topic Re: CapitalOne Spark Business Denied w/ 800+ FICO in Business Credit

CapitalOne Spark Business Denied w/ 800+ FICO

Dchosen1 — Mon, 29 Mar 2021 23:26:42 GMT

Applied today for Spark Business Cash rewards card online, got instant denial, they will send letter in 7-10 days.

Here is our situation:

Personal (majority owner) -

Great credit, all credit bureaus over 800+ FICO

Business -

Been in business over 18 years
Two owners, applicant is majority owner 80%
According to Experian Business (at the time of credit app):
- 3 credit accounts (2 good standing, 1 shows "charged off" due to personal bankruptcy of minority owner)
- No other derogatory info/accounts

Really surprised here that we got flat out denied. Thinking we can request recon or go after another card/bank.... Anyone have luck with recon requests, and also is there a number we can call to request recon?

Re: CapitalOne Spark Business Denied w/ 800+ FICO

Anonymous — Tue, 30 Mar 2021 02:00:29 GMT

Surprising, but with the bankruptcy attached to the business and their strict app guidelines, it will make it tough to be accepted even with a recon given the mark attached to the business. Additionally with tensions in the markets they may be tight about approvals.

Re: CapitalOne Spark Business Denied w/ 800+ FICO

jaxstraw — Tue, 30 Mar 2021 02:19:30 GMT

I was denied a couple months back with scores in all three CRA in the 770-785 range.....no derogs....lates....etc.

Their reason was too many inquiries.

There is no recon with Cap One from my understanding. The decision is final.

Question though.....what makes you think C1 pulled your EX biz report ? It has been well reported they triple pull the CR on the personal side.

Did they pull the minority owners credit also ? Otherwise why would his personal bankruptcy be on a EX biz credit report ? Something seems odd there.

I'd first suggest the bank you use for your business to get a CC from......and if that is not desirable choose one where a recon is possible such as US Bank or Chase.

Re: CapitalOne Spark Business Denied w/ 800+ FICO

Dchosen1 — Tue, 30 Mar 2021 13:54:40 GMT

@jaxstraw Thanks for reply.

I am not sure what C1 pulled actually.

The minority owner's info was not supplied. And the reason why Equifax/Experian shows a charged off credit card is becuase the minority owner had an AMEX Biz card under the business name that was included in his personal bankruptcy discharge. I know, it was a mistake!

Re: CapitalOne Spark Business Denied w/ 800+ FICO

Dchosen1 — Mon, 05 Apr 2021 15:52:27 GMT

Update on our journey to get and build business credit... We went to Bank of America, where we have our business bank accounts, applied and got approved for BoA Business Cash Rewards card with starting limit of $26,000.

Re: CapitalOne Spark Business Denied w/ 800+ FICO

WayneSki — Mon, 05 Apr 2021 17:46:20 GMT

@Dchosen1 wrote:
Update on our journey to get and build business credit... We went to Bank of America, where we have our business bank accounts, applied and got approved for BoA Business Cash Rewards card with starting limit of $26,000.

Congrats on your approval!! A banking relationship usually helps out.🙂

Re: CapitalOne Spark Business Denied w/ 800+ FICO

jaxstraw — Mon, 05 Apr 2021 20:21:06 GMT

@Dchosen1 wrote:
Update on our journey to get and build business credit... We went to Bank of America, where we have our business bank accounts, applied and got approved for BoA Business Cash Rewards card with starting limit of $26,000.

'Grats.....glad it worked out.