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Manuel Said:I just just applied for a capital one credit card, how do I show proof of my credit limit to credit bureau?
We Answered:Yes. Cap1 does not report your limit.
This is important because, without a credit limit reported, your fico score is determined by arbitrary number, in this case it will take your highest spending month and label that as your credit limit. So if that were to be 500 and the next month you spend 400, it would show that you spend 80% of your available credit, which will drop your score.
To those who think just paying off your bill month to month will raise your credit, sorry to say, are up for a rude awakening, credit is determined on a big part of the fico score. They determine it by how much load you use each month, spending below 50% of your credit limit is the fastest way to build your score. Meaning, if your limit is 500, try not to spend more tehn 250 on that card.
option 1, is to like some have said, max it to your current limit given, so if 3k is your limit, spend 2900. But only do this if your are sure that you can pay it off in one swoop, or you may rish putting yourself into further debt in which case defeats this entire purpose.
option 2, get another card that reports your limit. I've read that cap1 has some very shady practices like raiseing your interest rates and lowering you credit limit without any notice.
hope tat helps
Anita Said:Does walmart credit card report to the 3 major credit bureau every month?
We Answered:if you are looking for the free credit score and report usa national site, check out this site
Here you can check your 3-in-1 Report from all three credit reporting agencies and your credit score rating.
Karl Said:How do I enure I have a credit file with all 3 major credit bureaus?
We Answered:The credit bureaus are only listing the information reported by your creditors. Many creditors only report to one or two bureaus. The reason is that they are charged a fee by the credit bureaus to report data.
You will be better off contacting the creditor that reported you to one bureau and request that they also report the account to the other 2 bureaus. Then it would help establish those reports.
Diana Said:Does walmart credit card report to the 3 major credit bureau every month?
We Answered:My Walmart card is monthly reported to Trans Union and Equifax.
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