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Discussion in 'Credit Talk' started by joey1123, Sep 27, 2003.
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it looks good that you only owe 5% on that account. it gives you a low utilization ratio. but can anyone tell me if it hurts your score to have the high balance be over your limit even if you payed it down to 5% of the limit?
Thats a good question. Like if your limit was 2k and ur high balance was 2100 would that hurt ur score?....I would liek to know that one too. I would assume that the computer would calculate something outta wack there but how many points? who knows
I was wonderingthe exact same thing! Can anyone help?
From my experience, score goes up when balance goes down regardless if high credit was above the assigned credit limit. On average, score goes up by 1 point for every $1000 paid down on balance, so by example, if you owed $49,000 on all of your credit cards, paid it in full, you will see a 49 point rise on your score (give or take a few points), inquiries drop score 3 points each and negative entries such as a 30 day late or collection entry drops score around 26 points. Never saw a score go way down due to a reported high credit over the assigned limit.
to see if anyone else has come up with answers about how much "high credit" effects FICO. of course capital one doesnt count here since they dont provide the cl.
Who knows for sure but in the Cap1 scenario Fico picks up the HC because there is no CL field.
But it would stand to reason that for example if a credit line was lowered then the HC would remain higher than the current CL.
I doubt that Fico would use the HC figure in computations and would use the current CL for the averages with the caveat that the CL field is populated.
I have several accounts that were near the limit and never seemed to take a hit for them in history only if they were reported with the current balance.
I doubt that high credit over credit limit is a problem. Anything's possible, of course, but I've got that on my DMB account and never seen it anywhere as a negative in my score analysis by different software. And since I've seen EVERY imaginable negative message ("you don't call your mother enough!"), I don't think it's taken into consideration.
Also, if your credit limit was lowered it does not give an accurate negative history.
Has anyone verified that FICO picks up on the Cap1 high credit as limit? I can't see that's happening on my CRs.
it seems like even though capital one reports only high credit and not credit limit, that it still doesnt use that for the utilization percent. so im in favor of saying that cap 1 doesnt play a roll in the "balance to credit limit(high credit in their case)" scenerio. it does however play a roll in the "total balance of revolving debt."
I felt the same way about Cap 1 and asked that question in a previous post.
By not reporting the limit, it doesn't play a factor in % of utilization on that card. But the overall debt remains and affects your overall utilization.