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dandoman66

Capital One to report credit limits to CRAs

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Why not now?

 

They want to screw people until last moment... they report limit to people who CO'd them....

Edited by Krish

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Great news!

 

I wonder what made them (forced them) to change their minds about this. Surely they didn't do this on their own volition. :)

 

I know there was a class action over this...probably what prompted it. Bottom feeding pond scum have been deliberately depressing FICOs, especially for sub prime customers, to keep customers from getting better cards and stuffing CONE in the sock drawer where they belong.

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Great news!

 

I wonder what made them (forced them) to change their minds about this. Surely they didn't do this on their own volition. :)

 

A few months ago I had had to contact their executive office over a problem that I couldn't resolve through the regular channels. Somehow this person in the exec. office brought up this topic briefly on her own. What will always stand out in my mind was that literally the first word in her sentence was "Unfortunately" Capital One would be reporting credit limits by the end of the year. Her explanation was that this decision was due to customer requests, but in my mind I was wondering how much the lawsuit(s) had to do with the decision.

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I really believe the reason they are doing this is because people (thanks to CreditBoards and our members sharing & exchanging info and let's not forget those TV finance gurus) are now becoming more credit and fico savvy. We dont know all the inside secrets but we are learning a little more everyday and we are beginning to take a little more control. We now understand the importance of "low utilizations", "sock drawing" crummy cards instead of canceling them, etc. There is more competition in the credit card industry who are willing to give recent bk'ers or delinquent payers a chance to start fresh. CBers and the like have gotten tired and frustrated with Crap 1's refusing to report limits and hurting scores unfairly . Just my opinion

Edited by barb1112

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About time. My Capital One card was one of the first cards I was able to get after I straightened things out enough to even get a card. They've steadily increased my limit over the past 5 years as I improved my credit, but you'd never know it since they didn't report the limit. Only reason I have it now is because it's one of my older TL's; it's seldom used.

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Higher FICO scores, in turn, will allow Capital One cardholders to qualify for lower mortgage interest rates when they buy or refinance homes.

 

Higher FICO scores will also allow cardholders to be eligible for cards from REAL credit card companies and get the f--k away from Crapital One.

 

They suck. Period.

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Who cares? They've had their chance with me, and they blew it. I've moved on, and so have millions of other people.

 

They can keep their cards. I just keep mine open for age.

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I wonder if they will also quit pulling all 3 CRA for a $500 credit card...and a few other anti-comsumer practices they

 

have perfected & developed over the years to lower FICO scores.

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I wonder if they will also quit pulling all 3 CRA for a $500 credit card...and a few other anti-comsumer practices they

 

have perfected & developed over the years to lower FICO scores.

 

 

I closed the card like a month ago and hopefully when it reports this week to the CRA's it will report as closed. SOB's had the balls to do an A/R on my Equifax two weeks after I closed them down. UFB eh? Just can't let go. :rolleyes:

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This has been known for a while; wake me up when the ACTUALLY report credit lines.
:lol:

Crap 1 reported my limit last week for the first time, the account was charged off 3 - 4 years ago :blink:

 

priceless! :lol: words can't describe how much this company sucks!

Edited by sarg

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Too little too late...and not because they wanted to. I won't ever go back....unless they offer me say - $30-$50K with 0% for life and no BT fees!

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I wonder if Crap 1's recent ratejack letters and late payment schedule revisions are connected to the reporting limit thing.

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It really doesnt matter much for me. Several months ago I used one of their convenience checks to make a deposit into my bank account and now it reports near my real credit limit. But for others this would be a very good thing. CAP1 is the sixth largest credit card issuers in the U.S. and it would positively affect thosands of their customers.

 

CAP1 has been good to me. They gave me a credit card after my divorce when my finances and credit history was very bad. This was back in the day when they offered secured credit cards and they treated me well. There are many of their practices that I dont like and I have better cards now with better terms now but I have never had any problems with them myself. I dont like the APR I have and basically they reside in my SD but my CAP1 gave me a break and got me a card when no one else would.

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Too little too late...and not because they wanted to. I won't ever go back....unless they offer me say - $30-$50K with 0% for life and no BT fees!

I'm with you, my CO is paid in full and I'll never go back...one of the worst company on the planet, IMO

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I wonder if they will also quit pulling all 3 CRA for a $500 credit card...and a few other anti-comsumer practices they have perfected & developed over the years to lower FICO scores.

only if they're forced to

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I wonder if Crap 1's recent ratejack letters and late payment schedule revisions are connected to the reporting limit thing.

 

I didnt get a rate-jack letter but did get a letter stating they were revising their late payment and over-the-limit fees. There does appear to be changes going on with CAP1.

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new manageent...bottom line is they need new management - all the way to the top

sign posted on HQ building, "UNDER NEW MIS-MANAGEMENT" :grin:

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http://www.baltimoresun.com/business/reale...story?track=rss

 

Capital One Financial Corp., based in McLean, Va., says it will now report all cardholders' credit limits to the three national credit bureaus - a step that could boost the FICO credit scores of some of its 50 million card customers

CAP1was sued IIRC by a VA man for the very reason of not reporting CL. Its possible that CAP 1 changed it's policy in anticipation of a really bad PR in the media should they lose or lost that case.

Edited by ouray

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