05-07-2013 12:16 PM - edited 05-08-2013 05:21 PM
Does the b of a 1-2-3 cash rewards card not report a credit limit to the bureaus??? Or are they finally up to date on that???
Is it even worth it without it reporting?
my freecreditreport.com CMS emailed me today and i logged on to see that BofA has reported a new card (wow 2 days after app) and it says its a revolving credit card and reporting a limit of $2500....this looks promising?
05-07-2013 12:18 PM
05-07-2013 12:22 PM - edited 05-07-2013 05:20 PM
I'm sad to admit I apped again but glad to admit I was approved for $2500 limit. Woopsises what do I do now w this card!?!? I'm new to NPSL cards
It's not a NPSL card, per se, like an AMEX charge card is a NPSL. There is a credit limit and for some of us it reports, for others it doesn't. In my case, mine reports with my $10K CL and is noted as a "flexible spending card". Appears that BofA is not consistent in how they report these cards.
EDIT: What sort of makes it more NPSL is that, as with other Visa Signature cards, you can exceed that limit. But the expectation is that, the amount beyond the hard limit will be paid in a very timely manner.
05-07-2013 12:33 PM
05-07-2013 12:46 PM
So does it help w utilization if it reports and won't help utilization it it doesn't report? For those who are reporting, did you get your cards more recent than those whose don't report? Or is it completely random?
assuming you mean the visa siggy (BofA 1-2-3 cash rewards) , mine does not report the CL ($10k). i received mine sept 2012.
05-07-2013 12:46 PM
It does help with util if it can help you get your total util under 9%, otherwise, it can work two ways:
1. Might help other creditors if they want to compete or equal your highest existing CL and i say 'might'
2. Can make lenders nervous as to your total available credit. Some might say you have too much available credit.
05-07-2013 02:06 PM
iam holding visa signature... higher blance are taken as credit limit on these cards. To report higher balance atleast you have use them to ur limit..so that balance is taken as credit limit.
My card shows highest balance as 4900.... and after that i paid off... now shows 0... That 4900 is caluclated in overall credit.
recenlty i got increase to 10,000. to show the bureaus that it is 10,000 card..... atleast once i have use that limit or any blance trasfer.
05-07-2013 02:14 PM
05-07-2013 02:29 PM
I have this card since May 2012 and is not reporting limit. However I have seen few people here whose visa siggy is reporting balance. May be it is YMMV. It was hurting my utilization as the highest balance reported is considered as the limit and my scores dropped to low 600's in Feb this year because of this. My actual CL is $9500 and my highest balance was $2478 and in January the balance was $2432 it was considered as 98% utilization. I was able to make up some of this with my new cards and my scores have improved since then. Now I am not allowing BoFA to report balance of no more than $200. I have excellent payment history with this card and always PIF and never bothered to ask for CLI or never will ask as it is useless without limit being reported.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.