Did you know that more than 50,000,000 people have Capital One Credit cards? I have two of them. After many years of refusing to disclose, Capital One has now agreed to report borrower balances and limits. So what’s the big deal? For some people, it could mean the difference between having a 6.59% 30-year fixed loan versus having a 7.68% loan! If you are someone who maintains low or no balances on your credit cards, the credit bureaus view that as positive money management and raise your score. In this instance, from 659 to 700. In the past, the credit bureaus have been limited to using occasionally reported balances on Capital One accounts and, often, either ignored the report or included it when it appeared to be a high balance, thereby negatively impacting your score and financing ability. So, if you are diligently working to maintain low or no balances, this is a good thing! If you haven’t seen your scored credit report in six months, it’s always a good idea to pull it and verify the account information reported. Preserving good credit is essential! Here’s one source: www.MyFico.com
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