CapitalOne - not rebuilding my credit?

Lisa57

Hi, my first post on MSE, wd be grateful for your thoughts/advice.
Two years back I obtained a Capital One credit card with the sole intention of rebuilding my credit. I have used it consistently and always repaid it in full every single month in plenty of time so that I never once went into interest. However, when I checked my credit files recently there is no mention of Capital One, nor of the usage and early full repayments I've made over the last two years? I thought the credit rebuilding process was automatic? That somebody somewhere in the gods of each bank automatically informed the credit companies of each persons monthly status? (if not a person then a computer doing it automatically). But nobody seems to be reporting on my activity with this card?? I've looked right through and cannot see anything - what am I missing?
Thanks for any help.
Lisa

MisterBaxter

Have you checked all three CRAs? MSE suggest that Capital One report to all three but it's worth checking all three to see if they reporting to at least one of them. You could call them and ask why they aren't reporting.

http://www.moneysavingexpert.com/credit-cards/credit-reference

happy_bunny_2

My capital one reports to Equifax. Not checked the others.

Worth giving them a call to ask why.

molerat

Both my Cap1 cards show on Equifax and Noddle. Maybe there is something wrong with your your address / profile.

Lisa57

Sorry for the long delay in reply.
Molerat - does your credit report actually use the words Capital One, or is there some kind of code or other text used as a reference? Hope that doesn't sound too daft a question, but there's some text on mine that I can't understand, so was wondering if that was my Capital One info. But then, that couldn't be, since the rest of that portion didn't make sense. So... are the words 'Capital One' used on the report?
Regards, L

molerat

Shows both under Credit Cards as "Capital One"

Kim_13

Hi,

The credit rebuilding is not automatic. If you'd spent on the card and cleared it in full by the time they reported to the CRA's (they report on my Noddle on the last day of the month) it would look as if you'd not used the card as the balance would be nil. There would be no negative marks against you but no "positive" ones either - except for utilising a low percentage of your total available credit.

From your post, you appear to have a different problem with it not reporting at all. Mine also says Capital One under credit card. Your accounts should appear by name to you but lenders would view a copy with only the type of account, limits and balance/payment history. Some lenders may abbreviate (e.g. my NatWest current account shows as Nwb Current Accounts) but they should all be there in words. Do you have any issues with any other accounts?

Lisa57

kim_13
Oh my. That explains it!! You've hit on it kim_13. In the two years I've had the card I have never once failed to repay it within a week or so. I thought I was being brilliant and that my good behaviour would show after all this time. What a fool I am. I actually have to go into debt with the card, don't I? THEN it would show up on my credit card. What a fool I am.
Thank you everyone who responded. That's the problem sorted.

SnowTiger

Kim_13 wrote: »

Hi,

The credit rebuilding is not automatic. If you'd spent on the card and cleared it in full by the time they reported to the CRA's (they report on my Noddle on the last day of the month) it would look as if you'd not used the card as the balance would be nil. There would be no negative marks against you but no "positive" ones either - except for utilising a low percentage of your total available credit.

The statement balance and total of payments made are also reported to CRAs.

Kim_13

SnowTiger wrote: »

The statement balance and total of payments made are also reported to CRAs.

It sounds like the OP may have been repaying before the statement was produced though, in which case the statement balance would have been £0 and the card would have looked unused from that perspective. Whether there would be a payment marker in that case, I don't know.

I've only recently noticed my payments appearing anyway. Before that it was just that my balance was X and I hadn't missed a payment. I was quite surprised that they do it as I (and many others) might look unattractive to other lenders having paid off in full each month.

There are some months where things don't quite tally in my experience. I went into my overdraft for a month or two in 2013 and the same last year. None of those showed and it's only been this year that I've noticed my report being so comprehensive and accurate (I used a fee free overdraft to pay off my credit card to avoid losing interest on money saved elsewhere and that showed.)

MisterBaxter

Lisa57 wrote: »

kim_13
Oh my. That explains it!! You've hit on it kim_13. In the two years I've had the card I have never once failed to repay it within a week or so. I thought I was being brilliant and that my good behaviour would show after all this time. What a fool I am. I actually have to go into debt with the card, don't I? THEN it would show up on my credit card. What a fool I am.
Thank you everyone who responded. That's the problem sorted.

Even if you have been paying your account off in full each month before the statement there should still be a record on your credit file it will just show a zero balance each month. Any card you hold whether it's used or not should be reporting until you close the account, then it moves across to closed accounts on the report.