topic Re: capital one = worthless in General Credit Topics

capital one = worthless

Anonymous — Tue, 12 Jun 2007 16:38:14 GMT

I cannot think of a reason why anyone would want a capital one card. It does almost nothing to help your credit score, and much more to hinder it. Forget about their double cycle billing, outrageous interest and associated fees...just look at the fact that they don't report your credit line and rarely (if ever) give credit limit increases (not that it matters). I scrutinized my most recent report and discovered that my capital one card is not being counted in the formula of my total available credit. I have a $500 limit on that card. Now, I would think that if I spent $100 on it I would be utilizing 10% of my available credit right? WRONG. I have an orchard bank card as well ($740 credit limit), and I used exactly $70 of it--under 10% utilization. Because Capital one does not report a credit limit, that $500 limit does not add to $740 limit that the credit agencies see. So at the end of the month I used $170 (Capital one + orchard bank) and it was help up to a maximum available credit of $740, putting my utilization well over 20%. I was so mad about this because my scores dropped. So in short, everytime capital one reports your balance it is counted against some other form of revolving debt that you have--not against your capital one credit limit. Complete garbage.

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 16:44:07 GMT

the only reason i have it still is because mine has no fees and its 5 year old, my oldest credit card on files.

And I agree with everything you said though.

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 16:45:44 GMT

I believe they are using your high credit balance as the figure for the limit. I've seen several ways of bumping that up posted here, one being to max it out and pay it off as soon as it posts. The other involves using the checks that you can get from them, but I'm not sure of the whole mechanics of that one.

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 16:52:40 GMT

Would that have to be done every month then? Because I did once have a high balance of $760 on that card, and that $760 mark is not being factored into my reported credit limit. It seems like a stupid game you have play--in that sense you'd have to charge, say $100 a month to the card, and then pay down $90 before the report date in order for capital one to report a high balance of $100, and then a credit utilization of 10%. Really silly. But by their opperating methodes that would seem to be how you would appear good to credit agencies

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 17:55:55 GMT

rifleman wrote:
... I have a $500 limit on that card. Now, I would think that if I spent $100 on it I would be utilizing 10% of my available credit right? WRONG.

I'd love to be your server some time.

Hopefully, you meant $50, right? 500 x .10 = 50.0.

Re: capital one = worthless

Tuscani — Tue, 12 Jun 2007 17:58:11 GMT

rifleman wrote:
Would that have to be done every month then? Because I did once have a high balance of $760 on that card, and that $760 mark is not being factored into my reported credit limit. It seems like a stupid game you have play--in that sense you'd have to charge, say $100 a month to the card, and then pay down $90 before the report date in order for capital one to report a high balance of $100, and then a credit utilization of 10%. Really silly. But by their opperating methodes that would seem to be how you would appear good to credit agencies

No.. once you charge it up and pay off once the high bal is always used.

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 18:14:45 GMT

that would be great if that were the case with my credit reports...for some reason they have forgotten the high balance, who knows why, but they don't hold that anymore... And yes, I meant to say $50...silly math

Re: capital one = worthless

Tuscani — Tue, 12 Jun 2007 18:16:28 GMT

You are letting the high balance post right?

Charging up and paying off before the statement is cut will not help you.

Re: capital one = worthless

Anonymous — Tue, 12 Jun 2007 18:43:24 GMT

i would love it if that high balance would post, but it is not posting anymore...maybe I should ask capital one WTF is going on

Re: capital one = worthless

Tuscani — Tue, 12 Jun 2007 21:14:43 GMT

rifleman wrote:
i would love it if that high balance would post, but it is not posting anymore...maybe I should ask capital one WTF is going on

I would.

Re: capital one = worthless

Anonymous — Wed, 13 Jun 2007 01:56:09 GMT

rifleman wrote:
Would that have to be done every month then? Because I did once have a high balance of $760 on that card, and that $760 mark is not being factored into my reported credit limit. It seems like a stupid game you have play--in that sense you'd have to charge, say $100 a month to the card, and then pay down $90 before the report date in order for capital one to report a high balance of $100, and then a credit utilization of 10%. Really silly. But by their opperating methodes that would seem to be how you would appear good to credit agencies

Hmmm. I have a $2k limit that never showed so one month I ran it up to $1900. After my statement posted I paid it off and the $1900 has kept showing as a high balance, ie a cl. CapOne sucks in general but they haven't played any of their nasty games with me (yet).