Posts Tagged Credit Reporting
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
What are the specific facts related to real estate short sales and your credit report?
I have researched this topic as thoroughly as I can. I am aware of all the anectdotal evidence out there that range from it being no different from a true foreclosure to just a short term blemish in the range of 100-200 points on your credit.
If you have direct, personal experience with credit reporting guidelines, can you please respond? I need to understand exactly how this shows up on the credit report, its effect on your score, and how long it lasts and why (if it lasts less than 7 years). Please assume no late payments on the borrower’s part and no deficiency judgment sought by the bank against the borrower.
Thanks!
Thanks for the response- the formula provides great detail. Would the short sale be considered a foreclosure line item?
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