Okay...heres what i need help with...
I am trying to rebuild my credit after a horrible era where i messed up pretty bad. The only credit card i have open is a Capital One card with a $500 credit limit. I have had it for four years now and have never been late. Thing is..my "available credit" as it appears on my credit reports is only $240 because i believe Capital One reports my credit limit as what my high balance has been.
So, in order to have my "available credit" increased on the credit reports...i intentially charged $430 buck on this card which has an actual limit of $500.
Capital One issues my statements on 10th of every month. To what i understand and hope that i made a good decision in doing..is that they will report my high balance of $430 on 5/10/07 to each of the bureaus. I then plan on paying this entire amount before my June 2007 statement is issued.
Now, Can somebody tell me if it was a good move by me to increase by "available credit" from my credit reports? What should the effect on my credit score by because of this?
I tried to make sense of this question as much as possible...hope i didnt confuse many of you out there.
