HelpMeBuildCredit.com reported yesterday that Capital One® Spark® Cash for Business cards will no longer report to personal credit bureaus. We were able to confirm through a Capital One spokesperson that for new Spark Cash customers starting 10/20, Capital One will no longer report to personal credit bureaus as long as an account remains in good standing. That is great news for those looking to stay under 5/24 while picking up new cards.
One of the advantages of applying fort business credit cards is that, in many cases, those accounts are not reported to personal credit bureaus. This is useful because it means that your use of the cards will not count against your utilization percentage and will not add to the 5/24 count that Chase uses in its credit card approval process.
Unfortunately, Capital One business cards have long been an exception to the rule: unlike most banks, Capital One has long reported its business cards to personal credit bureaus.
The change here only applies to Spark Cash cardholders and only to new card holders as of 10/20 whose accounts remain in good standing.
Still, that’s a useful tidbit of knowledge to keep in mind as Capital One occasionally offers excellent increased bonuses and in the case of the Spark Cash card this would make an increased bonus all the more appealing.
This news will likely mean a change to Greg’s theoretical plan for a beginner with a business since it would suddenly be worth considering the Spark Cash for a beginner, particularly in times when we see an increased welcome bonus.
Keep in mind that Capital One can be tough on approvals. Many readers who have opened a lot of credit cards have reported being unable to get approved for Capital One cards. It’s also worth noting that Capital One pulls reports from all three credit bureaus, so you’ll take three hard pulls whether approved or declined. Still, for those with a relatively thin profile, it can be worth a gamble. My wife had a fair number of cards already when she was approved for a Capital One Spark Cash card, so it isn’t impossible to get approved even if very unpredictable. This new development may certainly make it worth a shot though for more people.
See current Spark Cash Business bonus information here:
Continue Reading: Source Link