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Personal Finances / Credit Cards and Consumer Debt
|Subject: Re: capital one and credit reporting||Date: 6/14/2007 12:23 PM|
|Author: DrBooa||Number: 254422 of 311691|
Cap 1 also sends tons of those "purchase checks" (not BT checks, this is an important distinction) which you can use to get them to report your real limit, or close to it.
Here's what you do:
1) Make sure you pay off the full balance on your Cap1 card at least two months in a row. (So you're not carrying a balance.)
2) Don't use your Cap 1 card for a month, and instead write yourself a purchase check (no fee, does not accrue interest from the second it hits your account, acts just like a purchase) for the amount of your credit limit, minus some safety amount--$50 or $100.
So, if you limit is $10,000, then write yourself a check for $9,900.
3) Deposit check in your bank account. DO NOT SPEND THE MONEY.
4) When the bill comes for $9900 from Cap 1, pay it with the money from the purchase check in your bank account.
Tah-dah, your credit limit/highest credit used will be $9900, as reported to the credit agencies, at no cost to you other than a little paying attention and writing and cashing of checks.
Yes, they should report your credit limit, but since this is the world we live in, here's one way around Cap 1's non-reporting.
And Cap1 did recently raise my credit limit, though I had to wait patiently for like, ten years I think. They don't like being asked to do it, but they did eventually raise it.
And they're still way way better than Providian, IMHO. :-)
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