Does Capital on Tap Report to Credit Bureaus

Does Capital on Tap Report to Credit Bureaus?

Capital on Tap’s policy on reporting to credit bureaus is not publicly detailed, nor is the specific information they might share. For definitive answers regarding your account, it's best to contact their support team directly to get the most accurate and current information.

If they do report, activity is typically shared with bureaus based on specific triggers, including:

• Opening a new account is a standard event that is almost always reported to credit bureaus.
• Your balance and payment status are usually reported to bureaus shortly after your monthly statement closes.
• A payment that is more than 30 days late is typically reported and can negatively affect your credit.
• Major changes like credit limit adjustments or closing the account are also common reporting events.

Who Does Capital on Tap Report Credit Information to?

While Capital on Tap does not publicly disclose which bureaus it reports to, business credit information is generally sent to the main business credit reporting agencies, including:

• Dun & Bradstreet
• Experian Business
• Equifax Business
• Small Business Financial Exchange (SBFE)

When does Capital on Tap Report to Credit Bureaus?

Unlike some lenders that report on a fixed day each month, Capital on Tap does not have a set reporting schedule. The timing of their updates to credit bureaus is more fluid and can be influenced by a variety of individual factors and account-specific triggers. This means the exact date your account information is sent to the bureaus can vary depending on things like your statement closing date or other significant account activity.

How Reporting Can Affect Your Credit Score

Positive impact

• Consistent, on-time payments build a strong payment history, the most significant factor in both FICO and VantageScore credit scoring models.
• This new credit line increases your total available credit, which can help lower your overall credit utilization ratio if balances are kept low.

Potential negatives

• Missing a payment or paying late will be reported, negatively impacting your payment history and causing a potentially significant drop in your score.
• Carrying a high balance increases your credit utilization ratio, a key scoring factor that can quickly lower your credit score if not managed.

Tips for Managing Credit with Capital on Tap

Effectively managing your Capital on Tap account is key to building a strong credit history. Here are some actionable tips to help you stay on track:

• Pay your balance in full each month. This helps you avoid interest charges and can positively impact your business credit score over time.
• Set up automatic payments to ensure you never miss a due date. Consistent, on-time payments are crucial for maintaining a healthy credit profile.
• Regularly review your account activity online or via the app. This allows you to track business expenses and quickly identify any unusual transactions.
• Try to keep your credit utilization low. Using a smaller portion of your available credit limit is generally viewed favorably by credit bureaus.
• Maximize your rewards by using the card for regular business expenses, but always ensure you can pay off the balance to make the benefits worthwhile.

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