Beating Capital One’s Credit Limit Reporting Disposition?
Alexander Vasarab asked:
From everything that I’ve ever read to my own personal experience, Capital One does not report your credit limit to any of the three credit bureaus. That said, I know that FICO’s score algorithm substitutes your highest recorded balance in for your credit limit in the absence of it being reported. My question is this: Will finding an item equivalent in cost to your real credit limit, charging it to your card, and then returning it immediately correct credit reports to reflect the true credit limit?
From everything that I’ve ever read to my own personal experience, Capital One does not report your credit limit to any of the three credit bureaus. That said, I know that FICO’s score algorithm substitutes your highest recorded balance in for your credit limit in the absence of it being reported. My question is this: Will finding an item equivalent in cost to your real credit limit, charging it to your card, and then returning it immediately correct credit reports to reflect the true credit limit?
For example, let’s imagine that I have a credit limit of $10,000 and I purchase a huge, flat-screen plasma television for $9,000, and return it the next day and thus have the $9,000 credited to my account, will this set it straight in my credit reports? Thanks!
NESTOR
January 23rd, 2010 at 7:30 am
OSVALDO
yeah, ditch the capitol one and get a card that does report limits
it’s not that hard and if enough people do this they will drop that policy, they do it so that other will not target their customers for better credit offers once they know their limits
January 24th, 2010 at 4:10 pm
BENNY
No! If you return it the next day, the credit card must wait the next billing cycle to show the transaction on your statement. Even the day you buy it or return it was the last day of your billing cycle, the credit it won’t be shown on your statement because, your statement was already prepared and sent out to you.
You said Capital onr does not report your credit limit to the credit bureau? I don’t think so! Order your credit report, you’ll see your credit limit with capital one on it. Otherwise, I mean if you don’t see it contact me at 617-718-2336, I’ll help you to sue them.
Waner.
January 25th, 2010 at 5:34 am
RALPH
It’s true that Capital One does not report your credit limit to the Bureau’s, and if you want to buy a plasma and then take it back, wait a few days. Let it actually get processed by capital one, it usually takes two business days for the transaction to be completed in it’s entireity. Check your terms and conditions though and make sure you have a grace period on new purchases. If you don’t you’re going to have to pay some interest on that.
As far as what someone above me said about calling them to file a lawsuit against them. There is nothing illegal about not reporting your credit line.