*Loan,banking and credit>>>credit report

Should i cancel my capital one credit card? Because it doesnt report your credit limit.?

Before you say, no because canceling a credit card shortens your credit history and lowers your score listen to this.

I have a capital one credit card. No other credit cards or loans or anything. It is all that is on my report. It was my first card ever so it has a 500 dollar limit and 20% interest rate. Ive had it almost a year. With this alone and nothing else on my report i now have a 640. I talked to an advisor at my credit union and he told me i need to get rid of my capital one. Since they dont report your credit limit to the agencies it negatively affects your credit. He said my score should be around 670. But since the dont report the credit limit it is lower. I was approved for a credit union credit card at 12% no fees. So should i go ahead and keep the capital one and have the longer history. Or get the card that actually reports my limits, has lower rates and dump the capital one. Or should i get both. Then use the capital one every so often.

If non reporting is your only reason, then DO NOT CANCEL.

Capital One has recently seen the light and is changing their policy

from Washington Post Aug 7

"Capital One Financial, based in McLean, Va., says it will now report all cardholders' credit limits to the three national credit bureaus"
"A Capital One spokeswoman, Tatiana Stead, told me recently that the company made the decision to report credit limits because "like any policy that our customers may have concerns about, we constantly re-evaluate our practices." The change, already under way, is expected to be completed by the end of this year, she added."

Other reasons not to cancel is the aging helps and though it is relatively small, it does help your credit utilization which is a significant portion of your FICO score.

You may call capital one customer service and request them to report you to the CRA's. If for some reason the customer service rep does not, talk to the manager. They should override and start reporting you to the CRA's.
It doesnt matter if it reports your limit or not. If you pay off your card every month, get a bank of america card with cash back rewards. If you do not want to negative affect your credit, with the link below you can see if your preapproved for a bank of america card.
https://preapproved.bankofamerica.com/cc...
It is better to cancel the capital pne credit card........if i was u i would have done that ........
Cancel the Capital One. You only hold it for 1 year or less. And are you purchasing some big items like a car or house? If not, that is minor credit score adjustment. Also, one less card makes your credit/debit ratio better.
Keep a good bank account record also helps your credit scroe. Pay the credit cards on time, helps out too.
Get another credit card will help you out, just don't over spend it. use it to pay utitlty bills or phone bills which helps you get better histroy.
Hold on to both cards. The problem isn't that the bureau thinks you have a higher limit - capital one just reports the HIGHEST balance you have ever had and that is what the bureau's use.

SO - if you have charged the card up to the limit, but have a zero balance, it's helping your score. It's good to have a second card, but if the capital one was your first you will shorten your credit history INCREDIBLY.

I started with a capital one card 3 years ago, and have built up credit - I just use the card occasionally, I now have a mortgage and other credit cards with better limits and cash back rewards - and my credit score is in the upper 700's -- what's hurting your score is your length of credit history.