Capital One

[myguitar]

I’ve been working on fixing my credit for about a year now. Not that there was anything really wrong with it, I just don’t have a long credit history and I’m working on increasing my score. I haven’t been late on a payment in over a year and a half and my balances are good but the score was still laying low… So.. I had someone who has more expertise than I do look at it and tell me what the deal is. He said this stuff takes a while but he did find something interesting, and it is not the first time he’s seen it happen.

He says that Capital One is known for failing to report your credit card limit to the three bureaus. I’ve noticed this while looking at my past credit reports but I didn’t think much of it. Well, my friend showed me some literature and told me that this can keep your score down because if there is no limit listed and you are carrying a balance, the credit bureaus might see that as an over-limit account. So, say you have a $1000 limit with a $200 balance, they’d see it as $200 over limit cause they wouldn’t know you have that $1000 limit.

Well, I have three credit cards with Capital One. I just filed a dispute on all of them and they couldn’t tell me why their credit people fail to report this. They sent me a confirmation letter for each account stating it was taken care of.

If you have any cards with them I suggest you do the same.

 

[morrow]

Capital one will report the limit as the highest use the card has seen. Lets say you have a $1000 limit but at the most have only used $200. Your limit will show $200 on your credit report. I recommend my clients with Capital One accounts max their cards to show the highest limit then pay them back down, now the Ration of used credit is much lower and you will see a higher credit score.

here's Another trick for those who use a CC for paying bills or projects all month then payoff the bill when it comes in the mail. Call your bank and find out when they report to the credit bureaus, make your payment day a few days prior so when they report your card is not maxed out. I had a client in construction who used 3 CC all month for a balance of over $60K.... he would pay these down to $0.00 when he received the bill, but he used the CC to maximize his miles, rewards etc... His credit Dropped to the low 600's due to high revolving balances, we changed the payment date and now he is in the mid 700's with no major change to his way of living.

 

[WarpDriveKid]

Hmmmmmm....please clear this one up for me, he changed the payment date in order to pay the balance before the cc company would report to the bureaus? This way they would always report a zero balance owed, yes?

here's Another trick for those who use a CC for paying bills or projects all month then payoff the bill when it comes in the mail. Call your bank and find out when they report to the credit bureaus, make your payment day a few days prior so when they report your card is not maxed out. I had a client in construction who used 3 CC all month for a balance of over $60K.... he would pay these down to $0.00 when he received the bill, but he used the CC to maximize his miles, rewards etc... His credit Dropped to the low 600's due to high revolving balances, we changed the payment date and now he is in the mid 700's with no major change to his way of living.

 

[Dtrigg]

What about people that have an American Express black card or a Citibank black card? They don't have credit limits. To be eligable for a Citibank black card you have to have a minimum of $1,000,000 with them or Smith Barney.:biggrin:

 

[myguitar]

What about people that have an American Express black card or a Citibank black card? They don't have credit limits. To be eligable for a Citibank black card you have to have a minimum of $1,000,000 with them or Smith Barney.:biggrin:

I would assume that it is reported in a certain way where they know... Differnetly than a regular card!

If you have that card, I need favors! :biggrin: :biggrin:

 

[Dtrigg]

I would assume that it is reported in a certain way where they know... Differnetly than a regular card!

If you have that card, I need favors! :biggrin: :biggrin:

PM me:biggrin: :biggrin:

 

[myguitar]

PM me:biggrin: :biggrin:

I need a complete arsenal of ninja gear, a mojito assembly kit and a bundle of hairs from Chuck Norris' beard!

That's Metal!

 

[morrow]

Hmmmmmm....please clear this one up for me, he changed the payment date in order to pay the balance before the cc company would report to the bureaus? This way they would always report a zero balance owed, yes?

That is correct. And for the AMEX card etc.... they do show up different on your credit report and are treated differently.

 

[WarpDriveKid]

That is correct. And for the AMEX card etc.... they do show up different on your credit report and are treated differently.

This is darn good info to know......now, hopefully when I make that call to find out exactly what date my cards are reporting on, I won't get that very helpful person that does not know much but is too afraid to go and find out the real information so they make or guess the information asked for! But still good info....thank you! :smile: