I have 2 Capital One cards and they both report, on all three credit reports, either credit limit not available or not reported. The total credit limit between the two cards is $3500. Would this effect my credit score?
I called Capital One to fax me a letter that states the credit limit so that I may submit it to the credit bureaus. One has a $3000 limit that has a balance of 1500 and the other one has a credit limit of only $500 and the balance is $0. Do you think this will hurt or help my score?
They way I understand it is the CRA will use your high balance as your CL. If you have never charged more than 1500 on the one card you are at 100% UTL -- Very Bad. Having the Cl reported right will lower your UTL --- Good thing.
I have read here that Cap 1 will start reporting CL soon.
It should be good for your score to have correct Cl reported.
Hope this makes sence (or cents) ? ---cool play on words huh?