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discover card and credit score


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Posted by Jane on November 16, 2001 at 17:03:00:


Hi,

I recently got a discover card with a very generous credit limit. When I got the card, I had a quite good credit score (through equifax), due to some cards like Providian and Capital one with low limits but also low balances.

I am not even using 10% of the limit of the discover card.
When I checked my score again after a couple of months, it was significantly lower than before. The reason was, that discover doesn't report the credit limit but the maximum amount ever owed on that card, which happened to be the amount I owed in that moment.
The scoring function determined the card as "maxed out" and the score went down like crazy.

Did any of you have this experience before?
I tried to contact discover about this, but they were not helpful at all.

Is the solution, not to use this card?

Thanks, Jane



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