This is the situation with my $300 Cap 1 "toy" card that I have. Balance: $244 Terms: N/A High Balance: $185 Limit: N/A According to this, it would appear that (according to everything we know about Crap 1) I was actually exceeding my CL since they don't report one and it's assumed that your high balance is your credit limit. But, I get the "Credit usage : You are not using 70% (or more) of your credit limit on any revolving account. This only includes open accounts for which the credit limit is reported. This is making your score higher." So does it really hurt that they don't report the credit limit? I mean, I do have another Cap 1 card that has a $3500 limit, but it only reports as $2650 in the credit bureaus, so I know that's robbing me of $850 that could be going towards lowering my overall utilization. So aside from that, does not reporting the true limit hurt you in any other way? Just curious. I got to thinking about it more deeply after I talked to a mgr at Cap 1 who stated that it was to my advantage that they didn't report CLs.
SURE it does (sarcastic wit) It doesn't help you either if you want to apply for another card from someone else if they see all ridiculous low limits.
Cap 1 Not Reporting Limits ... So help me follow this thread, be kind, I'm new here. My main card is a Cap One Platinum with a $5k limit. Since this accounts for about 80% of my revolving credit I am getting Screwed because they are not reporting my limit? So if I have $5k limit on this card, and keep the balance below $2k, I'm really not getting the benefit of properly managing this account? Since my credit report is really not reflecting that I am at 40% of my limit? Is that right????
Cap 1 Not Reporting Limits ... What Cap 1 is reporting as the CL is the highest balance that you have ever carried. My Cap 1 CL is $3200.00 but I managed to charge up $3100.00. The reports show my CL as $3200.00 Best regards, Mirage
Re: Cap 1 Not Reporting Limits ... Hey - so how did you get the CRAs to report the limit? On all my reports, it shows at N/A for limit. I've got a $4400 CL now, but the reports only show $2650 as the highest bal I've carried. Once I combine my cards and get my $5k limit, then I'll do the "Cap 1 trick" if necessary, but if I can just get the CL reported, that'll save me the hassle.
Re: Cap 1 Not Reporting Limits ... DO A BT FOR 100% LESS $100-$200 EVEN IF YOU HAVE A ROTTEN APR...THEN PAY IN FULL A FEW DAYS AFTER THE STATEMENT DATE I don't like the idea of BUY AND RETURN...
Re: Re: Cap 1 Not Reporting Limits ... SOME CARDS WILL ISSUE CHECKS...DEPOSIT TO CHECKING... WAIT 7-10 DAYS (if a hold by the bank) AND WRITE CHECKS TO ANY ACCOUNT OR DO ON-LINE... SOME CARDS WILL EFT (SAME AS CASH) TO YOUR CHECKING... 2-4 days after the statement generates...PAY IT OFF
Re: Re: Re: Cap 1 Not Reporting Limits ... But we're talking about Cap 1 here. 3% of $5000 is $150...unless they have a cap on the max BT fee. I can think of lots of ways to spend $150 other than GIVING it away.
Re: Re: Re: Re: Cap 1 Not Reporting Limits ... I had no idea you had a FEE!!!!! I don't...it didn't even come to mind "IF" it was MBNA I would have known...
