Advice for Cap One

[jiggajoe]

Hello Everyone,

I have been re-building and correcting for almost 2 years now. My scores were all low 400's-

MY scores YTD FAKO as I signed up for Truecredit monitoring with unlimited access are @

Transunion 608

Experian 647

Equifax 596

...and Growing as I have a couple more things to get corrected/removed as well as more positive tradelines added.

I was pre-approved/solicited for a Capital One Platinum-

It was for an interest rate of 18%, 0 first 6 months.

Annual of $39

Logged on to website an applied for another that was 15% and $19 for the year.

I received a card for $300 Credit Line with the wrong design. I was a little dissapointed to see only $300 as I have an orchard for 7 months now at $500 and an autoloan for $10,000 for over a year now. Both accounts are in good standing.

I called and explained that I DID NOT WANT TO ACTIVATE right now, & that I thought the credit line was low and + design was wrong.

(Instead of calling the activation #, I called the customer relations # for platinum memebers.)

I completly got shrugged off in like 3 seconds for credit line increase but was definitely able to update my card design. I was told I would receive a letter with a reason.

I told that rep to send the card but I also insisted that I would not activate as I did not even have a card to use (mine was incorrect) and I had to think about it overall as $300 does not really mean buying power as they advertise.

I received the letter. It says a credit line increase is not available on my account upon request.

Also lists all 3 bureaus which I have 60 days to where I can send a letter.

(Which I will in about 40 days after I receive results for a dispute I just initiated with True Credit today and should receive back in 30)

I did some research and found this board regarding CAP 1 credit line increases. LOT's of great information. One of the things I have learned as I have conducted searches through these forums is that CAP1 DOES NOT report credit lines.

This being said, here is my question:

Would it be worth activating the card then when it comes? I mean a trade line is only good if it reports completly, right?

I want to get another positive trade line going now but do not want a useless one. I already feel bad I burned an inquiry if I do not accept it.

Thanks in advance for advice and keep up the great work! JIGGA~

[direred]

It's really easy to get a $300 cap1 card to report something close to the real credit limit. Not so easy when it's a 10K card. Given that, I don't have a problem with them (I do have one, currently at $1800).

That $300 card likely won't increase except automatically, and rarely at that.

[jiggajoe]

Direred,

Are you saying that I could in fact increase my credit score(s) with that card? Do they even report to all 3 bureaus?

To clarify, you are saying I could just charge up to the $300 (like buying something for like $600 and putting 1/2 on this card) in order for them to report the crdit limit?

Thx much 4 ur feedback! JIGGA~

[LNY]

Direred,

Are you saying that I could in fact increase my credit score(s) with that card? Do they even report to all 3 bureaus?

To clarify, you are saying I could just charge up to the $300 (like buying something for like $600 and putting 1/2 on this card) in order for them to report the crdit limit?

Thx much 4 ur feedback! JIGGA~

You said you searched and found out that they don't report limits. Surely in those threads you also found out what to do about that. We've gone over it at length many times, it's a bit much to retype yet again.

And yes, of course you can increase your score with that card. Why wouldn't Capital One report to all 3?

[jiggajoe]

What term do you recommend I inquiry asides "Capital One"

[LNY]

What term do you recommend I inquiry asides "Capital One"

My guess is that you'd find the information in the same threads you found talking about their reporting policy.

A big problem with searching for anything to do with Capital One is how they are referred to around here. They're Capital One, Cap One, CapOne, Capone, C1, Crap One, CrapOne...

Try something like fake limit, as we often refer to this practice as "faking up the limit." I do remember threads about using convenience checks to do it, so try that as well.