I'm just wondering. I applied for Capital One credit card with hope that it will help me build/increase my credit score. However, I read that they do not report your credit limit thus affecting the credit utilization part of scoring. If I get approved for this card and decided not to use it, can I simply not activate it. If I do not activate it, will it still show on my credit report?
Thank you.
2007-07-20 18:59:42 · 5 answers · asked by Anonymous in Business & Finance ➔ Credit
Sorry but it will still show up on your credit report even if you do not activate it. They do not report your credit limit so it just goes off of whatever your highest balance is. Which sucks because you don't want to put a huge balance on there that you can not repay quickly. But it will still help sort of, it just wont be a super great help. You could always try to call the company when you get the card and say that you do not want the card after all and that you do not want it to show up on your credit report. I don't know if it will help or not but worth a shot.
2007-07-20 19:24:46 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It will show up on your file. You may be right about the credit line reporting, I do not think there is any way you would be able to predict how that single factor would effect your score. Simple rules of thumb can not be applied that level of detail. It is true that when max balance is used rather than credit line, it can appear utilization is higher than normal, but then a lot of lenders do not use those accounts when calculating internal scoring. And how FICO treats them is just a guess, unless you work for them, and even then they may treat them differently in 50 different situations.
I would use a little, pay it off, then don't use it, but keep it open. That should a positive for your score.
2007-07-21 02:46:42 · answer #2 · answered by Gatsby216 7 · 0⤊ 0⤋
you have to start somewhere, so here;s what to do.... 1. put some money in the bank, and build it up... 2. when you get to 500 dollars go into the bank and borrow $100 using the $500 on deposit as collateral. * remember you can not take any of the $500 until the loan is paid. 3. pay off the loan in 8 mo. no more or no less...that is the period in which it takes to record your history of paying back a loan. pay extra but don't pay it off any sooner. 4. check your mail box, you will now receive a ton of junk mail asking you to apply for credit cards, and your hand will get tired of writing... 5. be sure to read all the literature and only take the credit that has 0% for 1 year or based on your credit score, one with a very very low rate.... 6. always pay on time and never borrow needlessly.
2016-05-19 01:02:32 · answer #3 · answered by ? 3 · 0⤊ 0⤋
Yes...even if you apply and your turned down it shows up..No matter what you do in regards to a credit card...it will show up on your credit report.
2007-07-24 17:07:15 · answer #4 · answered by Anonymous · 0⤊ 0⤋
All credit card companies report to the credit bureau's. I have capital one and they report ours. Unless it says specifically in your contract with them that they do not report, they do. If you do not activate it , it will be like you never had the card. If you do not, please make sure you destroy the card and contact them to let them know you do not want it.
2007-07-20 19:28:33 · answer #5 · answered by sbyldy 5 · 0⤊ 0⤋