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Approved: Cap One Spark Business 2K CL

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Mthorn82x
Member

Approved: Cap One Spark Business 2K CL

Decided I wanted to start looking into creating a business at some point so last week I decided to form a single LLC and push forward with establishing business credit. Approved after submitting my documents for the Spark 1% business card with a 2K CL. 643 Experian pulled, no BK, No collections, 15% utilization but 2 personal loans and car loan dragging my score down. Fist time owning a business card and I was given advice Cap One 1% was a good starting point to get my foot in the door. I'll say it worked out good!

AMEX Delta Skymiles $1K | AMEX Hilton Honors $1K | Southwest Rapid Rewards Visa $2200K | Chase Amazon $1K | Chase Slate $500| Capital One Quicksilver $600 | Credit One $500 | Kohls $1K | Overstock $2K | IKEA Projekt $650 | Monro Drivecard $800 | Target Red Card $500 | Credit One Platinum $1500 |
| Rebuilding since Dec 2018
Message 1 of 7
6 REPLIES 6
SouthJamaica
Mega Contributor

Re: Approved: Cap One Spark Business 2K CL


@Mthorn82x wrote:

Decided I wanted to start looking into creating a business at some point so last week I decided to form a single LLC and push forward with establishing business credit. Approved after submitting my documents for the Spark 1% business card with a 2K CL. 643 Experian pulled, no BK, No collections, 15% utilization but 2 personal loans and car loan dragging my score down. Fist time owning a business card and I was given advice Cap One 1% was a good starting point to get my foot in the door. I'll say it worked out good!


Welcome to the forum. Congratulations on the approval.  Yes, Capital One Spark is a good place to start.

 

 


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 702 TU 707 EX 692




Message 2 of 7
citymunky
Established Contributor

Re: Approved: Cap One Spark Business 2K CL

FYI, any Cap1 Spark card that is not their 2% CB charge card reports will report to your personal credit report.

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1 CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24), Self $625 CL {$350 Secured } (Aug21-Jul24)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 3 of 7
cashorcharge
Community Leader
Super Contributor

Re: Approved: Cap One Spark Business 2K CL

WooHoo!! Congratulations on your Approval!!👏🏼🍾🥂

Message 4 of 7
Mthorn82x
Member

Re: Approved: Cap One Spark Business 2K CL

@citymunky 

 

You recommend then just grow the 1% card then apply for the 2% say next year?

AMEX Delta Skymiles $1K | AMEX Hilton Honors $1K | Southwest Rapid Rewards Visa $2200K | Chase Amazon $1K | Chase Slate $500| Capital One Quicksilver $600 | Credit One $500 | Kohls $1K | Overstock $2K | IKEA Projekt $650 | Monro Drivecard $800 | Target Red Card $500 | Credit One Platinum $1500 |
| Rebuilding since Dec 2018
Message 5 of 7
citymunky
Established Contributor

Re: Approved: Cap One Spark Business 2K CL

I have no personal experience with Cap1 business cards and how to build that relationship, but I would like let more that 30% (ideal 10% or less) report on the Spark 1% CB account unless you want to tank your FICO Scores. 

Rebuilding since 2021


Closed CCs
USAA (Jul 2019| Settled CO), Jasper $1 CL (Jul21-Jul22), Sable $250CL{Secured} (Jan22-Jun23), CreditOne Platinum $750CL (Jul21-Aug23), Prosper $1.9K CL (Jan22-Apr24), Self $625 CL {$350 Secured } (Aug21-Jul24)

Starting FICO 8 Scores:
Current FICO 8 Scores:


Message 6 of 7
SouthJamaica
Mega Contributor

Re: Approved: Cap One Spark Business 2K CL


@Mthorn82x wrote:

@citymunky 

 

You recommend then just grow the 1% card then apply for the 2% say next year?


@Mthorn82x 

 

Be sure to remember what @citymunky is telling you. Capital One business cards, unlike most banks' business cards, do report the balance to your personal credit. So never let a balance of more than $560 (28%) report.


Total revolving limits 586020 (520820 reporting) FICO 8: EQ 702 TU 707 EX 692




Message 7 of 7
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