Both hubby and I have a few Cap One cards and a RNB-Marshall Fields card that don't report credit limits, just most owed. I really don't want to charge up $2100 on that RNB card and pay it off (or up to the CL on the other cards either for that matter). Is there some other way to get the CRA's to accurately show what our limits are. These are our only good cards so I want them to show accurately, not a $200 "limit" as they are now. I know it's hurting our scores. Thanks!
I've not done this.. but I heard or read somewhere that you could charge something expensive.. and returnable to the said account.
YOUR CREDIT REPORT MUST BE 100% COMPLETE AND ACCURATE!!! WITH-OUT THE CREDIT LIMIT...IT'S NEITHER COMPLETE NOR ACCURATE!!!
Why don't you guys start some lawsuits? Get a denial based on utilization.. have your paper trail of reporting the damn limits requests, sue both of them.. CRA and creditor. I sure would if I already didnt have bigger fish to fry.
Better yet, cancel the damn cards. I canceled my FUSA VIsa Signature card for just such a reason. They are ruining credit scores and preying on the sub prime. No limit, no card. They'll get the message eventually.
I am going to do what wolverine mentioned as soon as I get a mortgage. However, I am going to ask the credit card companies to fax or send me a letter on their letterhead stating what my credit limit is and send them to the CRA's. It's like George said, they are neither complete nor accurate otherwise. Also, I know that you mentioned that you didn't want to charge those cards to the limit. But there are more than 2 ways to skin a cat. Instead of paying cash or writing a check, use the card, then go home and write the check out to the credit card company.
I am doing that right now with one of my Cap One's. The one with the biggest limit is a dept. store card and although I'd love to, I just couldn't bring myself to spend $2100 at Marshall Fields and Target just to get the limit to report. I'll try sending them a copy of the statement and maybe build up to a lawsuit once I've dealt with the negs. on my reports first.
Question. Does the High Credit Amount really factor into the scores?? I have never seen proof of this. How do we know this is really used in the % utilized part of our score?
I'm still very new to this board, but what I'm assuming is that they would be using the high credit amount as the credit limit. Which hurts me because when that is showing less than what my limit actually is, any amount I charge is going to be a higher percentage in debt according to what they "think" my limit is. I hope this made sense. For example, the most I've used on one of my Cap One cards is $200. So that's reporting as my high credit. When I charge $100, they think I'm using 50% when really I'm using 25% since the real limit is $400.
You get a FALSE low score with "HIGH CREDIT"...say you have a credit limit of $10,000...but only have used $1,000 (HIGH CREDIT)...if they use HIGH CREDIT of $1,000 and you are at $1,000...it's 100%~~~GOTTA' BE BAD FOR FOR YOUR F.I.C.O.!!! You are "REALLY" @ 10%...
I got a Target Guest card last fall and the correct credit limit only showed up on one credit report. I called Target and they claimed they reported the information correctly. I called the two credit bureaus that did not report the credit limit correctly and they said they would verify the limit with Target. One of the credit bureaus sent me a new credit report which said the information had been correct but when I looked at the report they had fixed the credit limit. The other credit bureau just corrected the limit and sent me a one page letter stating they had fixed it. I would try calling the three credit bureaus and ask them to update the credit limit. Good luck!
I just added CapOne to my short list of revolving accounts. I got a report (and a ScorePower) a few nights ago and the tradeline is reporting at $4k high credit with a $3.8k balance. My score? 754 - within five points of what it was 4 months ago before I opened the account. I had expected to take a hit. During the last four months, I also added a new auto loan tradeline on which I have made only ONE payment. My score looks remarkably bulletproof in light of all this. I have no explanation. Maybe it's the high limits on my other accounts? (17.5k, 15.9k, 24.5k) RM
The usual advice: * Avoiding hard inquiries as much as possible. * Avoiding the opening of new accounts as much as possible. * Avoiding the closure of older accounts (to maintain a good "average age of accounts" figure). * Getting the limits raised as high as possible. * Keeping the balances down (utilization is about 10% right now). * Having a moderate number of open accounts (about 6 right now plus a car loan). * No finance company tradelines. ...and of course * Paying on time / no derogs RM
