04-22-2013 10:22 AM
I have a Capitol One CC with a $500.00 limit. They did report the new account but didn't report the limit amount. Should I get them to report it? Should I send a copy of my statement with the limit amount shown to the bureaus? Or...Should I just leave it? Maybe it is better to not report it at this time as it is a small limit amount? What should I do? Your advice is appreciated
04-22-2013 10:55 AM - edited 04-22-2013 10:55 AM
I have 3 C1 cards (thanks, Orchard Bank), and they all report balance as well as limit.
I've read that cards reporting with a balance but no limits can in situations "confuse" the alogrhythms and your carried balance in that instance may even be computed as 100% utilization. Its certainly more desirable to show a low CL than a "maxed-out" CL due to no limit reporting.
Are you looking at actual credit reports, or are you using a service (myFICO/CreditKarma/CreditSesame/etc)?
04-23-2013 06:57 AM
04-23-2013 11:51 AM
All of my new accounts have shown the same way on myFICO when they're first reported, per the ScoreWatch alert. It's only temporary, don't worry too much about it. If I recall correctly, when the first statement cuts from Cap1 and myFICO gets the info it'll be updated.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO