We alll know that Cap1 does not report actual credit limits - just the highest balance. We also know thata part of FCRA requires CRA's to give credence to consumer supplied documentation. Has anyone sent a CRA a copy of a Cap1 bill showing the correct credit line instructing the CRA to report the ACCURATE credit line, not the highest balance as teh credit limit? I would think that if the CRA refuses, that would be grounds for a FCRA suit against the CRA, since by reporting the highest balance as the Credit Limit they are making our utilization appear to be much higher than it really is, costing FICO points. Any thoughts?
I thought about getting my wife to call C1 and demand they install the high limit to her CRA files or close the account to further use and dump the card . I think they don't do the limits because they feel it would raise your score and might let you shop for a better rate/card . I think it's BS myself .
This thread can also be titled "When Hell Freezes Over". Nobody has successfully gotten CAP1 to report CL. At least on their subprime card. I'm not sure how their other cards report. Even dealing with Mr. Cooke has it's frustrations. I asked them to report this longstanding TL on my TU report (my wife has it reporting to all three bureaus, and she's an AU). It took three letters, four discussions, and they still didn't get it right. In fact, it was so NOT right that that TU put a fraud alert on my report, with the other two bureaus following suit. It took me almost two months of letter writing and faxing very personal information to the three wise guys to clear it up.
More likely than not, faxing/mailing the CRA a copy of a bill/letter (whatever) with the correct limit would either get the limit fixed temporarily (until Crap 1 reports again), or get the whole tradeline deleted when Crap 1 doesn't verify the information you sent. Not really worth the bother...the buy and return trick is as close as you're going to get.
I was able to get close by charging up to the limit, and then paying it off the next month. Just a thought. tix
I'm thinking of trying another approach... C1 is a member of an industry association which all members contractually agreed to report all account information, in response to the government suggesting that the incomplete reporting hurt consumers, and their industry. The reason they do it is to prevent another company from trying to 'steal' their card-holders, the tactic is discussed completely in the government report... I'll have to search for the thread where I put the links to this information.
I BT'd $19.4K on a $20K card. At least for now it's reporting close to the real credit line. What will happen as it's paid down is anyone's guess. At some point I'll get another good deal and then they'll be history.
