Cap One limit response...

Discussion in 'Credit Talk' started by marci, Mar 20, 2001.

  1. marci

    marci Well-Known Member

    After two letters via Planetfeedback and an e-mail to Cap One, I received a phone call from a gentleman
    at the Cap One Executive Offices last week.

    He said that he understood my concerns and acknowledged that the "credit
    reporting process isn't perfect". He said that Cap One had surveyed customers
    on their preference re reporting limits and that the majority of customers responded
    that they wanted their true limits "hidden" from the CRA reports. He explained that
    the customers did not want to be denied new credit b/c of "too much existing
    available credit", and preferred to have their limits undisclosed.

    We then got into a long discussion about the (in my opinion) fallacy of "too much
    available credit". I said that I know Fair Isaac and creditors like to warn people
    about too much potential credit, but that to my knowledge there is no existing
    adverse reason code for too much available credit (at least not with the current
    model; NextGen may have that as a code now). He agreed but said that individual
    issuers of card did their own internal scoring and that too much available credit was
    an serious issue for them. I said that my score for too high of a percent utilizatiom
    was an automatic reason code for every lender - and that reason code shoudn't
    be allowed to harm me, just because *some* lenders look for too mauch available

    Anyway, the gentleman said that he couldn't report my limit without reporting all
    Cap One customers limits, and since Cap One wasn't going to change it's policy,
    there was nothing he could do to help me wrt this specific issue. He did offer me
    other account benefits to appease me, so I ended up with:

    $3,000 credit limit on gold card up from $500 in February, no annual fee ever, and
    12.9% APR.

    So, I'm not happy, but I'll take what personal benefits I can get for now. And I think
    I will purchase a fully refundable plane ticket or some other high price item and
    then return it, in order to get my "high credit" close to my true limit.

  2. Saar

    Saar Banned

    No need to purchase a ticket.

    Go to Yahoo's PayDirect, , use you CC to depoit up to $1K in your PayDirect account. Do that ~5 days before your cycle ends, and when it does, refund it to your credit card.

    Everybody's happy:
    You get your limits reported
    Cap 1 gets their transaction fee
    Yahoo gets to earn 5-days interest on your money

  3. Saar

    Saar Banned

    depoit => deposit
  4. marci

    marci Well-Known Member


    Thanks for the information. I have been thinking of how to time this
    for a little while. A question, please. When you say...

    "Do that ~5 days before your cycle ends, and when it does, refund
    it to your credit card."

    ... are you saying that I need to wait 5 days to have the actual
    charge post to the account? Also, do you suggest waiting 5
    days "before your cycle ends" to reduce total interest accrued or
    does it not really matter when I do it in the billing cycle as long as
    I make sure the transaction posts before refunding the account?


  5. Momof3

    Momof3 Well-Known Member

    Way to try to force th issue!! Sorry it didn't turn out as it clearly should have. I think Cap 1 is a load of garbage, I can't believe that 1. They actually surveyed their customers and even if they did I don't think the majority of the customers would have said they didn't want it reported?? But that's just my opinion and that is the main reason I will never go with Cap 1. I still believe that this is totally unfair reporting on their bank as well as others that don't do it, complete and accurate reports don't seem to apply to everyone.

  6. marci

    marci Well-Known Member


    I agree that it is a lame excuse. I did tell him that I felt Cap One was attempting to
    keep competitors away with the policy, but that the policy IMO would backfire, once
    customers began to understand how credit scoring actually work. When I told him that
    I had a Citi platinum and that I was planning to BT and close either Cap One or Providian,
    he immediately began offering me benefits to the account.

    My only regret is that I should have asked to be upgraded to the Platinum 9.9% APR. We
    receive not, because we ask not, and I think I missed out. But what I have now is
    acceptable for now.

    Anyway, I do think that Cap One is trying to branch out of "sub-prime" land and build
    it's prime customer base, and I think Cap One is very well managed. I plan to stay
    with them as long as I can.

  7. mvfl

    mvfl Guest

    Well, why don't they survey their customers to see if they wish to have Cap 1 report their late payments? I'm sure if the customers said they'd rather not report the lates they'd report them anyway.

    Besides, most people don't realize the impact of not reporting the limits. Most people don't even know what a FICO score is, so obviously the survey was buseless.

    GEORGE Well-Known Member

    It is probably a FALSE 80% voted yes on an item on the ballot, but only 30% of the voters showed up, and of the given population, 60% are registered to vote...SO IT IS A FALSE VOTE...
  9. Saar

    Saar Banned


    I suggested ~5 days, since you probably don't want 1K of your Dollars held by a 3rd party for too long. 5 days are enough to ensure that the transaction is posted to your account before the billing cycle ends. You normally shouldn't pay any interest for it, since the transaction is registered as a purchase.


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