Capital One Spark Questions...

[Anonymous]

Hey guys... a couple questions:

1.  Just approved for $20,000 with Capital One Spark (for business)... so I know these guys report both on biz credit... and personal.  Does it show on my personal credit like any of my personal credit cards?   Mean... does the $20k from this card add to my total revolving debt/available credit on my personal?  

2.  On time Pay history from this card look favorably on personal credit?  

Thanks in advance

[Anonymous]

To answer your questions, it does report to your personal credit and the credit limit is added to your total revolving limit.  So if you make timely payments, it will reflect on you favorably and if you default, it will impact you negatively.

Congrats and enjoy your card.

[CreditUnionFan]

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@Anonymous wrote:

Hey guys... a couple questions:

1.  Just approved for $20,000 with Capital One Spark (for business)... so I know these guys report both on biz credit... and personal.  Does it show on my personal credit like any of my personal credit cards?   Mean... does the $20k from this card add to my total revolving debt/available credit on my personal?  

2.  On time Pay history from this card look favorably on personal credit?  

Thanks in advance

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The Spark card Will appear on your personal credit report fr o m the beginning, just like a personal card, but sit b a notation that it is a business account.

Did you get the 2% version that they're offering in branches for no annual fee? Congrats!

[SouthJamaica]

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@Anonymous wrote:

Hey guys... a couple questions:

1.  Just approved for $20,000 with Capital One Spark (for business)... so I know these guys report both on biz credit... and personal.  Does it show on my personal credit like any of my personal credit cards?   Mean... does the $20k from this card add to my total revolving debt/available credit on my personal?  

2.  On time Pay history from this card look favorably on personal credit?  

Thanks in advance

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It looks and reports just like a personal card on your personal credit report.

[Anonymous]

Do you need an EIN or a business phone for Spark?

[Anonymous]

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@Anonymous wrote:
Do you need an EIN or a business phone for Spark?

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No

[Anonymous]

So pardon my ignorance... new to this business idea... I need to read up.... how do they know if you have a business or not? Or don't they really care?

[Anonymous]

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@Anonymous wrote:
So pardon my ignorance... new to this business idea... I need to read up.... how do they know if you have a business or not? Or don't they really care?

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They don't really.  They rely on people not to be willing to commit fraud.

Remember unless you are applying for credit solely based on the company's credit, this is all based on your personal credit profile. Also, keep in mind, that having a 'business' can mean as little as selling a few items on EBAY a year if it's on a regular basis.  In reality, most of these CC companies don't ask for any type of verification but Chase for example may be very thorough in their questioning if your application needs to be reviewed with you.  I have business cards from Amex, Citi, Chase and BoA and not one of them requested any verification.  Chase though may not approve you if you have no existing business credit info appear on business reports.

[Anonymous]

Thx for the info. I really am interested in this now that my personal credit situation is about done except time to age my accounts. My new project for 2017.