Hi Everyone, I just got off the phone with capital one, executive offices. Situation: I filed a complaint with planetfeedback about capital one not reporting my credit limit and it has caused me to get denied for credit. When a creditor doesnt see a limit, they have to assume that it is 0 and if you have a balance on reported, then it looks as if you are over your limit. (its basiclly negative.) So, if you have ready previous post about my plans. It included combining my capital one accounts to one card and sending the CRA's my statement to report my limit once it starts to show on my monthly statements. Anyway, filed a complaint with capital one. Called today. Explained that "I was denied credit for the sole purpose of you not reporting credit limits" and "if it is your companies policy then why dont you include it in the terms and conditions of the cosumers account." Also, "if you dont report credit limits, thats fine, but I shoulnt have to suffer for it. I would rather have one account that doesnt report than two." Results: -My accounts are being immediatly combined -It will take a week -Discontinue using mastercard so that no other charges are asssed to the account. WHY IS THIS SUCH A SUCCESS: -my mastercard and visa accounts are both secured -ive only had my accounts opened for 2 months -my limit on my master is 700.00 and visa 500.00 -combined i will have a limit of 1200.00 -i can easily send the CRA my statement to have them report my limits. -IVE HAD AN INCREASE, INTEREST RATE DECREASE, ANNUAL FEE REFUND, AND COMBINATION OF ACCOUNTS ALL WITHIN 2 MONTHS AND NOT!!! 6 MONTHS. ~~If anyone would like to know my process of getting results when you dont think you can, email me at Cheerpsugirl@hotmail.com....I would love to see you benifit from my experiences also!!! PSUgirl
You may also get a limit increase once your accounts are combined. Mine were combined in 48 hours, my rate was lowered to 12.9 and I got a credit limit increase (only 100 bucks) but the guy didn't tell me about that. I found that out when I checked my account over the weekend. Congrats PSU girl.
PSU Girl, I took your advice. I called them and talked with a supervisor. The supervisor gave my oldest line (May 2000) a $1,000 increase. He also told me that I could combine the two Visa accounts once the newer account reaches the 6 month anniversary. He even suggested that I wait until the new account receives a line increase before combining. Cap One is so cool! To date, I have: Capital One Gold Credit Line: Now $2200! Capital One Standard (Ocean Waves) Credit Line: $1000 Fleet FirstBoston Fusion Smart Visa Credit Line: $4000 - New Gateway Credit Card Credit Line: $1400 GM MasterCard Credit Line: $1500 JC Penny Credit Line: $1000 Spiegel Credit Line: $400 Target Credit Line: $300 Total Credit: $11,800 Total Balance: $644 Ratio: 5% By the way, I closed my American Express Secured Optima today. It did not report and does not offer credit line increases. They simply loaned out and earned interest on MY money for a year. CardKid
Thats really great, both of you guys.... But... Cardkid, I would suggest you filing a complaint on www.Planetfeedback.com with capital one. If they are not reporting your limits on your report then you are not benifiting from the wonderful increase in FICO that could would recieve, because your balances are low and your limit is not reporting. You can do 2 things: 1. wait out the 6 months, then combine. But it the mean time...when you get your next statements from capital one reflecting your limits, send a letter with a copy of your statements to all three CRA's. Let them know in your letter that your credit limit is ??? and that you have provided proof with a copy of your statement enclosed. What will happen is that the CRA's will contact capital one, doing their usual investigation. Someone will varify that you where telling the truth, then, your limits will be reported. 2. If you want to combine now, instead of waiting. File a complaint with planetfeedback.com for capital one. Let them know in your complaint that you are unhappy that your creditworthiness is being effected because capital one doesnt report limits. Offer the sollution of combining your account onto your gold card. Let them know that you would rather have one account reporting then two. Then, once your new limit is reflected on your statement, send a copy to the CRA and you will soon see your higher new limit appear on your reports! YOU END UP WINNING EITHER WAY! GOOD LUCK -PSUGirl (Tired because of finals week at Penn State!)
Also, Congrats, cardkid, on keeping your balances below 15% of your total credit....thats wonderful...you sound like your doing a great job! Good idea with american express! Do you have any negative info? Do you have any loans (student)?
I had 2 defaulted student loans that were consolidated (thank God!) by the William D Ford Foundation. My payments are $40 per month. But, I mail $500+ to attack the principle. Because the $40 comes out of my checking, I get a rate of 7.85%. CardKid
