You need to be careful on the cash advance. On some cards, if you do a cash advance the finance charge is usually in the mid to high 20s. Also, if you already have a balance on your card, the CCC usually wont put any money to paying off this higher % charge until your regular balance is paid first. Only after your lower % balance is paid in full willl they start applying your payments to the higher % cahs advance.
I have herd so much about Capone and it's never good. Be like me and PIF and then slice&dice that filthy little animal. My take is there are too many good cards out there to be foolin around with the bad ones.
I have a CapOne and was troubled by the same thing. $3500 but I kept the balance PIF or low and my score suffered. Don't get a cash advance, but use the convience checks they sent with your statements. They keep sending me these checks and I would throw them away. After reading these forums and seeing on my credit report that CapOne would not report my limit I used the checks since it:
1. has no fee to use as cash deposit in my checking account.
2. has the same interest rate as a normal purchase.
3. is not treated as a cash advance.
I am in the process of doing it as I type this reply. Other things I considered. First, after the check cleared my CapOne account, go online and make sure, time you use near the end of statement cycle. Then PIF your previous balance, means no interest charges on next statement. Use the check money to pay back on next statement. Only in my case I have another card that does the same thing so I am going to use Peter to Pay Paul, then Paul to Pay Peter and if timed correctly use about $6000 back and forth to increase balance reported to CRA and resulting lower % utilization. All without a red cent of finance charge. ---Ahhhh! Priceless!!!
It's true! I read it too, and it was just on the news! It's about time - and just in time for the FICO scoring to change. They said it is currently in the works. The limits should be reported by the end of the year (which probably means sometime next year - the way crap one works).
I am going to try this...depositing a cap one check into my bank account. I only have a $20 balance on the card now so I'm not worried about the interest they will charge.
Do I just need to wait until the credit is posted to my cap one account to turn around and pay it off? I don't want to have a balance when they report again...but I do want it to show my highest balance.
In order for the high limit to get on the credit bureau, I believe it needs to be "reported" as such meaning that it has to stay on there long enough to be a part of the report that month to the Big 3 from CO.
I would NOT do this now since they ARE going to be finally reporting the true limits at the end of this year/beginning of next because when someone reviews your credit report it will look as though at one time you MAXED out to your limit then.
I am a landlord and I analyze credit reports instead of relying on scores. In fact I never even got scores until last year (been doing this for 30 years). I look for trends (past and present) and tendencies including maxing out cards (not just if they are right then but if they have been maxed out in the past, etc.). It often takes scores a long time to "catch up" with current trends whether they be good or bad. Sometimes scores are bad when there really is little or no negative info on the reports...sometimes just due to someone having a very short credit history record, etc. Or they might have just two cards with very low balances (say $200 each) and one card has $75 on it.
Scores are helpful indeed but unlike mortgage companies I tend to look past them for the "real" info. Usually that is more helpful to my applicants. I wish I had paid attention to all of the Capital One "issues" before as I'm sure some of my applicants over the years have ONLY had one card which was a Capital One...so utilization was likely reported much "worse" that reality.
I am glad they are FINALLY fixing this..let's just hope they really do without screwing up anything!
What I did was deposit the check into my checking account, wait for it to clear, then paid the previous balance of my CapOne ~$900, they tried to charge me a finance charge for that billing cycle, but I called and the rep removed the charge since I PIF. I am waiting for this months statement that has the remaining balance of the check, but the high balance was reported. I took a little hit for utilization, but that will be taken care of next month. Best of Luck!!!