Does Capital One Report Credit?
Author: ImPulSiVe
Posted: Sun Aug 20, 2006 10:43 am
Post subject: Capital One does not report credit? great :(
So, my FIRST credit card is a Capital One Platnum...
since I want to be gaining credit/increasing credit, im basically screwed now?
im really confused as I thought, id now be able to start some kind of credit
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Author: hdporter
Posted: Sun Aug 20, 2006 11:14 am
Post subject: Does Capital One Report Credit?
C1 reports just like anyone else ... with the exception of credit limits -- they only report high balance during the life of your account (likely, high statement closing balance).
What this means is that if you have a $2000 credit limit, but have only taken it up to a $500 max balance, the account will rate similarly to any other account having only a $500 max balance. Carry a $400 balance this month? You won't evaluate as having a 20% balance to limit ratio ... your credit rating will factor the account as being at 80%.
The way around this that some people have taken is to take the account one month to within a hair's breadth of the credit limit, and carry that balance until a new statement is generated. Then they pay it off immediately and continue to use the account as they normally would from then on.
C1's no fee cash advance checks are a ready means by which to do this. Cash one a few days before the statement date (allow sufficient time for it to be processed) and then pay the account off the day after the statement is generated.
All this said, your account will build a credit history for you so long as you record some activity each month -- whether or not you choose to manipulate the high balance reporting.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: ImPulSiVe
Posted: Sun Aug 20, 2006 11:36 am
Post subject:
I have a credit limit of $500
In another thread someone mentioned not to go over 50%...
So, I shouldnt spend close to $250? Or should i be spending like $400/month to try and get an increase and to get some credit score?
kinda still confused
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Aug 20, 2006 12:03 pm
Post subject:
MAX OUT THE CARD (less like $50--$100)
WAIT TILL THE STATEMENT DATE HAS PASSED
PIF
Author: JaneiR36
Posted: Sun Aug 20, 2006 3:02 pm
Post subject: Does Capital One Report Credit?
mouse, do you only have to do this once? I haven't looked at my credit report recently and I'm concerned that it might have "reset" that high balance!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Sun Aug 20, 2006 10:43 am
Post subject: Capital One does not report credit? great :(
So, my FIRST credit card is a Capital One Platnum...
since I want to be gaining credit/increasing credit, im basically screwed now?
im really confused as I thought, id now be able to start some kind of credit
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: hdporter
Posted: Sun Aug 20, 2006 11:14 am
Post subject: Does Capital One Report Credit?
C1 reports just like anyone else ... with the exception of credit limits -- they only report high balance during the life of your account (likely, high statement closing balance).
What this means is that if you have a $2000 credit limit, but have only taken it up to a $500 max balance, the account will rate similarly to any other account having only a $500 max balance. Carry a $400 balance this month? You won't evaluate as having a 20% balance to limit ratio ... your credit rating will factor the account as being at 80%.
The way around this that some people have taken is to take the account one month to within a hair's breadth of the credit limit, and carry that balance until a new statement is generated. Then they pay it off immediately and continue to use the account as they normally would from then on.
C1's no fee cash advance checks are a ready means by which to do this. Cash one a few days before the statement date (allow sufficient time for it to be processed) and then pay the account off the day after the statement is generated.
All this said, your account will build a credit history for you so long as you record some activity each month -- whether or not you choose to manipulate the high balance reporting.
- Harry
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: ImPulSiVe
Posted: Sun Aug 20, 2006 11:36 am
Post subject:
I have a credit limit of $500
In another thread someone mentioned not to go over 50%...
So, I shouldnt spend close to $250? Or should i be spending like $400/month to try and get an increase and to get some credit score?
kinda still confused
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Sun Aug 20, 2006 12:03 pm
Post subject:
MAX OUT THE CARD (less like $50--$100)
WAIT TILL THE STATEMENT DATE HAS PASSED
PIF
Author: JaneiR36
Posted: Sun Aug 20, 2006 3:02 pm
Post subject: Does Capital One Report Credit?
mouse, do you only have to do this once? I haven't looked at my credit report recently and I'm concerned that it might have "reset" that high balance!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 6:13 PM
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