Author Topic: Cap One Spark Statement Balance Impacting Credit Score?  (Read 2500 times)

Offline ttlmmky1

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Cap One Spark Statement Balance Impacting Credit Score?
« on: January 12, 2015, 01:27:14 AM »
Hi folks.

I'm a relative newb when it comes to knowing all the factors that affect your score, but I've by and large followed Dan's cardinal rule - make sure your utilization is low by keeping your statement balances low on personal cards.  On business cards, however, carrying a large balance shouldn't get reported to the bureaus so long as you pay it on time. 

In line with this rule, I've allowed a couple large statement balances to post on my Cap One Spark Business Card.   I also received complimentary Experian Credit Monitoring from WF for 90 days.  I noticed a month or so ago that my score dropped precipitously.  Sure, I just opened several new CC accounts, but to my mind that shouldn't have led to a 40 point drop.

So I checked the report more closely and sure enough, my Spark statement balance from November (12k on a 15k CL) was reported!  I think this was the issue.  How did this happen? TIA!

Offline ttlmmky1

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #1 on: January 12, 2015, 02:02:13 AM »
Small note I hadn't mentioned in the OP - I have 2 Ink cards and neither is even listed on said Experian report

Offline Emkay

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #2 on: January 12, 2015, 03:15:59 AM »
Your spending on a Crapital one card lowers your credit score with me :)

Offline hvaces42

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #3 on: January 12, 2015, 07:24:17 AM »
They lied to me too when they say its a business only card. It reports as personal and "business" whatever thats supposed to mean. Capital One sucks. Period. They were the only ones who gave me credit when i messed up. But you sell your soul when you deal with them.
Fair warning - Any PMs sent in response to forum posts are fair game for ridicule in public.

Offline ChaimMoskowitz

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #4 on: January 12, 2015, 08:03:09 AM »
How did this happen? TIA!
Some business cards do report. Cap1 is one of them.
I just found a new supply of forks!

Offline ttlmmky1

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #5 on: January 12, 2015, 08:05:50 AM »
Some business cards do report. Cap1 is one of them.
Thanks everyone.  Well that defeats the whole purpose.  Is this disclosed somewhere in the terms before you apply?

Offline ChaimMoskowitz

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #6 on: January 12, 2015, 08:10:07 AM »
Is this disclosed somewhere in the terms before you apply?
No and it is not required.
I just found a new supply of forks!

Offline ttlmmky1

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #7 on: January 12, 2015, 08:47:55 AM »
No and it is not required.
Thanks again.  Is there a listing of business cards to avoid due to this?

Offline ChaimMoskowitz

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #8 on: January 12, 2015, 08:58:15 AM »
No.
I just found a new supply of forks!

Offline Yehuda25

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #9 on: January 12, 2015, 08:10:34 PM »
Your spending on a Crapital one card lowers your credit score with me :)
;D
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Offline sruly

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Re: Cap One Spark Statement Balance Impacting Credit Score?
« Reply #10 on: January 12, 2015, 08:24:00 PM »
Thanks again.  Is there a listing of business cards to avoid due to this?
capital usually does and I've seem discover and us bank report as well bit not always.