topic Re: Just started business and approved for Capital One Spark Classic in Business Credit

Just started business and approved for Capital One Spark Classic

RockHaven — Sat, 06 Apr 2013 22:34:43 GMT

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.

Re: Just started business and approved for Capital One Spark Classic

myjourney — Sun, 07 Apr 2013 03:30:51 GMT

@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.

Re: Just started business and approved for Capital One Spark Classic

webhopper — Sun, 07 Apr 2013 21:05:08 GMT

@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.

Re: Just started business and approved for Capital One Spark Classic

Creditaddict — Sun, 07 Apr 2013 22:02:28 GMT

@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.

Re: Just started business and approved for Capital One Spark Classic

webhopper — Mon, 08 Apr 2013 13:14:38 GMT

I agree with CreditAddict!

Re: Just started business and approved for Capital One Spark Classic

myjourney — Mon, 08 Apr 2013 14:32:49 GMT

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.

Re: Just started business and approved for Capital One Spark Classic

RockHaven — Mon, 08 Apr 2013 18:36:38 GMT

thanks

Re: Just started business and approved for Capital One Spark Classic

sccredit — Wed, 10 Apr 2013 17:24:17 GMT

10 to 1 your new limit will be $750

Re: Just started business and approved for Capital One Spark Classic

RockHaven — Thu, 11 Apr 2013 14:39:09 GMT

We shall see still waiting on card and letter