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Raising Highest Reported Balance Via Paypal?

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Anonymous
Not applicable

Raising Highest Reported Balance Via Paypal?

Okay, bear with me. This is probably going to sound slightly crazy.

Like a lot of others, I have a few 'no limit' credit cards that don't report a credit line, instead reporting the highest balance ever reached.

In the case of my Visa Signature card, this is only about 35% of what the actual CL really is. Naturally, this under-reporting isn't great for my utilization.

So, here's what I'm wondering:

Can I pay myself cash, via Paypal, through the credit card, to raise the highest charged balance? Say, $20K or so?

I could then immediately use the cash to pay the card.

I know I'd lose some fees to Paypal in the process, but there must be something else deeply wrong with this scheme that I'm not seeing....
Message 1 of 15
14 REPLIES 14
Creditaddict
Legendary Contributor

Re: Raising Highest Reported Balance Via Paypal?

for all that I might just trade my signature card in for a non signature and then get your limit.
My Usbank reports limit though. THANK GOODNESS!
Message 2 of 15
Anonymous
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Re: Raising Highest Reported Balance Via Paypal?

watchnerd,
 
Yes, some people have done this with success, but it is not for the faint of heart!  The tricky part is that while most of the time a card will report the highest balance ever on the card as the High Balance, on occasion they will report the highest balance they would have reported anyway (as a statement balance).
 
The way I see it, here's the worst case scenario for what you are considering:  You take the cash advance to raise your balance, the CCC freaks out and takes AA on you before you have a chance to pay it back, and then the High Balance never gets reported because it was never an actual statement balance.  In that case, you're left with a freaked out CCC and are no better off as far as the CL goes than you were to begin with.
 
It might be a good idea to test the waters, so to speak, by trying it out with a smaller amount, but one that is still higher than the current High Balance, and see if you can force it to update.  If so, then it might be worth a shot to try and force it even higher.
 
Message 3 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?

I just tried testing it with $100 and Paypal won't let me send money to myself.
Message 4 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?

3 words CASH ADVANCE CHARGES!
Message 5 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?

The fees for the 20K would cost you roughly about $980.30. Is it worth that much to you to get it to report a high balance???

They charge a processing fee of 4.9% plus 30 cents for credit card transactions.
Message 6 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?

I meant to quote your post about sending yourself money!

Theoretically it is possible but it is a pain. You have to set up a completely different account with a different email address and none of your accounts can match. It seems like a lot of work, and a lot of money!

Message Edited by miahmarie on 04-10-2008 10:02 PM
Message 7 of 15
Creditaddict
Legendary Contributor

Re: Raising Highest Reported Balance Via Paypal?

paypal is 2.9 + .30 but still wouldn't want to pay that just to get higher balance reported
Message 8 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?



watchnerd wrote:
I just tried testing it with $100 and Paypal won't let me send money to myself.

If it's a BofA card, which I believe most of yours are, the BofA rep I spoke to last night told me they will do BTs directly to your checking account.  If that's the case for your card, there's no need to use PayPal.
 
Also, then it wouldn't be a cash advance and wouldn't carry the associated fees and finance charges.
 


Message Edited by cheddar on 04-11-2008 01:04 AM
Message 9 of 15
Anonymous
Not applicable

Re: Raising Highest Reported Balance Via Paypal?


@Creditaddict wrote:
paypal is 2.9 + .30 but still wouldn't want to pay that just to get higher balance reported





Opps I got it from paypal......

Receive payments funded by Credit Card, Debit Card or Buyer Credit

4.9% + $0.30 USD (limit of 5 transactions per 12 month period)** for domestic or U.S. transactions

http://www.paypal.com/cgi-bin/webscr?cmd=_display-fees-outside

Sorry still can't make a link...............
Message 10 of 15
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