FYI , all Cap One business cardholders

[CreditDrama85]

i received notification that begining October 1, 2009 capital one is going to start reporting business accounts to personal credit bureaus. i never worry about this card but now it is going to effect my utilization

[Anonymous]

I have a CapOne savings account with automatic transfer.

It lets me build some internal credit in case I ever need it with CapOne.

Otherwise, its another rainy day account

[itsjustmeibe]

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@CreditDrama85 wrote:
i received notification that begining October 1, 2009 capital one is going to start reporting business accounts to personal credit bureaus. i never worry about this card but now it is going to effect my utilization

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Was this a separate notice or was it a bill insert? I haven't received anything yet.

[Uborrow-Upay]

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@CreditDrama85 wrote:
i received notification that begining October 1, 2009 capital one is going to start reporting business accounts to personal credit bureaus. i never worry about this card but now it is going to effect my utilization

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Is this in addition to the reporting they already do to the business credit bureaus??

[CreditDrama85]

it was a bill insert from september saying that in october they will start reporting to the consumers credit report in addition to whatever business reporting they currently do. i have never missed a payment but im wondering if they will report to all 3 and what effect it will have.

Message Edited by CreditDrama85 on 09-17-2009 08:07 AM

[GregB]

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@CreditDrama85 wrote:
i received notification that begining October 1, 2009 capital one is going to start reporting business accounts to personal credit bureaus. i never worry about this card but now it is going to effect my utilization

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Is your Cap One Business account for a Sole Proprietorship?

Mine is for an LLC. If they report the account on my personal CR, I will not be happy.

They do have at least my SSN since I am the Managing Member. I can tell that from the Inquiries that they did when the account was opened. I now wish I had kept a copy of the original application.

[CreditDrama85]

mine is an LLC also. i have had the card for about 3 years and never paid late...have you gotten your september bill yet? the notice is actually printed on the front of the bill near the transactions and the credit line....

this might be a new trend. i know discover reports business accounts on personal credit.

[GregB]

Sept statement is due in the mail about now. I pulled it up online and there it is. It states:

Important Information About Credit Reporting: We will be reporting your Capital One® Small Business

Credit Card status to consumer credit bureaus beginning October 1, 2009. Late payments, missed

payments or other defaults on your account may be reflected in your credit report.

It seems to state that they will report this just as a personal account would. However, it might mean that they would only report it IF there is a derog, which is fine with me.

I guess I will have to contact them since I filled out the app in the beginning but have zero interest in this reporting on my personal report. Ironically the other members of the LLC, probably wouldn't mind this reporting on their reports. I'm the one that has the problem of "too many accounts with balances" since I'm a Member of 3 different LLCs.

[Uborrow-Upay]

Oh, that's just great!  This is really gonna skew personal scores.

I think it's a backdoor way for Cap One to try and get some large 0% BT deals cleared off of their books early.

I've just about had it with all of them.   

[itsjustmeibe]

Just for fun, I clicked balance transfer offers, and voila, I have an offer to transfer at my current APR which is 9.95% with a "0" transfer fee. So I won't be able to hide the balance (which is "0" anyway) but it will hurt me if I take the offer - interesting

By the way, I had no offers prior to Sept