topic Re: anyones cap one business card reporting yet in Credit Cards

anyones cap one business card reporting yet

Anonymous — Sat, 03 Oct 2009 13:21:33 GMT

cap one sent notice that my business cards will be reported to personal credit report as of oct 1 , notice was vauge do not know if they will report only

late payments or full report good or bad

Re: anyones cap one business card reporting yet

Anonymous — Sat, 10 Oct 2009 14:11:20 GMT

I haven't seen anything yet, but I haven't pulled any reports, either.

I'm waiting for a SW alert to trigger (I'm assuming that will happen if this biz card account begins to report to personal...not sure if I'm correct with this?)

I'm curious if anyone has seen it on a personal report yet, too!

Re: anyones cap one business card reporting yet

GregB — Sat, 10 Oct 2009 15:56:25 GMT

I pull EX almost daily. I have learned that they update in hours, EQ takes days to a week, TU takes a week plus. I am also pulling TU every day or two or three. EQ would trigger a Scorewatch alert through myFICO.

NOTHING YET.

I'm discontinuing Truecredit.com as the reports are nice but the updates are too slow. I'm keeping Creditexpert.com (EX) as the updates are wonderful. The reports are nice and the "score" is worth a little bit even if it isn't a true FICO. Not worth anything INSTEAD of a FICO but worth something IN ADDITION to a real FICO. MyFICO.com is worth keeping for the actual FICO, even if it doesn't include EX.

Re: anyones cap one business card reporting yet

Anonymous — Sat, 10 Oct 2009 16:25:31 GMT

Thanks for the info, GregB. I kinda figured you'd be watching for this on your reports.

I paid as much as I could (just before the statement cut) towards a 0% BT balance outstanding, in anticipation of this being reported to personal. I'm beginning to wonder if it was worthwhile to do that. It's put a temporary bind in my cash flow.

(I'll be thrilled if it never reports, as I know you'd be, too)

Re: anyones cap one business card reporting yet

Red1Blue — Sat, 10 Oct 2009 17:08:22 GMT

I have been checking every day and nothing posted to report.

Re: anyones cap one business card reporting yet

Anonymous — Sat, 10 Oct 2009 20:27:51 GMT

they just reported on me sent my fico score down 9 points, i did a pre emptive payment on my card bal, of 4000.00 so the damage would not be

so bad, without payment score would have dropped 20 pts. cap one close to cl, between cap one reporting bus card and boa cutting

my cl from 51000.00 to 6700.00 my fico score has dropped 67 points ,

Re: anyones cap one business card reporting yet

CreditDrama85 — Sat, 10 Oct 2009 22:30:06 GMT

did it report to all 3? does it state that it is a business account or is it reported like a personal one? mine has not reported yet but my october statement hasn't cycled yet...

Re: anyones cap one business card reporting yet

GregB — Sun, 11 Oct 2009 02:12:05 GMT

I just paid my personal CapOne the last $5500 out of $18K CL. It was just about to go from 0% to 5.99%. On the CapOne Business, I am still carrying $9K out of $20K limit and am paying 9.99%. I was OK with the 9.99% as a business expense and not reporting on personal credit. If it reports, I would have been far better paying it down than the personal card.

At $9000/$20000, it won't change my util much since I'm now at 50%. It will give me balances on 7 revolving out of 13 instead of 6 out of 12, which is likely to damage my score.

Statement should close on 10/12 do I will know soon.

Message Edited by GregB on 10-10-2009 07:12 PM

Re: anyones cap one business card reporting yet

Anonymous — Sun, 11 Oct 2009 03:52:38 GMT

@GregB wrote:
I just paid my personal CapOne the last $5500 out of $18K CL. It was just about to go from 0% to 5.99%. On the CapOne Business, I am still carrying $9K out of $20K limit and am paying 9.99%. I was OK with the 9.99% as a business expense and not reporting on personal credit. If it reports, I would have been far better paying it down than the personal card.

At $9000/$20000, it won't change my util much since I'm now at 50%. It will give me balances on 7 revolving out of 13 instead of 6 out of 12, which is likely to damage my score.

Statement should close on 10/12 do I will know soon.

Optimal credit utilization for FICO scoring purposes is:

Total revolving utilization > 0 and <= 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

Neither 7 of 13 or 6 of 12 is less that half so you would not be optimal in either case.

Re: anyones cap one business card reporting yet

Anonymous — Sun, 11 Oct 2009 11:43:21 GMT

@GregB wrote:
I just paid my personal CapOne the last $5500 out of $18K CL. It was just about to go from 0% to 5.99%. On the CapOne Business, I am still carrying $9K out of $20K limit and am paying 9.99%. I was OK with the 9.99% as a business expense and not reporting on personal credit. If it reports, I would have been far better paying it down than the personal card.

At $9000/$20000, it won't change my util much since I'm now at 50%. It will give me balances on 7 revolving out of 13 instead of 6 out of 12, which is likely to damage my score.

Statement should close on 10/12 do I will know soon.
Message Edited by GregB on 10-10-2009 07:12 PM

I hear ya, GregB. From a dollars and cents standpoint, I would have much preferred to pay towards another business card balance (which does not report to personal, and which isn't at 0%).

No alert for me yet. My CapOne biz statement cut over a week ago.

Re: anyones cap one business card reporting yet

Anonymous — Sun, 11 Oct 2009 12:53:23 GMT

reports are coming so far just eq and ex has not reported to tu yet

Re: anyones cap one business card reporting yet

Anonymous — Sun, 11 Oct 2009 13:15:36 GMT

Thanks for the update, jjmcc323, and sorry about your situation with this.

Re: anyones cap one business card reporting yet

GregB — Sun, 11 Oct 2009 13:40:27 GMT

@Anonymous wrote:
reports are coming so far just eq and ex has not reported to tu yet

Does this now report just like it was a personal CC?

Re: anyones cap one business card reporting yet

GregB — Sun, 11 Oct 2009 13:55:37 GMT

@Anonymous wrote:
Optimal credit utilization for FICO scoring purposes is:
Total revolving utilization > 0 and <= 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

Neither 7 of 13 or 6 of 12 is less that half so you would not be optimal in either case.

I was thinking that was the case. I was hoping to get another CC with $1,436/$15,000 down to zero before statement date. That would give me 5 out of 12. Until recently I had another revolving account still reporting as open that was really closed. It was a carpet/flooring purchase 5 year $0 interest account that was paid off about 7 years ago but still showing "open" on reports. That was giving me 13 open revolving accounts.

Interesting that paying the $5,500 gave me zero score change on EQ FICO (still 709) , EX Plus Score (still 740), or whatever Truecredit reports for TU (still 724).

Re: anyones cap one business card reporting yet

Anonymous — Sun, 11 Oct 2009 14:02:43 GMT

@GregB wrote:
@Anonymous wrote:
Optimal credit utilization for FICO scoring purposes is:
Total revolving utilization > 0 and <= 9%, the lower the better, and
Reporting a balance on less than half of your revolving TL's, and
Reporting a balance on half or less of all TL's.

Neither 7 of 13 or 6 of 12 is less that half so you would not be optimal in either case.
I was thinking that was the case. I was hoping to get another CC with $1,436/$15,000 down to zero before statement date. That would give me 5 out of 12. Until recently I had another revolving account still reporting as open that was really closed. It was a carpet/flooring purchase 5 year $0 interest account that was paid off about 7 years ago but still showing "open" on reports. That was giving me 13 open revolving accounts.

Interesting that paying the $5,500 gave me zero score change on EQ FICO (still 709) , EX Plus Score (still 740), or whatever Truecredit reports for TU (still 724).

Could be that the UTIL plateaus are further apart at the higher levels. I suppose 50% is a magic number everywhere, but where the next level higher or lower is a good question.

Re: anyones cap one business card reporting yet

GregB — Fri, 16 Oct 2009 00:44:24 GMT

Those X&8$#.

Cap One Business statement closed 10/12. It appeared on my PERSONAL report from Experian. Not on TU or EQ, at least not yet.

My "Plus Score" from Experian, whatever that is worth, is unchanged at 740. This account added $9100 balance and $20,000 Credit Limit. Now shows total credit cards of $106,000. This imeans that about 2/3 of my "personal" debt is actually business debt, mostly in LLCs since my Sole Proprietership is a BofA Business card that doesn't show on personal. With that many business accounts being on my personal report, even if I PIFed every account, they would show about $40,000 debt on CC. NOT a very realistic picture. What is the point of having two LLCs? Since I am primary on the business, they all show on mine!

Re: anyones cap one business card reporting yet

Anonymous — Fri, 16 Oct 2009 08:42:47 GMT

@GregB wrote:
Those X&8$#.

Cap One Business statement closed 10/12. It appeared on my PERSONAL report from Experian. Not on TU or EQ, at least not yet.

My "Plus Score" from Experian, whatever that is worth, is unchanged at 740. This account added $9100 balance and $20,000 Credit Limit. Now shows total credit cards of $106,000. This imeans that about 2/3 of my "personal" debt is actually business debt, mostly in LLCs since my Sole Proprietership is a BofA Business card that doesn't show on personal. With that many business accounts being on my personal report, even if I PIFed every account, they would show about $40,000 debt on CC. NOT a very realistic picture. What is the point of having two LLCs? Since I am primary on the business, they all show on mine!

Sorry to hear that, GregB. But on the bright side, at least your score didn't take a hit, things could have been worse.

I don't pull EX at all, so I don't know if it's shown up on there for me yet. It has NOT triggered a SW alert here, and the statement cut almost two weeks ago.

I totally agree that reporting of business accounts to personal credit does skew one's personal credit profile. It presents an unrealistic picture, and the consequences of this reporting will impact "Mom and Pop" businesses drastically if reporting to personal is taken up by other issuers. This is on top of the credit bind many small businesses are already in because of the troubles at CIT and the shutdown of Advanta.

Someone in another thread wrote that all of this was brought on by people who don't run businesses, but who obtained business credit cards to game the system with these "hidden" tradelines. I've got the feeling that the credit card issuers are taking a good look at the "business" expenditures on those accounts, as well as the balances. I think they're finding a high enough percentage of non-business users to cause concern, and it hurts the legitimate businesses by limiting credit.

Guess we'll just have to roll with it. Not much else to do.

Re: anyones cap one business card reporting yet

Anonymous — Sat, 17 Oct 2009 10:05:37 GMT

STILL no alert from Scorewatch yet...however, I have another monitoring service (provided to me as the result of a data breach), and I just pulled that report.

Cap One Business account is reported across the board... all three bureaus.

Experian and TransUnion entries for Cap One credit card account make no distinction whatsoever that this is a business account.

Equifax report for Capital One Bank USA is notated "BUSINESS ACCOUNT-PERSONAL GUARANTEE".

No change to the PLUS score used on these reports for EX and EQ.

+9 on the TU PLUS score (but this is the result of an inquiry falling off, with TU 'inquiries for credit purposes' (at 6) no longer considered a negative).

The notation on the Equifax report was a nice surprise. I don't know if it makes a difference though, unless maybe in a manual review?

Anyways, just an update for anyone interested.

Re: anyones cap one business card reporting yet

GregB — Sun, 18 Oct 2009 02:58:00 GMT

Interesting - My EX thru CreditExpert.com is showing the account just like all other personal cards.

TU thru TrueCredit.com says "Business Credit Card".

Didn't change my EX Plus Score. True Credit only gives me the change and I cancelled the service due to slow reporting so won't get my next "Three Bureau Report with Scores".

Re: anyones cap one business card reporting yet

Anonymous — Sun, 18 Oct 2009 11:08:43 GMT

GregB wrote: TU thru TrueCredit.com says "Business Credit Card".

That is interesting. Apparently, Cap One is relaying the "business account" notation to the bureaus.

GregB, was your TU TrueCredit.com report showing this "Business Credit Card" notation in the 'comments' section, or the 'responsibility' section? My EQ report listed the business account info under 'comments'.