cancel
Showing results for 
Search instead for 
Did you mean: 

Capital One not reporting true credit limit

Highlighted
Member

Capital One not reporting true credit limit

My limit is 3500, and I have a balance of $539, which is the highest balance I have ever had on the card. This is really hurting my util (according to my report on 7-2-07 I'm at 96%). Is there any way to get them to report it correctly besides maxing out the card? (I don't want to do that, for fear I might not pay it all off the next month)
 
My wife and I want to buy a house in September, and I think my score would really go up if my util were better (it's 664 now, and hers is 664 too)
Message 1 of 21
20 REPLIES 20
Highlighted
New Contributor

Re: Capital One not reporting true credit limit

No, Cap 1 is notorious for using your current balance as limit to the CRA's. They do not report actual CL's, just balances... it's a bummer.
 
Message 2 of 21
Highlighted
Member

Re: Capital One not reporting true credit limit

my wife thinks we should buy something really expensive a week before the statement and then return it a week after. Would that work? (Of course we would make 100% sure we could actually return it)
Message 3 of 21
Highlighted
Established Contributor

Re: Capital One not reporting true credit limit

are you revolving on the card or due you have a active grace period? If you do charge something something 3-4 before the statement cuts to give time to post. or call Capital One rumor is that they caved from all the bad publicity and all CL will reported by end of 2007 early 2008, see if you can get them to do yours sooner than later.
People say "Only apply for credit you NEED"

I say "apply for credit you have PRATICAL use of"

I don't have AMEX card because I don't want a card that suffers from PMS
Message 4 of 21
Highlighted
Established Contributor

Re: Capital One not reporting true credit limit


@michaelb31 wrote:
My wife and I want to buy a house in September, and I think my score would really go up if my util were better (it's 664 now, and hers is 664 too)




What is the statement closing date for your CapOne account? I don't think you will have enough time to manipulate your high balance. You'd need to buy something before your August statement date, then pay it in full or return it before the due date. I don't know if I would risk the buy-and-return idea - your return credit could get delayed or some other glitch could foul up the account. And the high CL and low utilization wouldn't report to your CR until after your September statement date anyway.

Message Edited by Revike on 08-01-2007 12:33 PM
Message 5 of 21
Highlighted

Re: Capital One not reporting true credit limit

I too was told they will FINALLY begin reporting true limits at the end of this year (2007).
 
I am SOOOOOO done with them..which you can read in my post in the scoring section of the forums.
 
Even worse...maybe the reason they never reported limits to begin with .. they have a horrible reputation for issuing new cards with $3K limit, sending out letter that the $3K will be raised to $3.5K and then WITHOUT ANY WRITTEN NOTICE simply deciding oh wait.."you" (at least 10,000 in one month December 2006) should have never received a $3K limit and adjusting them way down suddenly on the next statement causing over limit fees and worse!  Can you imagine you get a new card, buy say a computer for $1K only to get a statement saying you are over limit.  SOME people's statements STILL SAID $3K but when they called they were told it was a "glitch" and that they only have say $750 limit and that the statement will reflect that eventually but in the mean time they would NOT waive the over limit fees, etc. THEY CAUSED these people.  AND they charge interest to payment date EVEN IF balance is paid in full before due date.
 
What's in MY wallet?  NOT THIS CARD ANYMORE!  I had two different cards with them over 13 years and they for no reason raised my FIXED rate from 6.9 to 15.9%!  FICOs are all over 800! They probably did not report limits because they had them all so messed up!
Message 6 of 21
Highlighted
Regular Contributor

Re: Capital One not reporting true credit limit

Here is your solution; it's a simple work-around that if followed properly, will result in CapitalOne listing a "credit limit" as high as possible to your present available credit limit of $3,500), significantly lower your utilization rate and continue a good trade line on your credit report, which will RAISE your FICO score.  Please take your present balance, subtract it from your $3,500 limit and do a cash advance for the rest of the amount (up to about $100 under your available credit limit).  Take that cash advance and put it in your checking account.  Three to four days later, when your balance is just under $3,450 or so, use the money from your cash advance and pay off most of the balance, and voila, CapitalOne will be reporting your "credit limit" as around $3450 or so, and your problem will be solved!  NO NEED to try and buy a large appliance and then return it...
Message 7 of 21
Highlighted
New Member

Re: Capital One not reporting true credit limit

Capital One sent notice that my 2 accounts had been converted to overlimit policy recently and offered an option to reject the change by calling a number.  Because I have read several postings at this site about various ccs with overlimit not reporting true credit limit, I declined op (just in case CapOne does start reporting CL next year).
 
Just wondering if more cc company's will use op as an excuse for not reporting a card's credit limit in order to take advantage of/profit off consumers, and leaving them at a disadvantage, due to effect that total credit limit has on FICO formula calculation.
 
 
Message 8 of 21
Highlighted
Regular Contributor

Re: Capital One not reporting true credit limit

The cash advance idea is genius.  I never thought about that.
Message 9 of 21
Highlighted
Contributor

Re: Capital One not reporting true credit limit

I found out the hard way a long time ago that if you already have a balance and then get a cash advance, when you make payments or if you go to pay back the cash advance, that you need to write a separate check and specifically tell them to apply it to the cash advance (usually interest is higher on cash advances).  It may not be every card, but once upon a time I had a discover and did a large cash advance...when I paid it back, it was applied to the regular balance (little interest) instead of the big interest cash advance.  You live you learn!
Message 10 of 21
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.