Cap 1

[Anonymous]

Got a $300 balance Cap 1 card. Oooh, aaah. Decided to run their little game to my advantage. Get the card, max it out via BT, pay the $15 minimum on time, and after they report my high balance (either $285 or $300, don't care which), PIF the card.

Yesterday they sent the first bill and a notice saying I can qualify for a CLI bump to $500 if I just:

1) Use the card within the first 90 days

2) Don't go overlimit

3) Make the first 3 monthly payments ontime

DOH! Talk about a monkey in my wrench. Guess once I get the CLI bump I'm gonna have to max it again for a month.

Curse you Red Baron!

[Tuscani]

LOL!

[Anonymous]

How high do I need to get my scores to get approved for Cap 1? I know they pull all 3 bureaus

[Anonymous]

Man am I glad I was denied by those guys a few months ago. Funny how they're OK with forking over $20K for my truck, but after a year of on-time payments they don't trust me with a measly $300 credit card. After I found out about their high balance reporting shenanigans I was stoked that those clowns denied me. Especially because I've gained 100 points since then and have gotten better deals. Waiting to see what Hooters offers me after I send back my ID verification. They seem to be the kings of dishing out high limits for low scores, and they only pull TU which is historically higher for a lot of people, me included.

[Anonymous]

My FICOs were high 500s when they issued me an unsecured card. Mid 500s is what others have reported, IIRC.

[Anonymous]

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devhip wrote:
Man am I glad I was denied by those guys a few months ago. Funny how they're OK with forking over $20K for my truck, but after a year of on-time payments they don't trust me with a measly $300 credit card. After I found out about their high balance reporting shenanigans I was stoked that those clowns denied me. Especially because I've gained 100 points since then and have gotten better deals. Waiting to see what Hooters offers me after I send back my ID verification. They seem to be the kings of dishing out high limits for low scores, and they only pull TU which is historically higher for a lot of people, me included.

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I have been reading for it seems like hours now!  Could someone clarify what Cap 1's high balance shenanigans are?

Thanks!

A

[Tuscani]

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alixwooten wrote:

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devhip wrote:
Man am I glad I was denied by those guys a few months ago. Funny how they're OK with forking over $20K for my truck, but after a year of on-time payments they don't trust me with a measly $300 credit card. After I found out about their high balance reporting shenanigans I was stoked that those clowns denied me. Especially because I've gained 100 points since then and have gotten better deals. Waiting to see what Hooters offers me after I send back my ID verification. They seem to be the kings of dishing out high limits for low scores, and they only pull TU which is historically higher for a lot of people, me included.

---

I have been reading for it seems like hours now!  Could someone clarify what Cap 1's high balance shenanigans are?

Thanks!

A

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CAP1 does not report credit limits... so instead the high balance is used.. so carrying any type of balance can actually hurt your credit. Always PIF on CAP1 cards.

[Anonymous]

WOW - thank you for that info, didn't know this - we learn a little every day  Thanks everyone!

[Anonymous]

But, to get the full benefit of the credit limit, you need to max the card, let it report once to the CRAs maxed out, then PIF. Be sure to make your minimum on time until you get the high balance reported.

[Anonymous]

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Tuscani wrote:

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alixwooten wrote:

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devhip wrote:
Man am I glad I was denied by those guys a few months ago. Funny how they're OK with forking over $20K for my truck, but after a year of on-time payments they don't trust me with a measly $300 credit card. After I found out about their high balance reporting shenanigans I was stoked that those clowns denied me. Especially because I've gained 100 points since then and have gotten better deals. Waiting to see what Hooters offers me after I send back my ID verification. They seem to be the kings of dishing out high limits for low scores, and they only pull TU which is historically higher for a lot of people, me included.

---

I have been reading for it seems like hours now!  Could someone clarify what Cap 1's high balance shenanigans are?

Thanks!

A

---

CAP1 does not report credit limits... so instead the high balance is used.. so carrying any type of balance can actually hurt your credit. Always PIF on CAP1 cards.

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Thank you for the explanation Tuscani!  I will now go check to see what they have reported... valuable info!