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knightlynews
Posts: 81
Registered: ‎01-29-2013
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Funds added to Capitol One Secured Card?????

I recently added funds to my Capitol One secured card taking my limit from $200 to $400. With this credit limit increase, will I see a difference in my scores as well? Im hoping that Cap1 will report this to the credit bureaus. Also, Im thinking the increase will help my credit utilization and my high credit on my reports since Ive never been late. Thanks in advance for any and all responses!!!

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Funds added to Capitol One Secured Card?????

Increasing your credit limit will help your utilization. For scoring purposes you need to keep your UTL between 1%-9%. 

Is this your only card?

Do you pay in full every month or carry a balance?

*8/10/13
New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Funds added to Capitol One Secured Card?????

Yes, its my only card. I have that and a share secured installment loan for $1K with Andrews Fed. Credit Union. It reports as secured but I havent miss a payment on either one. The funds added should take my utilization down to 40%. How many, if any, points will my fico increase?

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


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dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Funds added to Capitol One Secured Card?????

Probably will not see much of an increase....but if you take that card down to 1%-9% you should see a nice bump in your score.

*8/10/13
New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Funds added to Capitol One Secured Card?????

Yes, its my only card. I have that and a share secured installment loan for $1K with Andrews Fed. Credit Union. It reports as secured but I havent miss a payment on either one. The funds added should take my utilization down to 40%. How many, if any, points will my fico increase?


Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Funds added to Capitol One Secured Card?????

Oh okay. If I can get down to that 1-9% utilization before my statement reporting date of 5/18 (cant do 4/18 after funds for increase) will that score bump show by the first week of June? Im looking to apply for a auto loan with my credit union at that time. Im currently at 583 EQ fico and trying to hit 600s before then.

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

Valued Contributor
dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Funds added to Capitol One Secured Card?????


knightlynews wrote:
Oh okay. If I can get down to that 1-9% utilization before my statement reporting date of 5/18 (cant do 4/18 after funds for increase) will that score bump show by the first week of June? Im looking to apply for a auto loan with my credit union at that time. Im currently at 583 EQ fico and trying to hit 600s before then.

It depends on the reporting date of your card. You can look on your credit report to determine when they report or you can call Cap One and ask them what day they will report to the credit bureau. Pay it down before they report it.

*8/10/13
New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Funds added to Capitol One Secured Card?????

Spoke to Cap1, they wouldnt tell me the reporting date! They told me my due date of the 15th, and my cycle end date of the 18th every month. Im assuming the 18th would be it. If so, I'll have the funds on 4/18 to pay my utilization down to 1-9%! Hopefully, if I can pay it before 930 am, it would before they send their reports to the bureaus. How many pts on average are given for 1-9% utilization?

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

New Contributor
knightlynews
Posts: 81
Registered: ‎01-29-2013
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Re: Funds added to Capitol One Secured Card?????

Where on my report are the reporting dates?

Starting Score: 548
Current Score: EX686EQ682,TU???
Goal Score: 760


Take the myFICO Fitness Challenge

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dodfire
Posts: 1,453
Registered: ‎04-14-2012
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Re: Funds added to Capitol One Secured Card?????

The 18th must be your statement date. They usually report then or a day or so after.

I use the Equifax site to pull my CR and it shows the reporting date for each card.

*8/10/13

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