Home Page > Financial Education > Credit FAQs

The following are answers to some questions you may have about managing your credit successfully.

What is credit?
How do I maintain "good" credit?
How can I avoid past due fees?
How can I avoid over-limit fees?
How can I keep my credit under control?
What are the consequences of having bad credit?
How do I deal with creditors?
How can I get a copy of my credit report?
How can I increase my credit line?
What's the difference between variable-rate and fixed-rate cards?

A: You could consider credit as a tool you can use to build your credit history. You could also use it as a way to stretch your finances each month. Credit is your reputation when it comes to money and responsibility. It's what lenders and employers look at to make sure you're reliable when you want to rent an apartment, get a job, or buy a car.

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A: First, stay within the set credit limit on your card and keep track of how much credit you have left (i.e., your available credit). Second, always pay at least the minimum amount due on time. Paying late will result in late payment fees and negative reporting to credit bureaus.

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A: As soon as you get your statement, check the due date and minimum payment due. Make sure you pay at least the minimum payment each month and mail your payment seven to ten days before it's due, to allow for mail time. You can also pay your bill through our free online bill payment. Log in to or register for Online Account Services.

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A: You can monitor your balance each month to make sure you have enough available credit for purchases. Check your most up-to-date balance or view your current statement online with our free Online Account Services.

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A: Remember that your credit card is a tool that allows you to buy what you want, when you want it. But it's not free money and every dollar you charge will eventually have to be paid back. Also, budget your spending so you're only charging what you can pay off at the end of each month.

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A: Your financial reputation could be damaged for 7 to 10 years. Mismanaging your credit signals a lack of financial responsibility to any company that might lend you money or hire you for a job. What's more, it's tough to repair bad credit and it takes years of work and financial control.

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A: Be honest. If you think you're going to miss a payment, take the initiative and call the creditor immediately. It's important to remember that if anything happens, it reflects negatively on you, not your creditors.

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A: You can request a copy of your credit report by writing to any one of the three major credit bureaus. Include your name, Social Security number, date of birth, daytime phone numbers, your addresses for the past five years, and photocopies of two forms of identification. There is usually a fee required.

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A: If you keep your Capital One account in good standing, we'll review it periodically for possible increases.

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A: Variable-rate cards have APRs based on financial indexes such as the Prime Rate or London Interbank Offered Rate (LIBOR). When the index decreases, so does the interest rate on your card. Your annual percentage rate (APR) is a combination of the index and a previously disclosed number of percentage points. A fixed APR doesn't vary based on index rate fluctuations.

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Equifax:
www.equifax.com
1-800-685-1111

Experian:
www.experian.com
1-800-311-4789

TransUnion:
www.transunion.com
1-800-888-4213