Who do you contact when you balance is being reported as your limit.?

Question

On several of my accounts with one credit agency my credit limit is showing 0 and my balance is listed as my limit. So basically it looks as though I am totally maxed out on all of these accounts when I am really only using about 20% of the available credit. What should I do?

Answer 1

Some cards do not have a "credit limit." They advertise that there is no preset spending limit. As such, each purchase is evaluated based on your creditworthiness at that time. If you are in the clear, the charge is authorized.

As such, they report the balance as the credit limit. This does damage your debt-to-credit limit ratio, which can lower your credit score. If it is just one account, there is not much to worry about, especially if the balance is low. However, several accounts can take a toll on your credit score.

There is nothing that you can do other than close the accounts that have no preset spending limit (credit limit). Otherwise, you should consider paying off the balances in full.

Answer 2

Capital one is notorious for doing this.
There is a class action suit about it
dont know what you can do other than switch cards.
I went with bank of america
1800 732 9194.
I got a zero interest transfer and there were NO fees.
the 0% interest rate is good for 12 months
dont know what the credit limit reporting policy is but if you transfer you get that account as paid completely off
thus you debt to credit ratio on that card will raise yoru credit!

Answer 3

The only people you can contact is the credit card companies that report to the bureau's - ask them to report your credit limit - the bureau can only do so much.