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Discussion Starter · #1 ·
Interesting Article..

After I read this, I was curious because I have a Capitol One credit card. It is my oldest card so I'm not about the cancel it (have had it since 6/98, and it's also the only card I've had over 7 years). My highest balance ever was $1072 (bought a living room set in 2000 that we still own and use, and will use for the foreseeable future). I have pulled my own credit report every two years or so, and I went back and pulled them out. Sure enough, my Capitol One card has never reported my actual credit limit (initially $5,000 - increased to $6,000 in 2004). They have reported the $1072 as my high balance, though. So I wondered how this actually affected my score.

My FICO scores have ranged from 691 to 751, depending on the credit bureau and year (oldest report was 2001, most recent was 2005). I'm hoping that since we opened up a joint credit card last year that will report the limit - either $4,000 or $4500 - that this will help boost my score. Every time I've gotten the "score analysis" I always get the same message that pops up first in the list - my credit history is just too darn short. DH and I will probably pull another credit report/score in the spring, since we're hoping to buy a house next year. The only other thing that I've done recently that would affect it is I authorized our insurance agent to pull a credit report when we got a quote on renter's insurance (something we need in order to buy a washer/dryer). This was last week.

82 Posts
Thanks for the link. That was a really good article. This was something that I did not realize was happening until my brother-in-law, who is in banking/mortgages (he's a nice guy other than that! :lol:) explained it a few years back. From what he's said, you want the newest card to be at least over a year old. So if your joint one is over a year, and you are doing good on your older ones, it should help. Plus the lenders do know what cards don't report your limit. He had a list of them!

Also, aren't insurance inquiries what they consider to be "soft" inquiries?
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