Capital On Tap Approval DPs

ScorpioRising · ‎06-21-2021

Good Morning Everyone,

This is my very first post here. I've been a lurker for almost 2 years, just reading and absorbing all your wisdom and knowledge. I want to thank all of you for helping me along my credit journey, up until this very moment, without even knowing it.

Because of you, I've learnt what to do and how, what not to do and why, and on and on. I'm still learning.

Anyway, what made me finally decide to register as a member is because I felt it was time. I mean I can't lurk forever, right? Moving right along:

I saw this post by @atst2000 about Capital On Tap (sorry if I'm doing it wrong) and decided to apply. I'd seen the card in my Nav.com recommendations but I had never heard of the card and wasn't sure. So, based on the OP's post and responses from other members, I went ahead and applied.

It was over the weekend and it took about 3 days to get everything done. I was approved for $10,000. Exactly how much I wanted, with 2% cash back rewards, no foreign transaction fees and no annual fee for the life of the card.

I was also approved for the US Bank Business Cash MasterCard for $10,000. Again, exactly how much I wanted!

P.S I read up on how to post etc, but this being my first post, I'm sure I've made some mistakes. Perhaps the mods can help correct my post so I don't violate any forum rules.

Thanks for listening and thank you all again, for so much.

atst2000 · ‎06-21-2021

Congratulations on the approvals!

I have both cards and the US Bank ones are my go to for business. I have not yet tried the Capital on Tap card yet but they gave me a good credit limit too ($12k).

if you spend $15k in 90 days you get a $200 bonus on the Capital on Tap card. A lot to spend to get a bonus but free money nonetheless.

The US Bank cards are great for easy money on cash back.

ScorpioRising · ‎06-21-2021

@atst2000 wrote:
Congratulations on the approvals!

I have both cards and the US Bank ones are my go to for business. I have not yet tried the Capital on Tap card yet but they gave me a good credit limit too ($12k).

if you spend $15k in 90 days you get a $200 bonus on the Capital on Tap card. A lot to spend to get a bonus but free money nonetheless.

The US Bank cards are great for easy money on cash back.

Thank you so much. You inspired me with your positive post about the card and your DPs! I also have Amex Business Cards but I needed a Visa and/or MasterCard since Amex cards are not accepted everywhere.

FinStar · ‎06-21-2021

@ScorpioRising - welcome to the forums and congrats on the Capital On Tap approval!

So that the community can learn from your experience, feel free to post any additional data points such as how long in business, business structure (LLC, Sole Prop, etc.), any documents requested, any other business tradelines, etc.

And, your first post was perfectly fine👍

ScorpioRising · ‎06-21-2021

@FinStar wrote:
@ScorpioRising - welcome to the forums and congrats on the Capital On Tap approval!

So that the community can learn from your experience, feel free to post any additional data points such as how long in business, business structure (LLC, Sole Prop, etc.), any documents requested, any other business tradelines, etc.

And, your first post was perfectly fine👍

Thank you @FinStar . For more Data Points:

1. My Business is registered as an LLC with its own EIN.

2. I restructured my 3 year old Sole Proprietor company into this LLC, albeit with a new name and new EIN for more business credibility, looking towards the future; essentially making it a new company without any business credit.

I obtained a Business license, Seller's permit etc and opened 3 Business Checking Accounts with Navy Fed, US Bank and Union Bank. I previously had ck accts with Chase and WellsF which I ended up closing because they really annoyed me.

I deliberately set up the foundation for my LLC in such a way that I wouldn't have to backtrack to "fix" anything that would cost me time, energy or money while trying to build my business. I also have a website and I have a company email address. All these were from December 2020 through March 2021.

3. I had already signed up for a new Dun&B number for the LLC by now so I began to build new net 30 accounts with some companies I had learned about here:

U-line, Quill, Staples (the business credit card) all reported to D&B and Experian. Nav Boost reported to all 3 bureaus.

With all of the above, I ended up with:

80 Paydex score with D&B.

91 score with Experian Intelliscore

However, my Equifax is practically non-existent...at first it was showing 361, then went to D, then F, then the score disappeared altogether. 🤷‍♀️

None of the others like Crown, Creative Analytics, Summa, Strategic Network, Shirtsy etc reported. Lesson learned and money wasted but I can deduct all that from my taxes, so not too annoyed (still annoyed but not too much so).

Capital on Tap didn't ask for any documents, just my website link. My personal credit wasn't pulled but not too sure about business credit. I still need to be verified through their online portal with my DL and a selfie.

US Bank pulled both my Experian personal and business reports. Hopefully, I've not written too long of a response 😂

babygirl1256 · ‎06-22-2021

Greetings ScorpioRising ~ Welcome to the forum . . . Congrats on your Capital On Tap approval -and- your US Bank Business Cash MasterCard approval. Also, thanks for your DPs as they will assist me as I move forward with my new business venture (previously deferred due to COVID-19 mandates).

Starting FICO 8 Score in 06/2019: EQ-625, TU-649, EX-640
Current FICO 8 Score in 06/2021: EQ-796, TU-806, EX-812
Goal FICO 8 Score in 06/2022: EQ-825, TU-850, EX-850

ScorpioRising · ‎06-22-2021

@babygirl1256 wrote:
Greetings ScorpioRising ~ Welcome to the forum . . . Congrats on your Capital On Tap approval -and- your US Bank Business Cash MasterCard approval. Also, thanks for your DPs as they will assist me as I move forward with my new business venture (previously deferred due to COVID-19 mandates).

Thank you @babygirl1256. You're welcome. When the foundation is well-laid from the beginning, you can simply focus on running your business without unnecessary distractions. That's how I think anyway.

It can be a bit tedious and "time-consuming" to get everything set up properly, but it will make doing the things that's needed to build your business a whole lot easier.

Good luck with your business venture!

Anonymous · ‎11-07-2021

Hello everyone, does anybody know which business credit bureaus does "capital on tap/WebBank card " report to??
thanks in advance.

Alephbet · ‎11-07-2021

Congratulations on your approvals! I will have to look into Capital On Tap myself. Sounds like a good option. Thank you for all the data points also!

ScorpioRising · ‎11-09-2021

@Alephbet wrote:
Congratulations on your approvals! I will have to look into Capital On Tap myself. Sounds like a good option. Thank you for all the data points also!

Thanks. It's been a good option for me. It also was a relatively straightforward app, for me anyway. Good luck if and when you decide to look more into it.