Capital 1 credit card will not report credit limit??????

Question

How can they do this. Is anything going to be done??? Can I do anything??? Its hurting my FICO score.

Answer 1

They do not report, even if asked to.

I've heard some rumblings that they "may" start reporting credit limits this fall - to many FTC complaints I guess.
But - with them, no telling if they actually will or if it will happen that soon.

The only thing that helps people, and should ONLY be done IF a person can handle it, is to use a major portion of the credit limit then pay it off completely when the statement cuts.

For instance, if you have a $500 credit limit and you make a charge for $400 then pay it off either when the statement cuts or you receive the statement. The next statement, after payment, will show the high balance of $400 but show a zero amount due.

That way the scoring system will use the $400 as the credit limit, to base your utilization and scores on, since the actual credit limit can't be used.

The high utilization will hurt until they report the zero balance the next month.

Never use the full amount of the actual credit limit. Always leave a little wiggle room so you will not go over the actual credit limit.

If you do that, make the charge on something that you have to pay anyway and that you already have that money earmarked for, like on another bill - rent, mortgage, utility, groceries, etc.

Then, act as if the high balance is your actual credit limit and try to keep the utilization below 30% to 50% of that.

Always do this with caution. If your credit limit is quite high and you cannot justify using most of the credit limit, only use what you can justify.
Don't go out and charge just to have your high balance showing a higher amount if you do not already have the payment money.

Answer 2

Capital One reports to all of the 'big 3' credit bureaus. But they do NOT report credit limits. I have 5 credit reports on my desk that have Cap 1 accts on them. None of them have a reported credit limit. This has the effect of deflating your score. I would cancel it. You may take a hit on your credit report for it, but it is likely that your credit will get hurt worse just by having it. Get another card and you won't be affected much. Build credit with the other one that you sign up for. I would steer well clear of them. Good luck!

Answer 3

ask them too