BOA Visa Signature Good or Bad???

[Scamp]

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ocheosa wrote:

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@Scamp wrote:

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@Anonymous wrote:
One more question......for the credit gurus... if they report CL as high balance........ is it current high balance or highest balance ever?

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It should be your highest balance ever.  Some folks have nerves of steel and arrange a cash advance of  most of their limit, hang on to it until that high balance posts, then PIF right away, in order to get a high balance reported that's close to their real, unreported limit.

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Hi Scamp. Not a cash advance - different apr. BOA will allow a BT to bank account at 3%.

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Ah, so. lol.  Some cards (used to, anyway) give occasional promo offers of Cash Advance/BT at same rates.

Angel, listen to ocheosa, who obviously has paid more attention to BofA specifics than I have, even though I have two of their cc's!

[ocheosa]

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@Anonymous wrote:

Scary thought that but I suppose it is doable, at least the highest balance was more than the current balance but still puts the UTI too high.

Do you suppose the Credit Analyst would tell you if by requesting to change back to the Platinum card that would predispose them to CLD or RJ?

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NO, they will not tell you. If you want to change back I would play on ignorance. Explain while talking to some friends or spouse you were told your CL will no longer post to the CB's. And this is not what you thought would happen. Your spouse (if you have one) would prefer you remain with the platinum cc. I always blame everything on the spouse or not understanding something. If you play the innocent victim, they are more apt to feel sorry for you and help you out. I'll even go so far as to ask him/her to explain it a few times so I understand. GIves them a moment to feel superior.

Anyway, this has been my experience.

[ocheosa]

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@Scamp wrote:

Ah, so. lol.  Some cards (used to, anyway) give occasional promo offers of Cash Advance/BT at same rates.

Angel, listen to ocheosa, who obviously has paid more attention to BofA specifics than I have, even though I have two of their cc's!

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Hi Scamp,

Unfortunately, I have to pull out the magnifying glass and read through all the fine print. They are very crafty in wording the fine print. This is why I think so many are feeling the pain right now.

If I remember correctly Discover still offers the checks that state can be used for a cash advance or bt at __% - only problem is when you read the fine print the rate is for BT only. It mentions see your agreement for cash advance. If you did not read the 1pt font print, you would just deposit the check in your bank. Not nice to try to trick people this way but its business as usual.

[Watchmann]

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@ocheosa wrote:

The signature visa reports the high balance as credit limit. If 3700 was your highest balance, you are sitting at 100% util.

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There are exceptions to how Signature Visa cards report.  My Lexus Signature Visa (issued by Lexus Financial Savings Bank) reports with a Credit Limit of $25,300, and lists a high balance of $12,348 which is what I had during the six month free interest period which I PIF before that deal ended.  Always best to check.

[jaybird201]

Just to clarify upon/correct a few of the previous posts, here's a post Fused wrote from awhile back...

Depending on how a no limit card reports to each CRA, the impact to scores will vary. A no pre-set limit card should report the following:

EQ: Open account, a balance does not factor in revolving utilization calculations.  

EX: Revolving, terms 1 month, balance does not factor in revolving utilization calculations even though it reports as a revolving account.

TU: Open account, a balance will factor in utilization calculations if the FICO scoring model TU98 (the one currently in use at myFICO when TU scores are pulled) is used to generate your score. If TU04 is used to pull your score, open accounts do not factor in revolving util calculations.

Keep in mind if a balance is reporting, especially a big balance, this might have a negative impact on scores. This is not because of util, it's the mere fact that you owe money. It doesn't seem you lose a ton of points for this, but this is where FICO scoring gets very complicated, so I will leave it at that.

-Fused

[ocheosa]

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@Watchmann wrote:

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@ocheosa wrote:

The signature visa reports the high balance as credit limit. If 3700 was your highest balance, you are sitting at 100% util.

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There are exceptions to how Signature Visa cards report.  My Lexus Signature Visa (issued by Lexus Financial Savings Bank) reports with a Credit Limit of $25,300, and lists a high balance of $12,348 which is what I had during the six month free interest period which I PIF before that deal ended.  Always best to check.

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Agreed, same with my US Bank Sig Visa, but we are discussing BOA.