Last week, while attending continuing education classes, one of the classes was on Credit Scores. I learned some very valuable information in the class. One of the things that really surprised me was information I learned about credit cards.
Pull out your wallet.
Look at your credit cards (if you have them!)
Is one of them a Capital One card?
Capital One is one of the largest credit card companies in the world. And, did you know that their cards actually pull your credit scores down? Yep! The reason that they do this is because they do not report your credit limit on your card to the bureaus. Because of this, it looks like your card is always maxed out, even though it might not be.
I'm definitely not saying to go out and cancel your Capital One cards. It is just a flaw in the system that could hurt alot of people if they aren't aware of the situation. Capital One has many, many cards available and specialty niche products that fit into many people's lifestyle.
Better yet, pay off all of your credit cards each month and you won't have a problem!