I've seen that some people have requested that the bureaus add their Cap1 credit limits to their reports. I have 2 accounts, Gold Visa and regular MC both w/900 limits, 0 and 500 balances (about to pay off the 500) and perfect histories. I'm 2 years out of a Bk w/several other cards ranging from 5599 limits to 750 limits and less than 40% balances total (paying off all this month). I've purposefully been using the cards then paying them off every 6 months. Everything postBK is perfect. Would it help me at all to request the CRAs add the limits to the Cap1 cards? When there are no balances I could see how it might help as the credit lines increase.. but if the balances get larger couldn't limits hurt my scores? (because of the ratio balance/limit)?
RE: Request Cap1 limits report IF YOU HAVE A STATED CREDIT LIMIT OF $10,000...charge $1,000 then you have used 10%, but if you have a STATED "HIGH CREDIT" as $1,000 you are 100%. 10% vs. 100%
RE: Request Cap1 limits report Thanks, I understand that part. I'm wondering: since Capital One doesn't report a credit limit at all on any of my CRAs... (it just shows my current balance) my reports never show what % is or isn't used. It also doesn't reflect how my credit limits are increasing! Should I request that the CRAs update my trade lines to include the 900 credit limits on each card... or are these limits so low that it wouldn't be worth it. I'm not certain how the credit limits actually being reported (or not) affects my fico score.
RE: Request Cap1 limits report As far as I know, whenever no limit is indicated, the latest reported balance is used as the limit for calculations such as available credit or utilization ratio. Having 500/500 reported instead of 500/1800 does make you look closer to your combined limit. If you just divide your total balances by your total limits twice, you can see what the difference is in utilization ratios. The first time, you include 1800 as your CapOne limit; the second time, you include only 500. The second percentage will be higher than the first, and shows the result of underreporting your combined limits. It looks as if Capital One is actually helping your available credit by not reporting your limit. Prospective creditors think you have less potential debt than you really do.
RE: CapOne Limits In other words, this CapOne policy could hurt you in one way by increasing your utilization ratio, but help you in another by decreasing your total available credit.
RE: CapOne Limits Any idea which is weighted more heavily? Utilization or available credit? Just curious. I'm actually solving this because Feb is my Capital One payoff month... I'm paying both cards off this month and moving my primary activity to newer cards to est/ increase them. I'll use Capital One for gas and such for a while. I've noticed if I move activity around I get a more even increase in limits/ terms across all my cards. Besides, I must admit, Capital One is so conservative on increases that I'm a bit irritated with them. No interest for them for a while! Curious to see if a dramatic change in balance/activity will trigger any increases!
RE: CapOne Limits As far as I know, utilization goes directly into figuring your credit score, while available credit helps determine the amount of credit they decide to give you. In extreme cases, if they think you're overextended, I'm almost certain that excessive available credit would be sufficient in itself to guarantee denial.
RE: CapOne Limits I wouldn't worry about having too much available credit since that it isn't factored into FICO scoring. Balance to Limit ratios are very important however.
