Jump to content

What I have learned about Capital One & Amex


petr3772
 Share

Recommended Posts

Apprently both credit cards do not report your high balance for several reasons...

* They don't want other companies to know how much you can spend so that the other cc co's can offer you similar cards to what you have.

* They want to decrease your credit score so that you can not get approved else where... Every time you open a card that does not report a high balance you lose 20 points. As your credit report will always reflect it as a maxed out credit card even if you only have a $3 balance.

* Spending up to your high limit in hopes that they will continue to report that number is futual... They will reset is quarterly.

* The only way to get around this is to dispute the high credit limit with the CB's by sending them a recent statement... They will reset your high credit to zero once they catch that you have done this... However, it should give you a point boost for a month or two.

* Sock drawering your these type of cards isn't that good of an idea... They will stop reporting them if you stop carrying a balance.

I hope this isn't just stuff you guys already knew... I got my information from a CTI webinar.

Link to comment
Share on other sites

Crap 1 from what I understand will or is already reporting limits after much pressure from consumer groups...

As for Amex...They are primarily a prime lender and folks with prime Amex cards usually can get approved anywhere....a 20 pt drop say 780---to 760 does not matter much to them.

Crap 1 bottom feeds on the credit challenged and is a major subprime lender. So not reporting balances advserely affects folks with bad credit more so than those with very good scores

Link to comment
Share on other sites

Crap 1 from what I understand will or is already reporting limits after much pressure from consumer groups...

As for Amex...They are primarily a prime lender and folks with prime Amex cards usually can get approved anywhere....a 20 pt drop say 780---to 760 does not matter much to them.

Crap 1 bottom feeds on the credit challenged and is a major subprime lender. So not reporting balances advserely affects folks with bad credit more so than those with very good scores

This is not the case with crap 1 they still do not put high available credits and more cards are going this direction as they all are scrambling to hold our debt... As for Amex... 780 to 760 isn't bad but if you take out 2 cards and go to a 739 you now have to pay .0025% higher interest rate. That will add up. Regardless, It is garbage that they do this intentionally.

Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
 Share

×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.