CC Utilization % Under the negative reasons for my FICO score there are 2 listed. 1. My utilization % for my revolving accounts and 2. The age of my accounts. My question is, how do they know what % my balance is in proportion to my credit limit when all of my cards are cap 1 and there are no limits listed?? I find it very hard to believe that they know this percentage when it isn't even there. Do they see something that we don't. I have read other threads on this board about this, and some of them state that carrying high balances with cap1 isn't that bad b/c they don't list credit limits. It turns out it is bad for me!!! Not sure how though when the CRA's don't know what my limit is..but they are using my balance against me! Can you dispute this..and how Thanks!
Re: CC Utilization % They base it on the high balance. If you have used 2K of a 5K line, they will see 2K as your credit limit. Stinks, doesn't it? Experian has me at 100% utilization right now. I'm not sure how that's the case even when according to what they do have, I'm not at 100%. Oh well... L
Re: CC Utilization % I think that is BS considering they do not know your credit ;imit. Cap 1 just raised mine..500.00 whoopee!..and now I wonder if it was even worth it. But for my EQ score to be 660 with 2inq's, nothing negative at all(no collections, no lates, nothing) How the heck can they say it is because of 97% utilization when they don't even know my credit limits. The other is that my oldest tradeline is ONLY 105 months old..I'm 29 what was I supposed to open tradelines at 10!!??
Re: CC Cap 1 does not report credit limits at all(to my knowledge) I just don't get how this can criple my score when they don't even know what the limits are!
Re: CC A utilization of under 15% is fine. I just wanted to add that I did my utilization calculation check with my accounts when I pulled my Equifax report recently and they do look at the high credit for each open account including Amex charge card.
Re: CC Yeah, but one of my accounts has a much higher limit..I choose to keep it at or under a certain amount so that I don't get myself into trouble..like I said they are going under an assumption..not fact..leaving me with a score of 660?? That I find to be BS. If they are going to make your balances carry so much weight on your overall score, then they should at the very least make the cc company report your limits!
Re: CC I'm with you, Lori! Anyone have the link for that Equifax position paper about this issue? Even the CRAs know it is damaging to your credit score. They don't seem to care. Mr. Richman said if I would scan my statements, he would put them on to see what effect it would have on my scores, but I haven't had a chance to send them to him. L
Re: CC I was actually able to fix the problem I had with Cap 1 not reporting my limits. I have 2 of their cards and they BOTH have ZERO balance! I will never use them if they won't report my credit limit. If they cancel them, that's fine too. A zero balance shouldn't hurt my score! If possible, you should transfer your balances from Cap 1 to another card. mysti_summer
Re: CC I remember reading an article concerning this. They interviewed someone from Experian who said that they're working to try and stop this. Experian stated that the reason the CC companies do this is so that other companies will not try and poach their customers. I think the fact that it drives down your scores is certainly an added incentive. If they can drive down your score, then other companies will not be inclined to extend you credit. I should add that in the article, Experian stated that they do not allow companies who don't report limits to see what your other limits are for your cards. Clearly if a company as large as Cap 1 does this, then they have calculated it out and they feel that this strategy is to their advantage. I've said it before and I'll say it again, Cap1 projects an image of solid lending but they're one of the sneakiest CC companies out there.
Re: CC they are going under an assumption.. Lori ==================== Right you are LORI & they always assume the worst! Nearly everything about reporting and scoring is based on false assumptions. Actually neither credit reports or scores reflect any type of reality. BUDGET HOMES CO.
Re: CC the REAL BS is that even though I have absolutely nothing negative on either EQ, or as of tomorrow EX, I still can't get another card so that I can transfer my balances because my scores are low due to the utilization of my cards...cards that they don't really know what the utilization is because they don't even know my limits!!! Makes about as much since as my scores do...huh!!!!
Re: CC 1*even though I have absolutely nothing negative 2* because my scores are low due to the utilization of my cards. Lori ========================== This is a perfect illistration of how they take postive information item1* make false assumptions about it 1tem2*and turn it into a negiative to use against you~ LB 59
Re: CC 1*even though I have absolutely nothing negative 2* because my scores are low due to the utilization of my cards. Lori ========================== This is a perfect illustration of how they take positive information item1* make false assumptions about it 1tem2*and turn it into a negative to use against you~ LB 59
Re: CC I know..and apparently there is not a whole heck of alot that I can do about it except not use my cc at all..for forever! I was trying to get away from Cap1, but it looks like they have somewhat "stuck" me. The irony of it is, no matter how low I get my balances, there is no assurance that my score would be any better because they could just keep assuming the score..AND if I pay them all off, then my score would also decrease!!! I have no clue how to get away from them!!
Re: CC There is no reason for utilization to have any effect on your credit or your score. Your credit has to be ok or you wouldn't have gotten the credit in the first place? This utilization myth is more FICO BS
Re: CC LB, What is really weird, all of my credit cards are with Cap1..there are no limits listed!!!! The negs that they list with my FICO score are 1. Account balances are too high in proportion to credit limits. 2. Length of oldest account is only 105 months..I'm 29 how old could they be??!!
Re: Utilization % I actually asked that question..is credit finally established when I am too old to care, or should I have taken my first credit card or installment loan out at 10?!!
