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What's in your wallet? Important info...

Discussion in 'Open Discussion (Work-safe)' started by NightmaresDad, Feb 18, 2005.

  1. NightmaresDad

    NightmaresDad Woody Rules!

    If you have a Capital One credit card, please be aware that their accts are not reporting their credit limits to the Cr Bureaus. I am not making an accusation or saying this is intentional, it is just a fact.
    The reason I mention it is because this can negatively affect your Cr Bur score!

    Under the new FACT Act, you now have the right to request one free credit bureau report each year. I would advise anyone who has such an acct to do so and see if your Cap One cr limit is being reported. If not, you should contact Cap One by mail with a copy of the report showing the error so it can be resolved in the shortest time possible.

    Go to www.annualcreditreport.com or call 1-877-322-8228 to get your free copy.

    On a side note: Once your credit card acct balance becomes > 1/3 of your credit limit, it usually starts to pull down your credit score.
     
    jwinslow likes this.
  2. MililaniBuckeye

    MililaniBuckeye The satanic soulless freight train that is Ohio St Staff Member Tech Admin

    That, I didn't know...thanks.
     
  3. tibor75

    tibor75 Banned

    yeah, those credit score rules are crazy. it's also a penalty if you cancel a credit card. so it's better not to use it at all than to cancel it.
     
  4. CleveBucks

    CleveBucks Serenity now Staff Member

    Has anyone ever gotten them to successfully change it in your credit report? They've been doing this as a matter of business practice for awhile. If anybody has been successful changing it then I'll try to get them change mine.
     
  5. buckeyefool

    buckeyefool He's back and better than ever!

    When I was looking at loans for going back to school a few years ago I found this out. Was going through my credit report and the guy mentioned a card I had and never used. I said, yeah I'm getting ready to cancel that one, to which he said no don't it helps the credit score to have it there. I was surprised by that one.
     
  6. scooter1369

    scooter1369 Chief Toad Fart

    My wife and I have one card we keep for absolute emergencies. I'll use it once or twice a year to fill my tank and pay it off that day just to keep it active.
     

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