I recently changed my business from a sole proprietorship to an LLC. I contacted Capital One to let them know about the change so they can updated on my Spark card account. They just called me back and informed me that my card will be closed in the next 60 days but I am welcome to apply for a new card with the new EIN and company information. I told them it's still the exact same company, just a different legal structure. Thought this would be something simple and transferable but I guess not. Hopefully when I reapply I will get just as good a limit if not better. I was granted a $2,000 starting limit at the very beginning of my rebuild, now I'm more than a year in so hopefully that'll have a positive impact.
Should I reapply now or after it's closed? I'd prefer to apply sooner than later to make the transition smoother. Am I even allowed a third card with them? I believe both my Quicksilver and Spark started as subprime versions before I upgraded them.
Should I reapply now or after it's closed? I'd prefer to apply sooner than later to make the transition smoother. Am I even allowed a third card with them? I believe both my Quicksilver and Spark started as subprime versions before I upgraded them.
@CashBackQueen wrote:
I recently changed my business from a sole proprietorship to an LLC. I contacted Capital One to let them know about the change so they can updated on my Spark card account. They just called me back and informed me that my card will be closed in the next 60 days but I am welcome to apply for a new card with the new EIN and company information. I told them it's still the exact same company, just a different legal structure. Thought this would be something simple and transferable but I guess not. Hopefully when I reapply I will get just as good a limit if not better. I was granted a $2,000 starting limit at the very beginning of my rebuild, now I'm more than a year in so hopefully that'll have a positive impact.
Should I reapply now or after it's closed? I'd prefer to apply sooner than later to make the transition smoother. Am I even allowed a third card with them? I believe both my Quicksilver and Spark started as subprime versions before I upgraded them.
Maybe you should go for an Amex card; that's better for business credit anyway.
I wouldn't rush back to Capital One; they're an idiot outfit, as they just demonstrated.
@SouthJamaica wrote:
@CashBackQueen wrote:
I recently changed my business from a sole proprietorship to an LLC. I contacted Capital One to let them know about the change so they can updated on my Spark card account. They just called me back and informed me that my card will be closed in the next 60 days but I am welcome to apply for a new card with the new EIN and company information. I told them it's still the exact same company, just a different legal structure. Thought this would be something simple and transferable but I guess not. Hopefully when I reapply I will get just as good a limit if not better. I was granted a $2,000 starting limit at the very beginning of my rebuild, now I'm more than a year in so hopefully that'll have a positive impact.
Should I reapply now or after it's closed? I'd prefer to apply sooner than later to make the transition smoother. Am I even allowed a third card with them? I believe both my Quicksilver and Spark started as subprime versions before I upgraded them.Maybe you should go for an Amex card; that's better for business credit anyway.
I wouldn't rush back to Capital One; they're an idiot outfit, as they just demonstrated.
Um, SJ a LLC and a SP are legal different entities... you can't just swap cards, it'd be like my giving my recently approved CIP to you TBH no difference at all. It doesn't matter if the SP is the owner of the LLC or not, they are different legally.
As a result there's going to be an application anyway for the new entity; not sure why the existing Spark had to be closed but I don't know the conversation between the OP and C1 in this case... if my baby corp does ever get rolling I don't intend to close the SP cards unless I have to by lender fiat.
I'm not a fan of Cap 1 for business cards as I don't want them reporting to my personal credit at all, but it's not a bad card to be sure... in my case both Chase and Amex fill my own business spend better.
@Revelate wrote:
@SouthJamaica wrote:
@CashBackQueen wrote:
I recently changed my business from a sole proprietorship to an LLC. I contacted Capital One to let them know about the change so they can updated on my Spark card account. They just called me back and informed me that my card will be closed in the next 60 days but I am welcome to apply for a new card with the new EIN and company information. I told them it's still the exact same company, just a different legal structure. Thought this would be something simple and transferable but I guess not. Hopefully when I reapply I will get just as good a limit if not better. I was granted a $2,000 starting limit at the very beginning of my rebuild, now I'm more than a year in so hopefully that'll have a positive impact.
Should I reapply now or after it's closed? I'd prefer to apply sooner than later to make the transition smoother. Am I even allowed a third card with them? I believe both my Quicksilver and Spark started as subprime versions before I upgraded them.Maybe you should go for an Amex card; that's better for business credit anyway.
I wouldn't rush back to Capital One; they're an idiot outfit, as they just demonstrated.
Um, SJ a LLC and a SP are legal different entities... you can't just swap cards, it'd be like my giving my recently approved CIP to you TBH no difference at all. It doesn't matter if the SP is the owner of the LLC or not, they are different legally.
As a result there's going to be an application anyway for the new entity; not sure why the existing Spark had to be closed but I don't know the conversation between the OP and C1 in this case... if my baby corp does ever get rolling I don't intend to close the SP cards unless I have to by lender fiat.
I'm not a fan of Cap 1 for business cards as I don't want them reporting to my personal credit at all, but it's not a bad card to be sure... in my case both Chase and Amex fill my own business spend better.
They didn't have to close the old card. They could have asked OP if he or she wanted to close it. Instead they just took it on themselves, pulling the rug out from under OP.
Also I disagree with your original premise. They could have changed the corporate name and the employers ID.
Capital One is a no-account no-class organization with no regard for its customers.