topic Re: Cap 1 Spark Classic and Wells Fargo Platinum in Business Credit

Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 21:15:15 GMT

So I'm trying to separate my business expenses from my personal. I incorporated last October, I got a virtual office and phone # and did the List yourself thing. Yesterday I applied for the Wells Fargo Platinum business card and they'll let me know next week. My banker says I'll find out next week what their answer is. Today I applied for Cap 1 Spark classic. I got instantly approved for $2000 which makes me very happy. Hopefully Wells Fargo will give me an approval as well and then I should be able to function confortably.

a bit of background: I have chapter 7 discharged 2/12 just over 3 years ago. With Wells Fargo I have my mortgage, personal and business checking and savings accounts, I also have a secure personal credit card with $10,000 on deposit ( I've had it for 18 months so hopefully they'll graduate me soon). I recently signed up for their merchant services so I can take credit cards through them....So I'm hoping they'll approve me for their business credit card.

As for Capital 1, I have quicksilver One with $5,000 limit they just increased it from $3000 when I opened it 7 months ago to $5000 when I requested the increase. I also have a $4,500 platinum opened 3 years ago as secured with HBSC and taken over by cap 1 a year later and they released the original $2,500 security deposit at that time. I am also an authorized user on my wife's platinum with a $750 limit.

I have $53,500 in personal revolving credit lines with about 5% utilization.

my scores are Equifax 680, Transunion 718, Experian 714.

Wells Fargo did a hard pull on Experian.

i'll post an update next week when I get an answer from Wells Fargo.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 21:55:13 GMT

@Anonymous wrote:
So I'm trying to separate my business expenses from my personal. I incorporated last October, I got a virtual office and phone # and did the List yourself thing. Yesterday I applied for the Wells Fargo Platinum business card and they'll let me know next week. My banker says I'll find out next week what their answer is. Today I applied for Cap 1 Spark classic. I got instantly approved for $2000 which makes me very happy. Hopefully Wells Fargo will give me an approval as well and then I should be able to function confortably.

a bit of background: I have chapter 7 discharged 2/12 just over 3 years ago. With Wells Fargo I have my mortgage, personal and business checking and savings accounts, I also have a secure personal credit card with $10,000 on deposit ( I've had it for 18 months so hopefully they'll graduate me soon). I recently signed up for their merchant services so I can take credit cards through them....So I'm hoping they'll approve me for their business credit card.

As for Capital 1, I have quicksilver One with $5,000 limit they just increased it from $3000 when I opened it 7 months ago to $5000 when I requested the increase. I also have a $4,500 platinum opened 3 years ago as secured with HBSC and taken over by cap 1 a year later and they released the original $2,500 security deposit at that time. I am also an authorized user on my wife's platinum with a $750 limit.

I have $53,500 in personal revolving credit lines with about 5% utilization.

my scores are Equifax 680, Transunion 718, Experian 714.

Wells Fargo did a hard pull on Experian.

i'll post an update next week when I get an answer from Wells Fargo.

Congrats the CAP 1 approval. I hope Wells Fargo comes through for you. I hope you are aware the CAP 1 business card reports to personal credit reports.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 22:15:14 GMT

Actually no, I didn't. Will it also report to my business credit in addition to my personAl then?

Wells Fargo told me that if approved they'll report to both.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 22:59:16 GMT

@Anonymous wrote:
Actually no, I didn't. Will it also report to my business credit in addition to my personAl then?

Wells Fargo told me that if approved they'll report to both.

CAP 1 reports to personal and Equifax Business. For Wells Fargo, I don't have much info. on them so I will let someone who has their card chime in. Personally, I like my business cards not reporting to my personal credit reports. So should you want that in the future, Chase, Amex, Citi, U.S Bank and BOA business cards do not report to personal credit reports.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 23:41:12 GMT

Being that I am still rebuilding my credit ( bankruptcy 3 years ago). And my business is a start up, Which business card do you think it's easiest to qualify for?

I appreciate the information you're sharing.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Imperfectfuture — Sat, 07 Mar 2015 23:46:11 GMT

@Anonymous wrote:
@Anonymous wrote:
Actually no, I didn't. Will it also report to my business credit in addition to my personAl then?

Wells Fargo told me that if approved they'll report to both.
CAP 1 reports to personal and Equifax Business. For Wells Fargo, I don't have much info. on them so I will let someone who has their card chime in. Personally, I like my business cards not reporting to my personal credit reports. So should you want that in the future, Chase, Amex, Citi, U.S Bank and BOA business cards do not report to personal credit reports.

With Chase and BOA being possible conquests down the road for moi.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Imperfectfuture — Sat, 07 Mar 2015 23:50:22 GMT

@Anonymous wrote:
Being that I am still rebuilding my credit ( bankruptcy 3 years ago). And my business is a start up, Which business card do you think it's easiest to qualify for?

I appreciate the information you're sharing.

That is a tough one, because I cleaned up my credit before applying for business Amex. Already had personal Amex. However, if you can get approved for personal Amex, SimplyCash is easier to get than some of the Ink's, especially for start ups. With your bk in mind, the Spark Card is probably the way to go for a few years.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sat, 07 Mar 2015 23:56:54 GMT

Okay. Thank you!

Sounds like I'm on the right track for now. I just got the spark and I will wait and see what Wells Fargo says next week and that will be that for a while.

I appreciate all the info.

Re: Cap 1 Spark Classic and Wells Fargo Platinum

silver_idle — Sat, 07 Mar 2015 23:59:18 GMT

@Anonymous wrote:
@Anonymous wrote:
Actually no, I didn't. Will it also report to my business credit in addition to my personAl then?

Wells Fargo told me that if approved they'll report to both.
CAP 1 reports to personal and Equifax Business. For Wells Fargo, I don't have much info. on them so I will let someone who has their card chime in. Personally, I like my business cards not reporting to my personal credit reports. So should you want that in the future, Chase, Amex, Citi, U.S Bank and BOA business cards do not report to personal credit reports.

I talked to a sales rep a while ago and I was told it reports to both personal and business, which honestly do suck a lot. Even their secured business cards report to personal which does NOT makes sense, as if your deposit into the card isnt enough..

Re: Cap 1 Spark Classic and Wells Fargo Platinum

Anonymous — Sun, 08 Mar 2015 00:19:37 GMT

Yes. Not only that but my banker says that even with a secured business loan or card everybody in the nusiness with 30% ownership or higher has to sign the application and it will report to their personal file as well as the business even if those people won't be using the card themselves. He also said that no matter how established the business is, Wells Fargo will always report to the owner's personal file.

I was blown away by that.