Posts Tagged Capital One
I need some advice with credit card?
Posted by admin in Personal Finance on February 19, 2010
I need advice on which cards to keep and which to close In total I have 7 Credit Cards I know for sure I want to close two of them out but would also like to know if I should do anything to the others
I have the following Cards,
Bank of America Platinum Plus, using $70 of 2,300, opened 06/07
Sears (Blue), using $350 of $1,100, opened 12/07
HSBC, 0 of $300, opened 03/08
Capital One, $100 of $750, opened 03/08
Sears MasterCard, 0 of $1,000, opened 07/08
Target, 0 of $200, opened 09/08
Sam’s Club Personal Credit, $70 of $500, opened 11/08
I also have a student loan out that deferred for $7,000
I plan to close out HSBC ( they wanted to charge $10 for a credit line increase of $100 they also have an annual fee and I think the most they will do is cut it in half) and Target because of their low credit limit and I really don’t shop at Target, just used it to get a 10% discount on some present for my mom. I don’t want to close out sears (blue) because I bought a TV on it and its interest deferred until august (I should have it paid of by april). Capital one is interest free for a year which is about to end, think I could get them to give me a good credit rate?
Do you have any suggestions for me I don’t want to open any more credit cards any time soon.
My credit score is a bit out of whack, credit companies Always report to the credit agencies when I have a high balance with them, which I think is unfair, hopefully I get lucky this upcomming report. Suggestions with that as well would be appreciated. Thank You very much for your suggestion.
P.S. I use Bank of America Privacy Assist to check my credit report it updates every 3 months. I still have money over from my student loan (I was going to use for a down payment on a car) should I use that money to pay off all the debt or should I continue doing it the way I am now, I made a budget off all my credit cards and I should have every thing paid off by february, except the sears card.
NELSON
Beating Capital One’s Credit Limit Reporting Disposition?
From everything that I’ve ever read to my own personal experience, Capital One does not report your credit limit to any of the three credit bureaus. That said, I know that FICO’s score algorithm substitutes your highest recorded balance in for your credit limit in the absence of it being reported. My question is this: Will finding an item equivalent in cost to your real credit limit, charging it to your card, and then returning it immediately correct credit reports to reflect the true credit limit?
For example, let’s imagine that I have a credit limit of $10,000 and I purchase a huge, flat-screen plasma television for $9,000, and return it the next day and thus have the $9,000 credited to my account, will this set it straight in my credit reports? Thanks!
NESTOR