topic Re: Capital One Reporting in Credit Cards

Capital One Reporting

NeedinHelp42 — Thu, 03 Jun 2010 21:23:45 GMT

I'm in the process of rebuilding and just opened a Capital One card. Previously, it's been a matter of days between opening a new account and Scorewatch alerting me to the new line being added. It's been almost a week and Capital One hasn't hit yet. Anyone know if they're a company that waits until the end of the first statement cycle?

Thanks

Re: Capital One Reporting

swins24 — Fri, 04 Jun 2010 01:04:51 GMT

I have had and used my card since the middle of April, and they still haven reported. My statement came out may 17 and my credit step letter came a few day's ago. I dont know why it's taking so long to report but would like to know also.

Re: Capital One Reporting

Travis-84 — Fri, 04 Jun 2010 05:28:38 GMT

I opened an account on 5/9, and nothing is reporting yet.

Re: Capital One Reporting

Anonymous — Fri, 04 Jun 2010 07:10:41 GMT

@swins24 wrote:
I have had and used my card since the middle of April, and they still haven reported. My statement came out may 17 and my credit step letter came a few day's ago. I dont know why it's taking so long to report but would like to know also.

You folks are not alone.

Initially, my sister and bro-in-law had problems with Cap One not reporting. Eventually they grew tired of the practices, so they stopped using the card, paid in full then closed the account. Yet the zero balance wasn’t reported for multiple months. The situation came to their attention in summer 2005. It was an on-again, off-again issue for nearly two years. They aren't sure how long it had occurred prior to them noticing it.

After closing the account, Cap One still had not updated their trade lines for a number of months. When they finally did, the history was skewed. As I recall, the skewed info included both pre and post-closure data. Their saving grace was having several consecutive months of Cap One statements, proof of paying the full balance, a certified letter directing Cap One to close the account as well as regular printouts from their online account showing the account was inactive. (They still had access to their online account for a few months after Cap One received the closure letter.)

At the time, I was unsure what to believe when sis called me about the issue, but when she showed me the documents... well, they were not storying. Her and I even sat down to reconstruct the account history then compared it to their credit reports. Sure enough. They had an iron-clad audit trail and Cap One was abusing their trust. The process also revealed that Cap One was not reporting their credit limit, and only intermittently was their high credit being reported.

They ended up disputing the accuracy of the TLs and they conclusively proved their claims to the CRAs, but it was time consuming and a headache. Eventually, the correct and full info hit their reports, but not until shortly after legal action was mentioned. (My sister works for an attorney, and she was granted permission to use the law firm letterhead in the final correspondence to Cap One. Shortly thereafter, the tradelines were corrected. Not sure if it was happenstance or what, but the timing of it all was interesting.)

Re: Capital One Reporting

Anonymous — Fri, 04 Jun 2010 11:05:49 GMT

Same situation here. Had my card since April..still not reporting.

Re: Capital One Reporting

Anonymous — Fri, 04 Jun 2010 12:43:54 GMT

I've had a Cap One card for 9 years and i've noticed over the years that they dont report with the balance is 0. I've decided to leave between 1-$5 on my account in an attempt to see if they will report this month. I've also had the same CL for 9 years so Cap One doesnt like me no matter how much my credits improved.

Re: Capital One Reporting

Anonymous — Sat, 05 Jun 2010 05:59:43 GMT

The issues all of you have mentioned are the very reasons I would never give my business to Capital One, nor would I recommend them to others. In my opinion, Cap One abuses the fiduciary trust consumer's place in them.

A directive from Congress and or a consumer protection agency needs to mandate that financial institutions consistently and fully report all data to the credit bureaus every 30 or so days, rather than allowing them to do so whenever or whatever form they please. To do otherwise undermines the consistency and integrity of consumer data. And most of all, consumer's are unable to reliably measure their financial successes and deficiencies.

It is these sorts of blatant consumer abuses perpetuatted by institutions that contributes to buyer exploitation and institutions reap unjust financial gains. Integrity and fairness for all needs to be restored to the system, and by extension it will gradually return to consumers too.

Re: Capital One Reporting

Anonymous — Sun, 06 Jun 2010 18:03:16 GMT

Here is the deal with Capital One, I have had a card with them a long time. They report the day after your statement ending date. Therefore if you have zero balance they don't generate a statement and thus they don't report. To all you people with new cards you will have to use the card and generate a balance before they report. Second, like the other poster said they have not raised by credit limit sibce I received the card many many years ago. The card I have does have decent rate of 9.95%

Re: Capital One Reporting

movinonup79 — Thu, 29 Jul 2010 23:36:24 GMT

I was wondering the same issue. My statement had its first cycle and I still haven't seen anything. I was wondering if they report on a certain day, like orchard does on the last day of the month? I have a $300 balance, so that shouldn't be an issue.

Thanks!

Re: Capital One Reporting

eparker — Fri, 30 Jul 2010 00:36:25 GMT

I'm also having the same issue, just received my card several weeks ago. I have been using the card and nothing on credit report. Just reading everyones post, it's amazing how quickly the inquire hits the report. It is amazing how if someone defaults on their account it will report ASAP. I am also rebuilding, and every positive trade line helps.

Hope they correct this problem. I will wait for awhile before calling Cap1.

Re: Capital One Reporting

Anonymous — Fri, 30 Jul 2010 00:56:26 GMT

That's terrible. I'm trying to improve my credit and just got a Cap1. Does anyone know if they will listen if you call them and tell them to report?

Re: Capital One Reporting

Anonymous — Fri, 30 Jul 2010 01:35:46 GMT

@Anonymous wrote:
Here is the deal with Capital One, I have had a card with them a long time. They report the day after your statement ending date. Therefore if you have zero balance they don't generate a statement and thus they don't report. To all you people with new cards you will have to use the card and generate a balance before they report. Second, like the other poster said they have not raised by credit limit sibce I received the card many many years ago. The card I have does have decent rate of 9.95%

This is certainly 100% untrue. Statements aren't cut because of balances or the lack there of. They are on cycles. You could have 25-33 day cycles. It could be less it could be more. (thought I read somewhere online that they are starting to make them regulate statement dates, not sure how true this is). Most companies report the balance on the statement. However you could have companies like BOA who do in fact report twice some, if not all months. I have a revolving balance paid it off to 0 a few days later BOA updated with the CRA's at 0, once the trailing interest hit at 2.00, they updated it again so I had a balance of 2.00 with the CRA.

I now have two Cap One cards both at 0 balance and they report on the CRA's file as 0 balance.

Now if you don't have your reports update for a few months there could be several things wrong.

IME:

1. Most revolving debt reports monthly and usually does not play catch up like installments. EX: You can have an installment not report for several months, and then update on the 3rd month, however you may see a NR(Not reporting) or ND (No Data) for those months. I am not saying it doesn't happen, I am saying that I haven't seen it happen yet on revolving TL's.

2. If you do have some information skewed on your CR's. If for some reason, you moved and your address is no longer the same on your statements or your name isn't matching as it used to, as it is on the CRA's File this could delay an update, some companies like Chase do an address match.

Just my experience in the past.

Re: Capital One Reporting

Anonymous — Fri, 30 Jul 2010 12:36:08 GMT

My cap one card reports every month, but is a month minus one day behind. Example: Say my statement cuts on the 15th of July, on the 14th of July it will report what was on my June 15th statement.

Re: Capital One Reporting

eparker — Sat, 31 Jul 2010 15:12:05 GMT

Capitol One finally hit my credit reports as of today (July 31, 2010). It took right at a month to report on credit report. Hopefully I can see some score change in a couple of months. Hopefully they will report my balances correctly and not take 3 months to report correctly

Trying to get 650 by the end of the year Lets see if I can do it, or surpass it.

Re: Capital One Reporting

Pvnolgrch — Wed, 04 Aug 2010 14:59:39 GMT

I was just wondering what you were doing to get your credit score so high so fast. I have been moving up slowly at 50 to 75 points a year.

Re: Capital One Reporting

Anonymous — Wed, 04 Aug 2010 19:26:18 GMT

thats correct I am having my capital one credit card and they report their balances every month

Re: Capital One Reporting

laz98 — Wed, 04 Aug 2010 19:35:55 GMT

@Anonymous wrote:
@Anonymous wrote:
Here is the deal with Capital One, I have had a card with them a long time. They report the day after your statement ending date. Therefore if you have zero balance they don't generate a statement and thus they don't report. To all you people with new cards you will have to use the card and generate a balance before they report. Second, like the other poster said they have not raised by credit limit sibce I received the card many many years ago. The card I have does have decent rate of 9.95%
This is certainly 100% untrue. Statements aren't cut because of balances or the lack there of. They are on cycles. You could have 25-33 day cycles. It could be less it could be more. (thought I read somewhere online that they are starting to make them regulate statement dates, not sure how true this is). Most companies report the balance on the statement. However you could have companies like BOA who do in fact report twice some, if not all months. I have a revolving balance paid it off to 0 a few days later BOA updated with the CRA's at 0, once the trailing interest hit at 2.00, they updated it again so I had a balance of 2.00 with the CRA.

not true. store cards will not generate a statement (& neither will my orchard card) if there is no activity on your card.