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I wanted to build my credit up so I got my first credit card through capital one in May of 2014. However, there have been some issues as of late.
I check the credit tracker after my due date has passed and, even though I pay my balance on time and in full I notice my score keeps fluctuating down. It went up to 708, then down to 698, then 701, now 700. Also twice it has said I owe capital one (38.00) then now $8.00 even though I pay my balances before my due date with is the 7th of every month. I thought as long as you pay in full by your due date that your score goes up. So I don’t understand why my score keeps going down, and why sometimes on the credit tracker it says I owe money when I’ve long since paid it before my due date.
I've talked to capital one and they said they don't deal with credit scores. So I called trans-union and they say you can't dispute a score so I don't know what to do. I got a credit card pacifically to raise my score, and now it's acting weird even though I pay full and on time. I don't
know what to do on my end since I thought I was doing everything right in the first place.
Also I must be doing the right thing by the credit card because after 6 months my credit line went up from 200 to 500. So if I’m doing something wrong why reward me?
What does your credit report show as a balance? It could depend on when the card company reports the information to the credit burrows. If there is any balance you would probably have a high utilization, I believe anything over 30% will impact you negatively so on your new limit that would be any balance over 150.00 and on your old limit it would be anything over 60.00
Go to Credit Carma. There are simulators there that can give you ideas, Scores go down when you use more then 50% of your credit, also you want to make sure you pay more then min payment and finally, when companies check your credit score it drops.
Spend some time on Credit Carma and you will learn more about how credit score works there.
Anyway, there's no point in obsessing about 708 or 702 or 703. They're for all functional purposes identical scores. Plus it's a FAKO score that doesn't matter anyway that's just meant to approximate your real score. So you're worrying about a FAKO that's supposed to approximate a real score where the real score fluctuating by a few points really doesn't matter.
Balance is whenever they report. So if you have a balance of $30 on, just picking a day here, the 11th of the month when your credit card company reports, that's what your balance will show.
Lots of reason to want your credit score and report.
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