Traci Gregory, Financier

Capital One and Clark Howard and Credit

Clark Howard has been dissing Capital One for years, but he's happy with them now.

Today he's singing their praises  because they've agreed to change the way they report your information to the credit bureaus. In the past, Capital One did not report how much of your credit limit you were using. That way it always looked like you maxed out 100 percent of your credit, effectively destroying your score.

Clark thinks this was  intentional  because they wanted to hurt your credit and prevent other companies from "poaching their customers". Now the company has agreed to report credit limits to the bureaus. So some Capital One customers will have big score boosts and be eligible for better auto insurance rates, homeowner's insurances rates, mortgages and more.

Capital One's change is huge because 30 percent of your credit score is based on how much credit debt you're carrying versus how much credit is available to you. So someone who has a card with a $5,000 limit and uses only $1,000 (20 percent usage) has a higher score than someone who has a card with a $20,000 credit limit and uses $15,000 (75 percent usage).

New Unused credit lines will have much the same effect.  720CreditScoreToolKit.Com has a $10,000 line that should boost anyone's score.

Outsmart the Credit Bureaus as they introduce the New Scoring System

The Credit Bureaus are changing the way they do things again . . . the mortgage industry has fallen apart . . . it is harder to get loans because lenders want HIGHER SCORES on every loan they do and now the credit bureaus are changing the way they calculate score.

Some models (the term used to describe their calculations to reach your score) no longer will compute authorized user accounts.

Now it appears you can fight back and use secrets of your own to raise your credit score. The 720 Credit Score Toolkit touts a chance for an unsecured line of credit that will raise credit scores in 30 days.

They even have a "10 Second Version" for people in a hurry to move on to the next subject.

There is a purchase requirement in order to obtain credit, so it isn't free, but what is these days?  If my score were low and I needed a loan, I think I'd spend $400 or $500 if it would make THE difference in my score that enabled me to get the mortgage I wanted.

Food for thought . . .