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09-03-2010 09:20 AM
I was shocked and dismayed to find that my Fico Score from EQ was only 634!!! I have no lates, payments have been on time; however Capital One is reporting my balance incorrectly so it appears that my util is 108%!!! How do I fix this???
09-03-2010 09:30 AM
They should report your last statement balance, which should update on EQ about a week later. Is the balance something else? You can look at the details on the report, which probably shows the date, or at least the month of the last update from CapOne.
They should also report your limit and/or your recent high balance. You can contact CapOne and request they report correctly.
09-03-2010 10:39 AM
They don't report your balance as of the due date, after you've paid your monthly statement. It's the figure on the statement itself. That's why many of us pay our cards off (or mostly) before the statement drops, so that it reports a much lower figure.
How'd they manage to get you at 108%? Is that including an annual fee or something?
Don't worry about repercussions to your credit score from having it show up overlimit, as long as you're not late with your payment.
09-03-2010 12:06 PM
thanks for the info... I think you're right, that all my recent payments to get this card down were in THIS statement period... ugh! Never thought about how they report, duh!
The 108% was because I have a such a low limit on the card and had an emergency purchase that ate up most of it. I missed the payment date by one day (oops, forgot to remind myself to pay!) and incurred a late fee of $39.00, bringing my balance over limit and then incurring all the overlimit fees, etc that come with it. That, along with the rate-jacking I got, killed me and the credit limit. It was all just one big nightmare of events that were coincidental. So, to get me out of that mess, I started throwing money at the card left and right and it will be paid in full within the next 4-6 weeks.
Hopefully, my score will go up after that. I was going to try to get another card to increase my CL overall because I just don't use credit much anymore. I have a mortgage, car loan and one little cc. I didn't realize that having virtually no revolving accounts really made that much of a difference to my score!
09-03-2010 10:15 PM
Revolving is riskier and harder to manage, so it carries more weight in FICO scoring than does installment credit (including mortgage.)
If you don't have any negatives, 3 maybe 4 CC's seems to be the handy number. You have enough to have some flexibility, but not so many that your brain explodes trying to keep up with them.
I just use my credit cards like slow debit cards. If I don't have money in the bank to cover a charge, or if I don't have a paycheck coming with some unalloted money, I don't charge. I use them for groceries and gas (I hate shopping, lol), and it makes it easy to track my expenditures.
The scary thing about carrying only one card is that if the lender decides to give you stink-eye and reduces the CLI or closes the card, you've got trouble.
That's also why it's smart to get CC's from different banks, so that if BofA goes nuts, you still have Citi, or if Chase dumps you, you still have your credit union CC.
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