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CAPITOL ONE BUSINESS ACCOUNTS


ADSOFT
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<blockquote>Originally posted by kb9tbq

The only reason business account would even show up on consumer credit reports - would be by accident. There are special business credit reports that would reflect this account.

</blockquote>

The guy a CapOne told me that the only way it would show up is if there is a charge-off, can you believe that. (lol)

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Oh I am sure they will switch to reporting on the consumer side.

I have seen some people get stuck with business debt showing on the consumer side though. You don't want this - trust me; because the first time you go for a personal loan. They will include the business debt into your debt to income ratio - shooting down your chances for a good loan.

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<blockquote>Originally posted by kb9tbq

Oh I am sure they will switch to reporting on the consumer side.

I have seen some people get stuck with business debt showing on the consumer side though. You don't want this - trust me; because the first time you go for a personal loan. They will include the business debt into your debt to income ratio - shooting down your chances for a good loan.

</blockquote>

So none of the other credit card companies know I have a business account with capitol one,

... get this they sent me an offer for ther Miles High Card

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Only if you apply for a loan for your business - then the bank will pull a business credit report on your business.

I have no idea on how to even explain these credit reports - way too much information. I can't even understand these.

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<blockquote>Originally posted by kb9tbq

Only if you apply for a loan for your business - then the bank will pull a business credit report on your business.

I have no idea on how to even explain these credit reports - way too much information. I can't even understand these.

</blockquote>

What do you think of the Miles One Credit card????

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Fixed 9.9% interest rate - this includes balance transfers; and cash advance. Defualt rate is 19.8% and 25 days grace period.

Membership fee of $19 annually.

Cash advance fee: 3% of amount of the cash advance, but not less than $5.00.

Balance transfer fee: None.

Late payment fee: not to exceed $29.

Over-the-credit-limit fee: None.

Your MilesOne Rewards Visa Signature account comes with no pre-set spending limit feature. No pre-set spending limit does not mean unlimited spending. Each charge that causes your new balance to exceed your revolving credit line will be evaluated on card usage, performance, account relationships with us, if applicable, and your experience with other creditors. The revolving credit lines offered with Visa Signature accounts range from $5,000 to $20,000.

Advance ticket purchase requirements, miles awarded for net purchases only (less purchase credits and not including cash advances, purchase checks, access checks, convenience checks and traveler's checks), and limits on monthly mile accumulation (up to 8,000 miles per billing period and 50,000 miles per 12 billing periods) and ticket price. Your account must be open and in good standing (not past due) to redeem miles and miles must be redeemed through the Redemption Center.

Earn one mile for every dollar transferred from a non-Capital One account, up to 5,000 miles. Minimum transfer amount is $50. Maximum transfer amount will be based on your approved revolving credit line.

I authorize Capital One to check my credit and employment history, and school status if applicable, and to answer questions about its credit experience with me. I will receive the Capital One Customer Agreement and am bound by its terms and future revisions thereof. I understand that the Customer Agreement contains an Arbitration Provision that may limit my legal rights, including my right to go to court, to have a jury trial, and to participate in class actions.

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I am not one on reward cards of this sort - since I don't ever travel anywhere. Even though they say no credit limit - there still is one (not sure I understand their wording for this). Funny though because they don't report credit limit - so charging up / may not penalize you on the credit report for having gone over.

Don't like the idea of paying a fee / unless it was a better card like 7% or less. Only 25 days on grace period - so they are fast to add interest. Can't complain too much - this is better then my captial one card through k-mart.

Would just keep an eye on them though. Seems kind of funny some of the wording on things.

[Edit by kb9tbq on Friday, May 23, 2003 @ 09:57 PM]

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<blockquote>Originally posted by kb9tbq

I went straight to their site on this - there is more information - I just grab parts here & there.

www.capitalone.com under cards section

So at the least you would get $5,000 - but they will check your debt to income ratio for sure.

</blockquote>

On my personal, will I get a HARD INQ.

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This I am not sure; since you already have an account with them; would definately be worth calling customer service first - just asking. But be firm that you don't want to have them pull until you know the answer to your question.

Lenders & credit card companies have a way of walking your right in to appying be fore you know it.

Most likely I would imagine that they will pull - only time pull should be soft (is if they sent you a pre-screen credit card offer in the mail).

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The soliciting department; does not even review your membership informaiton when sending out new offers.

Once you complete the application; it will be up to the approval department to catch this; and determine if they want to honor the offer of credit.

I don't see offers myself; since I have opted out form recieving junk mail. What I get for e-mail I usually dump sight unseen. Don't even like being bothered to read these; if I do - I go straight to interest rate section.

Notice on the benefits page; capital one said, they would offer you low interest of 9.9% instead of the 19.8% other lenders are offering. Well that was a straight up lie by them - since the default rate with them is exactly that 19.8%. :rolleyes:

Well I am starting to see double on the screen; past my bed time.

Been nice getting back to reading and catching up today visiting with everyone. Going to be busy - still packing & moving to our new house. Seems like this part is taking forever.

Have a good night, talk to you later. :-)

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<blockquote>Originally posted by ADSOFT

I'm supprised that they would offer me this after giving me min limits on both of my other cards. I made 3 payments on time????

</blockquote>

Oh, BTW, I did the cash withdrawl thing my personal credit card to pull it to the top, I let it stay there for 2 day and pulled it down today, They said it will report the limit on the next cycle?

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Finally, something I know a thing or two about from experience. I opened a Capital One business account for a company I used to work for. The limit wasn't much, like $5K. I used the card only for business expenses. The company defaulted payment and later on went out of business, so they started calling me at home. I didn't have the money to cover it, so I just ignored the calls. Soon after, the next calls I received from them were from their CA.

I wasn't familiar with CRs when I opened it, so I don't know whether or not they pulled my CR. I would think that they did pull one though because the approval was based on me. Anyway, to this date, they never reported the account on any of my CRs. Sometime late last year, I offered their assigned CA a 50% settlement in exchange for a promise from them to never to report the account on my CR. I thought it was fair, because it was never reported anyway, so I just wanted the assurance that it will never be reported. Well, the CA told me that Cap One refused. They also told me that most likely, what Cap One will do is to let the account continue to accrue interests before they decide to come back and begin collecting from me again.

I haven't heard from them or their CA since. Don't know what this means. I don't have any information about the account at all, because Cap One never sent me the bills. They all went to the company, and the company would pay them (or not pay them ;) ). I don't know when it was charged-off, or when the delinquency began. But, most likely, if one of their CAs begins to call me again, I will just restart the DV process over and ultimately offer them the same thing I offered them months ago (maybe even less ;) )

I'm not sure if what happened to me (Cap One not reporting the chargeoff) was a fluke. At this time, I just consider myself lucky. I'm also hoping that the SOL will expire soon on these guys.

BTW, I also have a personal Cap One account. Haven't used it in a couple of years. Just got a notice 2 weeks ago that my APR has been lowered to 7.9%. So, it doesn't seem that the business account affected my personal account.

I'll keep you posted if I hear anything from them.

KB,

I wish I was there to help you move. You've helped me so much, I wish I could return the favor.

You both enjoy your long weekend!

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