Capital one purchase checks.

[Anonymous]

Since capital one don't report my credit limit,how do i use the purchase checks to force them to report the very highest balance on my credit report?

[Anonymous]

sylva45,

I would write the check for an amount as closest to the credit limit as possible without going over!  Are you going to write the check and then pay it off when the statement arrives?  If you're going to carry a balance then definitely make sure you allow for interest. 

I would write up to within $100.00 of the credit line.  If you have a $1,000.00 credit line with Cap1 then write the check for $900.00.   I'm assuming you have no previous balance on this account. 

SandyK

Message Edited by sankofa on 05-26-2007 07:57 PM

[Anonymous]

I would deposit the check into my checking account also. 

SandyK

[Tuscani]

Or just use the card to pay all of your bills and then PIF when the statement comes.

[Anonymous]

This is what I do. Saves me money. When using the *cash advance* checks or *balance transfer checks* that have a high rate of interest just to post on your credit report please remember they are charging you interest daily in most cases. For this reason I find out when my closing date is. I try to have the check "post" a day before my closing date but after my statement date. This way there is only about 1 week or so until it reflect on my credit report. As soon as I see it I make an electronic online payment to pay it back. This limits my interest charges to just days instead of weeks or 1 month. Every little bit I save helps.

Please remember there are *fees* to just use the checks *besides interest fees*. When ever using these checks interest starts the day the check is deposited. It is very important that you pay it back as soon as possible. The interest catches people by surprise.

Also I imagine you have to have the balance on the card while it is reporting to the CRA's. Which means they are going to hit you with interest regardless of the way you got the balance. Some companies bill you the entire month of interest once you pass the statement billing day. That was one of the things I used to love about MBNA. They only charged me interest on the days the money was there.

Just be careful and prepared for the interest rates. You can call the bank and ask them to calculate the total expense of using those checks before you use them.

:-)