Re: Re: Cap 1 Question! Yes Matt, I do believe it's a violation, but there seems to be nothing we can do about it. I disputed my CL and EQ deleted the TL, my oldest account. I'm getting ready to sue EQ over it. I have a letter from Cap1 saying we report EVERY month. They suppressed.
I remember reading somewhere that Experian will not allow creditors that don't report limits to see the limits on your other cards. It is believed that the reason some companies don't report limits is that they don't want another company to poach you as a customer. Cap1 is known in the industry for having the most sophisticated computer systems so maybe their analysis has shown that not reporting limits also artificially lowers credit scores. While the people on this board know that Cap1 doesn't report limits, the vast majority of people do not and certainly don't understand the implications. With millions of accounts, I'm sure that their computers have been able to figure out the effects of not reporting limits. Interestingly, there are times when the second negative reason on my Equifax report is that I have an account (obviously Cap1) without a limit reported. How the CRA's can allow Cap1 not to report limits when they clearly must know that it affects your score is a mystery to me. My Cap1 is up for renewal in August ($39/fee that they just won't permanently waive). My scores have improved dramatically and although they're my second oldest trade line, I will drop them. Basically, I'm reinforcing their bad behavior by keeping them. Don't forget, they're also the ones who give you 3 hards whenever you apply for a card, are incredibly stingy with CL increases and won't let you flip from one card to another. I would assert that they probably have a VERY good idea of how FICO works and their tactics are to do everything they can to force your score down so that other lenders will either not solicit your business or at least not give you very good terms. They have millions of accounts so they certainly have the statistical means to test the system to their benefit.
hey butch man! its me your former co-mod haha uhm i certainly hope they credited you the fee too... i had that happen and i just told them it was the computers fault - they credited me
If you go here you can read about equifax and the not reporting credit limits. Just an FYI!http://www.jawewers.com/Position Paper on High Credit.pdf
Re: Re: Cap 1 Question! I'd drop them if I had an alternative but since screwing myself on TU (lost 95 points on FAKO from their deleting the Cap1 TL), I pretty much have little or no chance of getting another card unless that somehow gets fixed since it seems like most everyone manages to pull TU for me (I tried HH's CC inquiry on their website...they offered me the two crappiest cards they had--and I've got 740+ on EQ and EXP). Can't afford the lose the close to 7yr age on the Cap1 account either.
Re: Re: Cap 1 Question! Austinguy, They didn't waive my annual fee for my Cap1 MC until I called the executive office. Don't botheer to call the retention dept and they always give some lame excuse. My cap1 MC used to have any annual fee for $29.00 and the apr of the card is 15.9%. After I called the executive office, they waive my annual fee and lower the apr to 11.40% fixed. Ron.
