Cap 1

[Tuscani]

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

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You are very welcome!

[Anonymous]

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@Tuscani wrote:

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.

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Depends on how big of a geek you are, and how tightly you can manage your account.

I got a CapOne account...because of the annual fee and a single purchase, the high balance was reported at $54. But I'm beating them at their own game...through tightly managing my purchases and payments, I have finagled it so the reported balance will be $2. This is 3.7% utilization. So I can still make CapOne work for me despite their reporting methods.

When I get my CLI to $500, I'll charge up $475 or so, let that be reported, then pay right back down to $10 or so.

[Kevin5974]

I have the hooter's card and the interest rates are outrageous...you can do better more than likely

[Anonymous]

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@Kevin5974 wrote:

I have the hooter's card and the interest rates are outrageous...you can do better more than likely

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Interest rates to me are immaterial...I never have enough of a balance for interest to matter. My CC balances are $2, $9, and $26. I'd rather have a card at 24.9% and no annual fee than a card at 9.5% with a $49 fee.

[smallfry]

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@Anonymous wrote:

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

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I got two cards from them right out of BK. One for 5K the other for 3K. I guess I didn't pose too much of a credit risk at that point did I?

[smallfry]

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@Tuscani wrote:

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@Anonymous wrote:

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@Anonymous 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

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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.

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My high balance was included in the equation for revolving credit utilization. It didn't effect me in the least. I'll see what it looks like after all the payments have ht the CRA reports next month.

[Tuscani]

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@smallfry wrote:

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@Tuscani wrote:

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@Anonymous wrote:

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@Anonymous 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

---

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.

---

My high balance was included in the equation for revolving credit utilization. It didn't effect me in the least. I'll see what it looks like after all the payments have ht the CRA reports next month.

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It affected you if you carried any type of balance. The impact just depends your overall credit picture.

[Anonymous]

I need to buy something from this Cap1 card to get my "reported" credit limit higher..but i just can figure out what should i buy for nearly 500 bucks?? Would it work if i buy something...have them report it,,and then go return it?

Also applied for a Hooters card and havent heard anything from them yet. With a TU score of 578...i dont know if im gonna be approved or not.

[Tuscani]

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Irvin wrote:

I need to buy something from this Cap1 card to get my "reported" credit limit higher..but i just can figure out what should i buy for nearly 500 bucks?? Would it work if i buy something...have them report it,,and then go return it?

Also applied for a Hooters card and havent heard anything from them yet. With a TU score of 578...i dont know if im gonna be approved or not.

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Just use it for bills next month... paying and returning might be hard because you want the high blance to actually post to your account.

Call hooters and ask.. no need to wait for the letter.

[Anonymous]

Irvin,

Do you have any other debt? Do a BT onto the Cap 1 card to get it near max.