a new product that is a charge card for business (I don't recall the product name) -- not sure if it reports to personal but you may want to inquire about it.

Re: Why does my business CC appear on my personal CR?

GApeachy — Sat, 11 May 2019 06:09:15 GMT

@Anonymous wrote:
There could be an upside of this for you. It's generally much easier to get high credit limis on business cards and that will look good on your credit profile. My spark biz is now at 150K limit, and that has substantially increased my credit profile.

Capital One has a new product that is a charge card for business (I don't recall the product name) -- not sure if it reports to personal but you may want to inquire about it.

Would you share your sl and whether cli's are auto or self initiated? Also, how long have you had the card?

Re: Why does my business CC appear on my personal CR?

Anonymous — Sat, 11 May 2019 06:21:44 GMT

@GApeachy wrote:
@Anonymous wrote:
There could be an upside of this for you. It's generally much easier to get high credit limis on business cards and that will look good on your credit profile. My spark biz is now at 150K limit, and that has substantially increased my credit profile.

Capital One has a new product that is a charge card for business (I don't recall the product name) -- not sure if it reports to personal but you may want to inquire about it.
Would you share your sl and whether cli's are auto or self initiated? Also, how long have you had the card?

I don't recall the starting limit on that particular card as they all blur together now, but I believe it was 20 K. It was all self initiated and mostly based on need due to how much my business spends. I also have a pretty solid credit profile with other cards with decent limits so I'm sure that helped quite a bit. I've had this card for a little over 2 years. Business ramped quickly on it and we were paying the card off every week so there was a demonstrated need for a higher limit along with the financials to prove it was low risk for Capital One. Once you get to a certain limit threshold (I think it's 50 K), an underwriter has to look at it.

Re: Why does my business CC appear on my personal CR?

851 — Fri, 24 May 2019 02:10:59 GMT

Well, I'm glad I looked at this thread .... was considering a cap one card, but I'm pretty hardlined about separation of my personal and business worlds.

What happens if I let my employees get accounts? They each get a credit reporting opportunity? hmm actually. some folks (fresh out of college) might see this as a perk for working here. Now I've gotta think this over...

Re: Why does my business CC appear on my personal CR?

GApeachy — Sat, 21 Sep 2019 05:31:46 GMT

delete

Re: Why does my business CC appear on my personal CR?

Anonymous — Fri, 20 Sep 2019 20:32:45 GMT

I found that out the hard way a few years ago. I just try to limit my exposure going forward. I believe its reporting to both personal and business. Mostly personal.

Re: Why does my business CC appear on my personal CR?

BronzeTrader — Sat, 21 Sep 2019 00:37:16 GMT

This is the reason a lot people do not apply for Cap1 biz CCs.

Re: Why does my business CC appear on my personal CR?

BronzeTrader — Sat, 21 Sep 2019 00:41:16 GMT

@Anonymous wrote:
There could be an upside of this for you. It's generally much easier to get high credit limits on business cards and that will look good on your credit profile. My spark biz is now at 150K limit, and that has substantially increased my credit profile.

I doubt that high CLs can increase the credit profile. To me, it is a liability. I always call to decrease my CLs to no more than $30k each. CC banks want to extend the credit line to make $$. If the CLs are not being used, then banks want to take back since the CLs still use its resources and are still possible exposures.

Re: Why does my business CC appear on my personal CR?

SouthJamaica — Mon, 23 Sep 2019 00:57:53 GMT

@Anonymous wrote:
I don’t understand why my business Capital One Spark CC appears on my personal CR. When I opened it I opened it in the business name? Is there anyway I can change this?

Because Capital One is an idiot bank.

Business cards from Capital One, Discover, and TD Bank all report to personal credit. I know of no other business credit card that reports to personal credit.