I have a Capitol One credit card that is not being reported to any of the three credit agencies. Although it only has a $300 credit limit, it is fully paid off. I cannot remember exactly how long it has been opened (approx 2-3 years) and I can't remember if I have ever been late on it. Is it worth it for me to try and get them to report this card to the credit agencies? Why do you think it has not been? Do I contact Capitol One or the credit agencies themselves? I have too many credit cards as it is so if it is a situation where it won't affect my credit scores much either way, I would just as soon close the account.
Opinions? Thanks in advance!
2007-08-29 04:16:52 · 6 answers · asked by kc 2 in Business & Finance ➔ Credit
Mister_Galager only got it half right... Capital One will begin reporting all customers' credit LIMITS by the end of the year. But it sounds like your issue is that Capital One is not reporting the credit LINE at all. You will need to contact Capital One and ask them to report. They should have no problem accommodating this request. Just be certain BEFORE you make the request that the account has been not been late. Otherwise, you are asking CapOne to report negative information on your account to the credit bureaus...
2007-08-29 11:27:31 · answer #1 · answered by royalserendipity 2 · 0⤊ 0⤋
Closing the account will affect your credit rating. The rules here are useless as they seem to have no rhyme or reason, but for a few months closing an account has a negative effect.
If you aren't looking to spend a lot in the next three months close a couple of unused accounts. So you get the worst over with at one time.
Sometimes, they look at the total of outstanding credit lines to determine your maximum debt, and if its too high they charge you more. So you don't want to be keeping useless credit lines open.
2007-08-29 11:23:41 · answer #2 · answered by justa 7 · 1⤊ 0⤋
Talk to Capitol One. They are the people who decide whether or not they report. The agencies have no legal authority.
2007-08-29 11:21:58 · answer #3 · answered by Hoosier Daddy 5 · 3⤊ 0⤋
For years Capital One did not report to the credit reporting agencies, but they are about to start doing so. By the end of the year, according to Capital One, they will be reporting all of their customers to the credit reporting agencies.
Here's an article that discusses it...
http://www.signonsandiego.com/uniontrib/20070805/news_1h05harney.html
2007-08-29 11:26:31 · answer #4 · answered by mister_galager 5 · 4⤊ 1⤋
One thing I'm worried about - you don't know if you were late.
If you were late, count your blessings and keep your mouth shut.
If you weren't late, call capitol one and ask them to report.
I had this happen with a discover card once. They shouldn't have any problem reporting for you.
-->Adam
2007-08-29 11:20:03 · answer #5 · answered by great_and_mighty_adam_levine 4 · 0⤊ 0⤋
Use it for a small purchase and then pay it off quickly.
2007-08-29 11:23:33 · answer #6 · answered by Ted 7 · 0⤊ 2⤋