Hi all, I called Capital One today to request that they include my credit limit in their updates to the CRA's. After speaking with one rep who told me that my "high credit" was my "credit limit" and then patiently telling her the difference b/t the two, I was transferred to (I think) the CRA reporting dept. The new rep very sarcastically told me that he was sure that C-One did indeed report credit limits, since he looked at several applications a day. I told him that C-One definitely did NOT, seeing that it was not recorded on either my version of a report or the "lender's" version from any of the three CRAs. He then said, "Ok ma'am, I'll request that the three CRA's report your credit limit." Hopefully, this will happen, and I'll let folks know when I receive my reports. I have found Cap-One customer service exemplary in times past, but today I was disappointed that this rep seemed to either be clueless about this issue or he thought that I was. Marci
also I should add that he complied with my request after I told him the damages done to my credit score by not having the limit.
That's incredible. How could the credit's Cap One rep not know that his company doesn't report limits! Maybe he did and was just trying to convince you otherwise. Good work. Please let us know when your Cap One limits start appearing on your reports.
RE: Another alternative I think if you send a COPY of your Cap One statement with your credit limit to all three of the Bureaus and ask for them to update your report showing the limit, they will do it. I think Mom was one of the posters who was succesfull in having her actual Citibank limit reported by doing this.
RE: Another alternative Hi S.D., Yes, I know that Momof3 sent persistent letters to the CRA's to get the limits reported. But the burden should NOT have been on her to provide "complete and accurate" information to the CRA's. That's the creditor's job. And that's why I called Cap-One. I shouldn't have to pay stamp postage to do something that Cap-One ought to do in the first place. IMHO, Marci
RE: Another alternative Why is it important to your score to have your limits reported? I know this as been discussed before, but in the wake of everything else, I can't remember the answer.
RE: Another alternative Very true... You should not have to waste your time doing the creditor's job. Afterall, we go through enough trouble trying to deal w/ the bureaus about other issues, this shouldn't have to be one of them. Hope Cap One comes thru and gets your true limit reported! =0)
RE: Another alternative This reporting limits issue is interesting. If you have a credit card with a high limit, having it reported can improve your score. The main reason is because of the debt to income ratio. If you have high limits, and your balances are low, then your reports look good. On the other hand, there are some of the sub primers that I wish didn't report. 1st Premier, for example. My limit is $550 and I've had the card for a year with no mistakes. To me, that's embarassing! What a joke! CitiBank, on the other hand, has granted me a card with an $18,000 limit and Cap One has granted me a $3,000 limit on their gold card. I wish those limits would appear on all of my reports. I'll have to take a tip from Marci and Momof3 and do something about that. Marci's right, though. It's the bank's responsibility to contact the credit bureaus with that information; not ours. Donna
RE: Another alternative I disputed the limit w/ Transunion, enclosed a statement showing the limit. Cap 1 did not respond, Transunion deleted the entry altogether. Cap 1, upon my request, will re-insert it. Saar
RE: Another alternative Hi Jamie, It matters in terms of crddit utilization or getting a potential adverse reason code for a low score saying "revolving account balances too close to limit" - which, according to FICO, determines 30% of your score. If you have a card that has a $1000 credit limit and you have a $200 balance on it and you've never had more than a $200 balance, then your limit is $1000 and your "high credit" is $200. For a company that reports your credit limit, your balance:limit ratio is 20% (200/1000), which is okay for credit scores. But for a company that does not report you credit limit, the balance:limit ration is replaced with a balance:high credit ratio which makes your credit utilization 100% (200/200). This destroys your credit score.
RE: Another alternative I agree 100% Marci, the proof should not be provided by the consumer in regards to credit limits. Citibank unforunately does not want limits reported. I tried calling them first and had NO success, one rep tried to blame Experian, other said they would take request, while another said they would take my complaint, total "BS" if you ask me. I sent my hubby's statement first to Experian and they updated it very quickly, I tried calling with mine the first time, got nowhere b/c citibank would not verify the limits, unbelievable, but I called Experian again and said I would send the statements and they said they would update ASAP, so from that I assume they didn't bother trying to verify with Citibank again, since they had the statements right in front of them. Yes this was royal pain in the butt, but it was the only way I could prevail. I hope Cap 1 comes through for you and you don't have to take the route I took. Mom
