I have two of their cards one being the qs1 and yes it reports the true limit, I've had them both since September of last year and they have always reported correctly.
@Anonymous wrote:I just read an article (admittedly a few years old) that said Capital One does not report your true credit limit to the bureaus, but rather your highest statement balance to date.
This concerns me because I was just approved for a QS1 with a $3k limit. I obviously want that limit reported accurately to the bureaus, but do not plan on letting my balance climb anywhere near $3k.
Can all you Capital One cardholders out there please weigh in? Thank you!
They report your CL.
Utilization is one of they key factors lenders look at when underwriting. How can utilization be determined if your limit isn't reported?
The only lenders I know who don't report limits are "hidden" tradelines like Diners Club, which I believe doesn't report at all, and Amex charge cards without preset spending limits (but, they don't factor into utilization.)
But CapOne very much does report your CL. When I got a CLI on mine a couple months ago, I got an alert that one of my tradelines had increased my credit limit.
Rest easy. 
Edited for typos. "rep Pitt" autocorrect? Really?
Things change alot, sometimes quickly in credit.
They report your overall credit limit and how much of that limit youve spent.
*edit*
woops! already covered I open my pages in new windows and reply to them later 