topic Capital One card and my score in Understanding FICO® Scoring

Capital One card and my score

Anonymous — Wed, 03 Apr 2013 18:13:29 GMT

The only revolving item on my report is my Capital One card. Currently it has $500/$750 on it. I plan on paying it down to next to nothing here shortly. Do you think by doing this it will make much or any difference in my credit scores?

Re: Capital One card and my score

daybreakgonesXe — Wed, 03 Apr 2013 19:08:04 GMT

@Anonymous wrote:
The only revolving item on my report is my Capital One card. Currently it has $500/$750 on it. I plan on paying it down to next to nothing here shortly. Do you think by doing this it will make much or any difference in my credit scores?

Considering it is your only revolving item, it definitely will! However, don't expect a 50+ jump in your scores, especially if you already have baddies on your report. Your FICO will round out a lot better once you have 2-3 revolving credit lines and at least 1 installment loan. Don't feel pressured to jump on those right away, though. Slow and steady wins the race!

Re: Capital One card and my score

Anonymous — Thu, 04 Apr 2013 00:41:16 GMT

I have the Capital One card and also my mortgage and a student loan that will be coming off forebearance in May. According to my last credit report(experien I think) The only baddies I have are my BK from Apr. 2005 and a small collection from Verizon wireless and thats only like a 50.00 one. I have I think 2 inquiries in the last 2+ yrs.

My credit was terrible, like the low 500's but now is up to 680 as of a few days ago!

Re: Capital One card and my score

Sitori — Sat, 06 Apr 2013 19:20:09 GMT

I just paid mine off from 300 to zero and my score went up 20 points. It will definitely affect it.