I have a capital one card, that I expect to probably report tomorrow for the first time as that will be 3 days after my second statement date. Does it report the balance on the statement date or the current balance? The statement balance was pretty small about 3%, but I've put some charges on it now which brings it up to about 25%. I'm hoping this card gives me a decent bump, so I'll make a payment today but the higher items are still showing pending, so I can't pay any more than the 3% right now until the charges get out of pending.
Just curious
tia
@dynamicvb wrote:I have a capital one card, that I expect to probably report tomorrow for the first time as that will be 3 days after my second statement date. Does it report the balance on the statement date or the current balance? The statement balance was pretty small about 3%, but I've put some charges on it now which brings it up to about 25%. I'm hoping this card gives me a decent bump, so I'll make a payment today but the higher items are still showing pending, so I can't pay any more than the 3% right now until the charges get out of pending.
Just curious
tia
Just a word of caution: unless the card has drastically reduced your overall utilization or some other very significant scoring factor (such as a complete lack of other lines), adding a new revolving tradeline seldom results in immediate FICO credit score gains and can often cause a short-term dip in scores which rebound quickly as the account ages.
@K-in-Boston wrote:
@dynamicvbJust a word of caution: unless the card has drastically reduced your overall utilization or some other very significant scoring factor (such as a complete lack of other lines), adding a new revolving tradeline seldom results in immediate FICO credit score gains and can often cause a short-term dip in scores which rebound quickly as the account ages.
I'm fairly certain there will be a bump. This is the first revolving credit I've had in years and that was something all the CRA's are reporting as hurting my score. My wife was in the same boat with essentially the same profile as me. She has also gotten another card and once it reported she saw 53 points on EX Fico 8 and I got 17 as an AU on her card. I've got a fairly old file, so this should not take down the AAoA very much. Might move it down to 9-10 years. The only other thing active on my reports right now is my student loans, all the other accounts on there are closed.
Well, the account is not showing yet, but EX is now showing 673 for a 38 point jump on the new card. At least I think that is what caused it. Whoop Whoop, I'll take it.