Established Contributor
Posts: 510
Registered: ‎04-17-2007

Capital One Card Credit Limit

Okay...heres what i need help with...
I am trying to rebuild my credit after a horrible era where i messed up pretty bad. The only credit card i have open is a Capital One card with a $500 credit limit. I have had it for four years now and have never been late. Thing "available credit" as it appears on my credit reports is only $240 because i believe Capital One reports my credit limit as what my high balance has been.
So, in order to have my "available credit" increased on the credit reports...i intentially charged $430 buck on this card which has an actual limit of $500.
Capital One issues my statements on 10th of every month. To what i understand and hope that i made a good decision in that they will report my high balance of $430 on 5/10/07 to each of the bureaus. I then plan on paying this entire amount before my June 2007 statement is issued.
Now, Can somebody tell me if it was a good move by me to increase by "available credit" from my credit reports? What should the effect on my credit score by because of this?
I tried to make sense of this question as much as possible...hope i didnt confuse many of you out there.
Moderator Emeritus
Posts: 2,050
Registered: ‎04-17-2007

Re: Capital One Card Credit Limit

Irvin - Yes, this seems to be the only known work-around for the CapOne-no-reporting-of-credit-limit problem. But now you'll need to keep your current balance under $50.  Why not ask for a credit limit increase? Sounds like you've got a great track record with them.  Then you can play the whole stupid game again.  :smileyhappy:
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