topic Re: Cap 1 Over Credit Limit in Rebuilding Your Credit

Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 16:02:40 GMT

Hi all,

I am almost in tears and am hoping someone can give me advice. I have a new Cap 1 card. This month was my first payment due. I have increased my FICO from about 580 to 629/619/621 since last August. I keep a planner just for bills to make sure everything is on time. In the past 2.3 years EVERYTHING has been paid on time. It's a stellar history. I even get emails from Experian telling me so. However because of past blemishes my score is still in the low 600s. I paid off my last collection account in January and it was a PFD so I was stoked to see if in March I finally got closer to 640 because I'm trying to buy a house in the future or at least move into a nicer place.

Back to Cap 1. Payment due : 2/11. On 2/10 I paid in full via the app. After about 3 days I called them and asked if my payment was ok because I noticed the money was still sitting in my checking. The rep said theres nothing to worry about. I wake up today 2/15 at 7 am to see my cap 1 statement posted as : no payment /late, over the limit! And further a bunch of fees because of that. I immediately called them, paid off the entire thing over the phone and asked why this happened ...

The rep said I need to take it up with my bank. I will call them and see. There's more than plenty funds and the payment should never have bounced. But my concern is that now the damage is done. I'm afraid this statement will report to fico and lower my score. I asked the cap 1 rep for a goodwill adjustment given I cured it immediately and she said NO. I paid off the whole thing over the phone , even the unfair fees. All of it. Zero balance. I asked if they can print a second, accurate statement showing my payment so my score wouldn't drop. Again I was told no. Is there anything I can do about this ?

The junk fees I paid just now, the interest I paid which I shouldn't have because I had paid off the entire thing before due date ... none of that matters. Shame on Cap 1 for not offering to override those fees considering the facts. The $45 on garbage fees I don't care for. What makes me emotional is that I am sure my FICO WILL DROP because of this purported OVER CREDIT LIMIT issue. I don't know by how much but the fico simulator scared me.
Does anyone have advice on what I could do to remedy this ?

Does anybody know how much this quell hurt my score ?

Re: Cap 1 Over Credit Limit

OmarGB9 — Sat, 15 Feb 2020 16:44:34 GMT

I would escalate to a supervisor in this case. If you paid before the due date, you should be good. That said, it's best to try to pay a bit sooner than just one day before the due date, in case things like this happen. Not saying it's your fault, but things happen sometimes and if you pay, say, at least a week in advance, you'd have time to rectify stuff before issues pop up.

On that note, call your bank too and see what happened.

Re: Cap 1 Over Credit Limit

Ficoproblems247 — Sat, 15 Feb 2020 16:44:58 GMT

Is your late payment only late by CapitalOne's due date? If that is the case, although it will certainly be an internal blemish with them, it does not report to the bureaus until the payment is a full 30 days late. It should not affect your score in any way.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 16:49:07 GMT

Yes, you're absolutely right. The late payment would be an internal issue with Cap1 because it's not over 30 days but what worries me is the fact that they've reported it as over my credit line limit as well. That over the limit info will reach the bureaus and that's what scares me.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 16:52:03 GMT

Yes. It's a painful lesson to learn, I guess one day early isn't nearly enough. I will drive to my bank today and ask what happened. I appreciate your feedback. I will try and reach a manager at cap1. My main goal at this point is finding out if there's something I can do to prevent the bureaus seeing this as over the limit. I will never ever ever go past 10-15% utilization on a card again because this really really sucks.

Re: Cap 1 Over Credit Limit

OmarGB9 — Sat, 15 Feb 2020 17:01:42 GMT

Being over the limit isn't really a big deal, IMO. If anything it'll help your "highest recorded balance" show your usage. It's only prolonged maxed/over limit credit across multiple accounts (with different or the same lender) over several months that would begin to spook lenders. As for your FICO, it'll take a hit only because of the card being maxed out for that one month, but it'll quickly bounce back on the next cycle, so no harm done. FICO has no memory.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 17:06:40 GMT

That's really good to hear! I hope it's true. On that note I do have a lingering question about the highest recorded balance. Do I aim for a utilization rate of about 30% overall OR can I use more as long as I pay it off entirely by the due date ?

I use my cards for gas, meals etc, I don't go shopping with them so paying off in full isn't an issue.

Re: Cap 1 Over Credit Limit

Jnbmom — Sat, 15 Feb 2020 17:28:56 GMT

@Anonymous wrote:
That's really good to hear! I hope it's true. On that note I do have a lingering question about the highest recorded balance. Do I aim for a utilization rate of about 30% overall OR can I use more as long as I pay it off entirely by the due date ?

I use my cards for gas, meals etc, I don't go shopping with them so paying off in full isn't an issue.

No don't let your card report over 30% utilization that will hurt your scores. Try to keep in under 8.9%. You can put more on the card but pay it down before statement cuts.

Re: Cap 1 Over Credit Limit

silver_idle — Sat, 15 Feb 2020 17:34:57 GMT

I would contact your bank and find out what happen on their end then come back to cap1 to see if they can provide more info if your bank cant. Furthermore, what you could do is see if they could waive any late and/or return fees. In the future, you might want to look into seeing if you can add your debit card to your account. That would make it easier to make payments and would affect your available credit right away.

Re: Cap 1 Over Credit Limit

Jannelo — Sat, 15 Feb 2020 17:37:10 GMT

I probably make three payments a month on my Cap1 cards, both of them. I pay in full before the due date, except when I want one of those cards to report under 8.9 percent. Then I leave that amount until the statement cuts, then PIF. The one time I came close too close to it being due or paying it before the statement cuts, I actually didn't pay from the account. I paid with the debit feature of the account, because it reports quicker. I would never leave paying with an account a day before due as it seems to take several days for it to show.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 17:37:20 GMT

Ok, got it. Thanks.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 17:39:49 GMT

Yes, thank you. I tried to add my debit card but it seems they only take ACH payments using the actual checking account number. I again tried today on the phone to pay with a card and they wouldn't take it that way. I paid it off and I won't touch this card again. I just drove to the bank and they have no record of it ever hitting the account much less going back so it's like the twilight zone for me. It's paid off, I won't touch this card again.

Re: Cap 1 Over Credit Limit

OmarGB9 — Sat, 15 Feb 2020 17:59:00 GMT

I don't think you should let this incident spook you. Something somewhere along the line happened, sure, but that's technology for you sometimes. I would recommend using the card as much as you want, then PIF at least a week in advance, using your bank's bill pay system (i.e. PUSH a payment out from your bank) rather than Cap One's billpay (i.e. PULLing a payment from your bank).

ETA: I've used both methods successfully several times. No returned/missing payments ever. And like the member above, I too make multiple payments a month because I have a small limit.

Re: Cap 1 Over Credit Limit

Anonymous — Sat, 15 Feb 2020 18:36:21 GMT

Thank you for the feedback. I really appreciate it. I already cut up the card before I read your mesage. I have other cards I can use that can process my payments competently.
After visiting Wells Fargo right at 9am to inquire what had happened , the bank says they don't show any attempted withdrawals for that bill, I have been saving up and there's plenty in there to cover my bills. I called Cap 1 and spoke to a manager who said that A) they cannot provide me with any sort of documentation stating why the payment declined (it's for internal use only) or B) cannot provide me with the account number I used to make the payment because of privacy laws (?, I was giving them the benefit of the doubt and simply wanted the full number to see if perhaps I entered one digit wrong, which if I had the system should've bounced back to me as invalid and that never happened either, but alas they cannot even give me that ). I then asked if I can be educated on how to access that info via the app (again just to verify the digits) and the manager said that for security reasons that information has been deleted. I asked the date on which they received notice that the payment had bounced and he did give me that. It was BEFORE THE STATEMENT CUT but for some reason they did not reach out to me in any way. So now they say due to FCRA I'm basically screwed and have no recourse. I paid the whole thing F thing off with a phone rep today at 7am, as soon I as j realized ...Someone told me it shouldn't affect my fico much but I'm sort of bracing for a hit. I'm never ever ever using Cap 1 again. This was a very bad experience. I've been paying everything religiously for over 2 years, never over limit. Also my lesson is don't ever go over 30% utilization, had I done that then I wouldn't be in this conundrum.

Re: Cap 1 Over Credit Limit

Iusedtolurk — Sun, 16 Feb 2020 08:36:49 GMT

@Anonymous wrote:
Thank you for the feedback. I really appreciate it. I already cut up the card before I read your mesage. I have other cards I can use that can process my payments competently.
After visiting Wells Fargo right at 9am to inquire what had happened , the bank says they don't show any attempted withdrawals for that bill, I have been saving up and there's plenty in there to cover my bills. I called Cap 1 and spoke to a manager who said that A) they cannot provide me with any sort of documentation stating why the payment declined (it's for internal use only) or B) cannot provide me with the account number I used to make the payment because of privacy laws (?, I was giving them the benefit of the doubt and simply wanted the full number to see if perhaps I entered one digit wrong, which if I had the system should've bounced back to me as invalid and that never happened either, but alas they cannot even give me that ). I then asked if I can be educated on how to access that info via the app (again just to verify the digits) and the manager said that for security reasons that information has been deleted. I asked the date on which they received notice that the payment had bounced and he did give me that. It was BEFORE THE STATEMENT CUT but for some reason they did not reach out to me in any way. So now they say due to FCRA I'm basically screwed and have no recourse. I paid the whole thing F thing off with a phone rep today at 7am, as soon I as j realized ...Someone told me it shouldn't affect my fico much but I'm sort of bracing for a hit. I'm never ever ever using Cap 1 again. This was a very bad experience. I've been paying everything religiously for over 2 years, never over limit. Also my lesson is don't ever go over 30% utilization, had I done that then I wouldn't be in this conundrum.

@AnonymousNot the end of the world take a deep breath and count to ten. I feel your pain especially how you described sucking up and paying out extra money and fees to avoid your credit getting hit negatively.

The things we have to do when in the rebuilding stages. We have to pay the piper for our past transgressions. Sometimes it leaves a bitter taste in our mouth but we do what is needed to get our scores up.

I have 2 cap1 cards I have so far just used their online payment method. Once bill is payed it gives a confirmation number and I save a pic of it. They then send an email saying payment is confirmed and usually a day later that the payment has posted. I check all of this out in case something goes wrong.

One thing I do is I always pay the min amount when I get a new bill then later on send extra money to pay account down before reporting. I check all of these payments the same until I see them applied.

I do this with all my accounts.

So far as the overlimit you probably will take a hit but it's only for 30 days, soon as you pay down the next statement you will get your points back.

I noticed that if for some reason one of my account gets reported with a high utilization I might lose from 3-6 points but get them right back.

If your account shows late over 30 days that's when you get hit hard losing points possibly for 7 years unless you get it deleted by some of the methods people use to delete such derogatorys(for eample good will letters).

The account could be late up to 29 days and you would not suffer any long lasting derogatory.

Anything can happen to our finances so it's always good to have a buffer between your maximum credit usage and your credit limit.

If your credit limit is 500 and your balance is 450 or so there is no buffer (something weird happens..payment doesn't get applied boom late fees and overlimit fees). Balance is around 400 there is a buffer (something weird happens..payment doesn't get applied boom no late fees and no overlimit fees).

Definitely keep trying to find out the root cause of what happened so that scenario hopefully doesn't get repeated.

Little trick I use when inputting bank numbers or credit card numbers:

I put the numbers in and then check them for accuracy going from left to right then I go from right to left back across them to check again and so far it has worked. It is so easy to accidentally hit a wrong number key and the the mind doesn't register it.

More than likely like that double "the" didn't register.

Good luck with your credit rebuild!

Re: Cap 1 Over Credit Limit

Anonymous — Sun, 16 Feb 2020 10:21:35 GMT

I have Cap1 and it shouldn't matter how long it takes to clear your bank. If you paid on time, you paid on time. Period. Unless your check bounced, and if that's the case, that's not Cap1issue.

Always PRINT and screen shot your payments so you have a record of the date you paid.

Re: Cap 1 Over Credit Limit

Anonymous — Sun, 16 Feb 2020 18:48:35 GMT

I had a similar issue with a check payment to a local furniture store. I recieved a call that my check bounced, but it had not cleared the bank. Upon further investigation we found out that the bank made the error by keying in the wrong account number. I noticed this because I saw the ticker tape attached to my check that the furniture store had as proof it was returned. The bank had to refund my bounced fee with the furniture store and the store restored my excellent standing.

Maybe you can ask for a copy of the return item so you can verify that the account numbers were correct upon return to Capital One? Errors like this happen all the time. While they will not give out your numbers to you, you surely can verify by you giving them the numbers. Ask them to check the return notice to be sure the numbers on the notice match your account.

Hope this helps.

Re: Cap 1 Over Credit Limit

Anonymous — Mon, 17 Feb 2020 00:01:40 GMT

That's true. My issue is that I don't sense any sort of transparency or goodwill from Cap 1.

i drove to my bank and asked if anything bounced , the teller that checked the system while I was there noted no ACH attempt was made. After that I called Cap1 and asked to speak to a manger. The manager said the bank sent them a letter stating my payment could not be processed. I asked for a copy of that letter so that I can provide it to my bank to get to the bottom of it and the manager refused to give me a copy, said it's "for internal use only". So then I asked them what account number is referenced on the letter , again he wouldn't provide it to me. As a last resort I asked him to tell me how I can access the info on the Cap1 app, I made the payment on the app and he said that number has been deleted and there's no way for me retrieve it. So basically I can't get any information from them. Nada. As a last ditch effort I asked what the DATE on that aforementioned letter was and he acknowledged the letter was dated before my Statement was but yet no one from Cap1 made me aware of any issue. I had a confirmation number for the payment and the app said my payment was being processed. The money was and is in my checking. They just don't want to help me at all. I'm probably going to escalate this to the consumer financial protection bureau but I'm waiting a few days to see if it's worth my trouble. For now, I just tossed the card. I paid all of it on the phone the day I became aware of this issue. They lost my business . I pay bills all the time and nothing like this has ever happened to me. They absolutely refuse to help me.

Re: Cap 1 Over Credit Limit

Anonymous — Mon, 17 Feb 2020 00:17:39 GMT

@Anonymous wrote:
That's true. My issue is that I don't sense any sort of transparency or goodwill from Cap 1.
i drove to my bank and asked if anything bounced , the teller that checked the system while I was there noted no ACH attempt was made. After that I called Cap1 and asked to speak to a manger. The manager said the bank sent them a letter stating my payment could not be processed. I asked for a copy of that letter so that I can provide it to my bank to get to the bottom of it and the manager refused to give me a copy, said it's "for internal use only". So then I asked them what account number is referenced on the letter , again he wouldn't provide it to me. As a last resort I asked him to tell me how I can access the info on the Cap1 app, I made the payment on the app and he said that number has been deleted and there's no way for me retrieve it. So basically I can't get any information from them. Nada. As a last ditch effort I asked what the DATE on that aforementioned letter was and he acknowledged the letter was dated before my Statement was but yet no one from Cap1 made me aware of any issue. I had a confirmation number for the payment and the app said my payment was being processed. The money was and is in my checking. They just don't want to help me at all. I'm probably going to escalate this to the consumer financial protection bureau but I'm waiting a few days to see if it's worth my trouble. For now, I just tossed the card. I paid all of it on the phone the day I became aware of this issue. They lost my business . I pay bills all the time and nothing like this has ever happened to me. They absolutely refuse to help me.

Yeah they are not going to give you account numbers over the phone, that is why you need to verify by you giving them the numbers. The other option is to do a 3 way call with them and the bank so the bank can verify that the money never hit your account. It is a pita but at least you can show that you are not the one at fault and someone should refund those fees, bet it cap1 or the bank.

Re: Cap 1 Over Credit Limit

Brian_Earl_Spilner — Mon, 17 Feb 2020 00:48:42 GMT

Nothing is going to happen to your credit score. A 30 day late is when you're late 30 days. That didn't happen here. The balance that will report is what is on your statement, not what the balance is on the due date.

You can't fault them for not giving your banking info out over the phone when they can't 100% confirm it's you. You would be furious if they gave your checking account number to someone pretending to be you.

Cap1 is one of the most reliable lenders out there. Their software is rock solid and works like advertised. Their app and website is one of the best around. Payments post within 2 days and clear in 3. You could be doing yourself a disservice by cutting ties with them when the issue could very well have been due to something you did.

Set up the alerts through the app, set reminders in your phone calendar, pay a week before it's due. You won't have any more problems with them.