Question
CaptialOne reports your "High Balance" to Credit Reporting Agencies and NOT your Credit Limit..there is a lawsuit pending against them for doing this..What does this mean?..You will looked "Maxed Out" on your other lines of credit if you carry a balance with CapitalOne and your debt ratio will be high..thus giving you a lower FICO score..One way to beat CapOne at their own game here is to use those little checks they send you in the mail and write one to yourself for the maximum amount of your credit line..then..repay back the entire loan on your next billing statement..This will make CapOne report your "High Balance" to the CRA and make you look like you have a higher line of credit since CapitalOne will Never report your credit limit to the Credit Reporting Agency..I would do this once..then keep my balance with CapOne Open with a zero balance..that way they have to report you with a "higher credit line" and you dont look maxed out on other cards and youl keep your credit history..@:-) @:-) @:-)
Answer
watch out for the cash advance fees.
Answer
For anyone who doesn't already know, Citibank does this with their AAdvantage Mastercards as well.
Answer
For anyone who doesn't already know, Citibank does this with their AAdvantage Mastercards as well.
I think is just for AA World Mastercards where there's no true limit.
If you're interested, I think there's already a longer discussion about this issue and the Capital One suit.
Answer
Interesting. Makes you wonder if the reason for it is because of a technical issue, or they want to make it harder for a competing bank to issue a card with a similar or larger balance.
Answer
Chase does this as well (United Card) It's done so that the competition can't easily match credit limits.
Answer
Whats in your wallet?
Answer
For anyone who doesn't already know, Citibank does this with their AAdvantage Mastercards as well.
Actually the situation with Citi World MasterCards and Visa Signature Cards is a bit worse:
1. Citi reports your actual balance each month as of your statement date
2. Citi does not report your high balance. This shows as zero.
3. Citi does not report your credit limit. This shows as zero.
I always pay my Citi World MasterCards off before the statement date.
AMEX Charge Cards are reported similarly to Capital One. Diners Club is not reported at all (for now).
I keep credit report friendly cards in my wallet, like Merrill+ and AMEX DL Platinum. Both have high credit limits that are reported. This has a positive impact on my credit.
Answer
Amex Plat. Chase / United Visa Signature. Credit union card. Capital One purposefully excluded for their many bad actions and for just being ugly.
Whats in your wallet?